Our socially responsible commitment
Our CSR (Corporate Social Responsibility) responsibilities are vital in our Group to rally stakeholders around a shared vision – to ensure that the Group builds its business sustainably, with positive influence on society, the environment and actively contributes to shaping a better future.
In 2023, the Group has continued to implement the Group Corporate Sustainability & ESG strategy as approved in 2022 by the Board of Directors.
We have continued in 2023 to reinforce our commitment to corporate social responsibility, supporting various worthy causes. The Group provides ongoing funding for a broad range of non-profit cultural organisations. In addition to direct financial support, our Group strongly encourages staff to participate in initiatives that benefit local community.
As per its donation program to associations and charities, the Group will continue to support the 3 main themes:
Education & culture: initiatives that help people develop their skills, knowledge and confidence with a focus on inclusion and diversity objectives.
In the area of the education, the Group is proud to have a well-established partnership of the University of Luxembourg and welcomed several internships during 2023.
Healthcare and medical research, in particular organisations that deliver research, diagnosis, treatment and wellness for all types of cancers.
In 2023, the Group has supported several associations active in the above mentioned area: several employees of the Group participated in the “Letz Go Gold” race to support Fondatioun Kriibskrank Kanner or during the Relais pour la Vie in the area of the fight against Cancer.
Social care, wellbeing and environment.
The Group has supported SOS enfants village and Care in Luxembourg a.s.b.l. supporting the less fortunate members of the population, disabled or otherwise fragile people and children.
Our approach to ESG Risk Management
The Bank has also enhanced and detailed its ambitions in the Management of ESG Risks.
The Group Risk Control function is in charge of developing, enhancing and applying a risk management framework, covering the identification, assessment, monitoring/reporting and mitigation of Climate & Environmental (C&E) risks.
A comprehensive C&E risks matrix and risk heatmap have been developed, screening all activities and portfolios of the Group and CR&E risks have been integrated into the risk appetite statement.
From a governance perspective, a Corporate Social Responsibility (CSR) Committee has been set up, and the Board of Directors and the Management have been adequately trained on the topic.
The Group Compliance function, is in charge of controlling the compliance of the Group’s service offering with MiFID/SFDR requirements, among others.
The third line of defence is made of the internal audit function which reviews the C&E risk management framework based on its risk assessment and multi-year audit plan.
The Group had made substantial progress in the advancement of its implementation plans to comply with expectations of the CSSF Circular 21/773.
Further steps will be taken to advance these further in 2023, and ensure that C&E risk drivers are factored into business strategy, risk appetite and risk management framework.
