SAMA Foreign Holdings (the Saudi Arabian Monetary Authority), known as Saudi Central Bank, is the central bank of the Kingdom of Saudi Arabia and operates as Saudi Arabia's sovereign wealth fund. It was established in 1952 and performs functions pursuant to several laws and regulations. SAMA’s functions include setting and managing monetary policy and supervising banking, insurance and finance sectors. It also managed the Kingdom’s foreign exchange reserves and supervises commercial banks and finance companies.
In terms of its approach to senior leadership accountability, SAMA Foreign Holdings has an opportunity to link the remuneration of its executive or management teams to sustainability performance criteria. Furthermore, SAMA Foreign Holdings could provide a public commitment to gender equality and women’s empowerment and reach at least 40% female representation in senior leadership positions. It could also disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category and the actions taken to address any gender pay gaps. Moreover, SAMA Foreign Holdings has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
SAMA Foreign Holdings has an opportunity to disclose a target to reach net-zero financed emissions by 2050 and the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Moreover, it could disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, SAMA Foreign Holdings could demonstrate how it is committed to minimising its negative impacts or financing regenerative solutions. No evidence was found regarding SAMA Foreign Holdings’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
SAMA Foreign Holdings has an opportunity to provide a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. It could also establish a grievance mechanism accessible to all workers and external individuals and communities to raise human rights complaints or concerns. Furthermore, it could describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Sama Foreign Holdings has an opportunity to disclose the proportion of its total direct operations workforce for each employee category by age group. To provide transparency on financial inclusivity, it could disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.