Norinchukin Bank

The financial institution has a publicly available policy statement committing to respect ILO core labour rights and expects suppliers to do the same. It publicly discloses the results of human rights risk assessments and assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body, while implementation responsibility is assigned to various functions, teams, or committees. Additionally, there is a publicly available policy statement committing to respect human rights. The institution discloses the monetary amount or share of its products, services, and capital linked to high-emitting and fossil fuel sectors, and transparently identifies key sectors, clients, and investees for engagement on climate issues. It also identifies nature-related impacts associated with its offerings and prioritises sectors with the highest impact on nature. The institution engages in partnerships to influence and support sectors, clients, and investees regarding their nature-related impacts.

The financial institution has an opportunity to disclose how it determines a living wage for the regions where it operates. While the financial institution identifies material sustainability impacts across its value chain, it could further detail its process and how objective criteria and/or supportable evidence were considered for identification and priortization of impacts. Moreover, although the financial institution has time-bound and measurable targets for provision of sustainable finance, they have the opportunity to specify the share devoted to climate solutions. Furthermore, the financial institution makes public its approach and activities regarding biodiversity conservation, accompanied by a comprehensive analysis of sectors. However, it could use this analysis as a foundation for formulating its strategy for nature protection and restoration. While the assessed entity financial institution discloses the aggregate amount and/or share (in monetary terms) of its provision of products, services and capital to blue economy, it could further detail what this disclosure covers. It is recommended that the financial institution discloses the breakdown of clients and/or beneficiaries by income group.

While the financial institution’s risk assessment process includes risks associated with some of ILO fundamental rights at work for those impacted by its provision of products, services and capital, it has the opportunity to cover the full set of rights. It is recommended that the financial institution discloses that it has a process for identifying the social risks associated with its provision of products, services and capital in relation to the net zero transition. It is recommended that he financial institution provides an example of the specific conclusions reached and actions taken or to be taken on at least one of its salient human rights issues of it’s the products, services and capital it offers as a result of assessment processes in at least one of its activities in the last three years.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.