NYCERS

No leading practices identified for the financial institution.

The financial institution has a publicly available policy statement committing it to respect specific workers’ rights but has an opportunity to reference all the ILO fundamental rights at work. It also has an opportunity to disclose how it determines a living wage for the regions where it operates. Moreover, it could disclose a publicly available policy statement prohibiting bribery and corruption, and include anti-bribery and anti-corruption clauses in its contracts with business relationships. It is recommended that the financial institution discloses that it links performance criteria for remuneration at the senior executive level to specific sustainability targets. It is recommended that the financial institution provides the breakdown of clients and/or beneficiaries by income group.

It is also recommended that it discloses that it conducts third-party assurance or verification of their target reporting, that it monitors other scope 3 categories, by category, and a detailed methodology applied in its footprint calculation. Furthermore, it could disclose that it has established a transition plan covering its own operations, supply chain and portfolio, and disclose that it’s scope 1-3 emissions reduce in line with its interim targets.

The financial institution could also disclose its processes for avoiding divestment from low-income and lower-middle countries as unintended consequences of its sustainability strategies and targets. It is recommended that it discloses that it’s risk assessment process includes risks associated with the ILO fundamental rights at work for those impacted by its provision of products, services and capital and that it has a process for mitigating such risks when identified. In addition, the financial institution could disclose 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. Finally, 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.