The 400 financial institutions in scope of the benchmark were assessed using the 2022 Methodology for Financial System Benchmark. This methodology includes 32 indicators across three measurement areas of governance and strategy, respecting planetary boundaries and adhering to societal conventions. The development of the methodology and its indicators was informed by extensive stakeholder consultations and aligns with existing frameworks, benchmarks and accountability mechanisms.
Benchmark results are presented in 400 individual scorecards that contain detailed assessments of the financial institution’s performance. A separate scoring sheet contains information on the scores of each financial institution on each indicator.See full methodology
The Financial System Benchmark assessed 400 of the world’s most influential financial institutions. The selection of these institutions is based on the approach that they are “keystone”, i.e. organisations with disproportionate influence on the structure and function of the systems within which they operate.
In practice, we followed these five principles:
- The financial institution dominates global production revenues and/or volumes within a particular sector. Note that for asset managers, pension funds and sovereign wealth funds, we used assets under management instead of revenues.
- The financial institution controls globally relevant segments of production and/or service provision.
- The financial institution connects (eco)systems globally through subsidiaries and supply chains.
- The financial institution influences global governance processes and institutions.
- The financial institution has a global footprint, particularly in developing countries.
WBA transformation benchmarks take a broad perspective, looking cross-sector and cross-industry to provide a snapshot of system-level progress. The Financial System Benchmark methodology covers the following financial industries: asset owners (including pension funds, development finance institutions and sovereign wealth funds), asset managers (including investment consultants), banks and insurance companies.See scoping report
Approach to scoring and ranking
The benchmark scores each of the 32 indicators by using a set of criteria based on stakeholders’ expectations, the SDGs, the best available science, guidance from experts, and extensive research on existing initiatives and current practices. These criteria were then translated into indicator scoring guidelines. To accurately reflect financial institutions’ leading and lagging practices, the scoring guidelines were finalised after the data analysis process was complete and were published shortly after the results.
As the benchmark focuses on keystone companies in the financial sector, the parent companies were the starting point and main unit of analysis. In scoring performance across different subsidiaries, we sought to assess performance at a group-wide level to ensure all relevant operations worldwide for a financial institution were assessed and held accountable.Read the scoring guidelines
Data collection process
Relevant information for the benchmark was collected in the first instance using publicly available sources in the English language from company websites, including annual, sustainability, corporate responsibility and integrated reports. All financial institutions in scope were also invited to directly participate in the data collection process by submitting information through an online survey during an eight-week data collection process in May-July 2022.