CGD voluntarily signs up to commitments and/or principles with national and international organizations, complementarily to its own corporate policies and codes of the Sustainability Program.
Simultaneously, CGD has established partnerships and integrated working groups with strategically relevant entities for its activity as a company investing in the sustainable development of its business.
CGD is a member of the United Nations Global Compact (UNGC) and of the Global Compact Network Portugal (GCNP).
The Ten Principles of the Global Compact
Subscribing to the 10 Global Compact Principles requires CGD to submit an annual performance report on activities within the scope of human rights, labor practices, environmental protection and anticorruption - the Communication on Progress (CoP).
CGD has managed to always meet the criteria for the “GC Advanced” CoP level, which proves the quality of the practices adopted by the Bank.
17 Sustainable Development Goals of the United Nations
Global Compact Network Portugal (GCNP), which has an international mandate and is responsible for providing guidelines for the Corporate Sector to meet the 17 Sustainable Development Goals, creates opportunity for open dialog and cooperation, as well as sustainable foundations for developing partnerships and creating projects, programs and actions.
As of 2 March 2016, CGD is part of the Coordinating Committee of the Portuguese Alliance for the United Nations Sustainable Development Goals.
Business Ambition 1.5 °C
According to the Intergovernmental Panel on Climate Change (IPCC), it is imperative to curb global warming, preventing it from exceeding 1.5 °C. To this end, it is urgent to promote the use of cleaner sources of power generation and the reduction of greenhouse gas emissions.
With this global objective in mind, the United Nations Global Compact presented the letter “Business Ambition for 1.5 °C”, an initiative promoted by the Secretary-General of the United Nations, Mr. António Guterres.
By signing the commitment letter, CGD has publicly undertaken to align its business plans with a plan for decarbonizing the economy and limiting warming to 1.5 °C.
For more information, go to www.un.org.
Women’s Empowerment Principles
CGD signed up to to the Women’s Empowerment Principles (WEP), a joint initiative of the United Nations Global Compact and the United Nations Development Fund for Women for promoting gender equality and strengthening the role of women in the workplace, the market and the community.
As part of its commitment to promoting gender equality, Caixa became a signatory to the implementation of the seven WEP Principles:
Principle 1: Establish high-level corporate leadership for gender equality.
Principle 2: Treat all women and men fairly at work– respect and support human rights and nondiscrimination.
Principle 3: Ensure the health, safety and well-being of all women and men workers.
Principle 4: Promote education, training and professional development for women.
Principle 5: Implement enterprise development, supply chain and marketing practices that empower women.
Principle 6: Promote equality through community initiatives and advocacy.
Principle 7: Measure and publicly report on progress to achieve gender equality.
For more information, go to WEP.
In 2019, CGD signed the Letter of Commitment to Sustainable Finance in Portugal, an initiative deployed by the main players in the Portuguese financial sector and coordinated by the Ministry of Environment and Energy Transition, in partnership with the Ministry of Finance and the Ministry of Economy.
- Promoting the debate on sustainability and on environmental, social and governance risks and opportunities within the Boards of Directors of financial institutions, aiming to consider these risks and opportunities in the definition of the institutions’ strategies;
- Promoting training in sustainable finance aimed at employees at different organizational levels (including the Board of Directors), with special emphasis on credit risk analysis, financial products, branch network and / or production;
- Monitoring the review of the criteria for the Leader SME and the Excellency SME categories, in order to gradually incorporate sustainability issues into these criteria and accept the possibility of creating a category for Green SMEs or Sustainable SMEs;
- Promoting the gradual incorporation of environmental, social and governance criteria into funding and investment analyses;
- Monitoring and participating in future work produced by the “Think Tank for Sustainable Finance” (Grupo de Reflexão para o Financiamento Sustentável).
In 2019, Caixa Gestão de Ativos officially became a signatory to the United Nations Principles for Responsible Investment (PRI) das Nações Unidas.
Responsible Investment is a strategy and practice that aims to incorporate environmental, social and corporate governance factors into investment decisions.
Signing up to the PRI is a natural step towards the reinforcement of the importance of incorporating ESG (Environmental, Social and Governance) factors into the investment process of the various funds under management.
The Principles for Responsible Investment defend the long-term interests of its signatories, the financial markets, the economies in which they operate and, ultimately, the interests of society and the environment as a whole.
In 2019, CGD signed up to the Principles for Responsible Banking (PRB) of the the United Nations Environment Programme Finance Initiative (UNEP FI).
PRB's set out the role and duty of the financial sector in building a sustainable future, as well as its alignment with the sustainable development goals laid out by the UN and by the 2015 Paris Climate Agreement. They also decisively allow for banks not only to integrate sustainability into all their areas, but also to identify the impact of their contributions for building a more sustainable world.
PRB's also enable new business opportunities, stemming from the transition into an economy with less environmental impacts and greater social equity.
Main features of the Principles for Responsible Banking:
- Comprehensive structure encompassing all of the bank’s business areas;
- Alignment with the Sustainable Development Goals and the Paris Climate Agreement;
- Setting targets with more significant positive and negative impacts;
- Transparency and accountability through public reporting;
- Guidance, expert advice and peer learning to support implementation.
CGD has been carrying out several activities aiming to effectively implement the Principles for Responsible Banking.
For more information go to www.unepfi.org
As a member of the European Savings Banks Group, CGD has signed up to the Letter for Responsible Business from the World Savings Banks Institute (WSBI) / European Savings Banks Group (ESBG), hence committing to a responsible commercial management.
By signing up to the Letter for Responsible Business, CGD commits to the following principles:
- Fair and transparent relationships with customers;
- Fostering accessibility and financial inclusion;
- Sustainable business;
- Responsible contribution to the community;
- Development of responsible relationships with employees;
For more information, click here.
BCSD Portugal - Business Council for Sustainable Development is a nonprofit organization of public interest comprising and representing companies who actively commit to being sustainable. Through the development of projects built in cooperation between companies that foster sustainable development, BCSD influences and inspires new business models that are competitive, innovative, responsible, sustainable and inclusive.
CGD is a member of BCSD Portugal and participates in the following Working Groups:
- Carbon neutrality: Applying the Roadmap for Carbon Neutrality to specific measures in addition to the Portuguese Government’s diligences, including the sharing of best practices, results and implementation challenges.
- Sustainable Finance: Monitoring of the policies being launched by the European Commission, particularly the ones pertaining to taxonomy, benchmarking and review of the non financial reporting directive.
In 2020, CGD became a signatory to the Manifest for Sustainability. “Take advantage of the crisis to launch a new sustainable development paradigm” promoted by BCSD Portugal.
For more information, go to www.bcsdportugal.org.
Lisbon was elected European Green Capital in 2020. This award acknowledges the work carried out by the city hall over the past decade.
With a view to being in the forefront of a sustainability agenda, the Lisbon city hall launched the challenge “Commitment Lisbon European Green Capital 2020 – Climate Action 2030” to the city, corporates, associations and State-owned and private institutions.
Within the scope of this challenge, CGD has deployed several initiatives. Learn more here.
Alongside representatives from all banks in Portugal, CGD is a participant of the working group Sustainable Finance whose mission is to disseminate the European agenda for sustainable finance from an informative and constructive point of view promoting the need for response, whenever required by European entities. Additionally, it is part of the Taxonomy subgroup.
CGD is also part of the Working Group for Financial Literacy and Education of the Portuguese Banking Association (APB), promoting a better financial culture and the familiarization with the concepts of financial literacy and entrepreneurship amidst young people.
For more information, go to www.apb.pt.
GRACE - Empresas Responsáveis is a corporate association providic public services operating in the areas of Responsibility and Sustainability within organizations. It is a member of the European networks EVPA and CSR Europe and a market leader in terms of sustainability and corporate responsibility, It encompasses over 180 companies of several sizes and activity segments that strive to further their role in implementing solutions for sustainable growth.
In 2015, CGD joined this entity and, since 2018, it is represented in GRACE's governing bodies for the 2018/2020 and 2021/2023 triennia.
For more information, go to grace.pt (Portuguese only).
CGD is a partner of this Program, developed by the Christian Association of Entrepreneurs and Managers (ACEGE), the Confederation of Portuguese Business (CIP), the Institute for Supporting SMEs and Innovation (IAPMEI) and the Portuguese Association of the Pharmaceutical Industry (APIFARMA) and aiming to change the current payment culture, encouraging timely payment to suppliers by drawing attention to the negative impacts of late payments on the development of Portuguese companies and the Portuguese economy.
CGD is part of the Strategy Implementation, Monitoring and Evaluation Group (GIMAE) for the Integration of Homeless People 2017-2023, within the scope of the National Strategy for the Integration of Homeless People (ENIPSSA).
CGD acknowledges the social challenge of combating poverty and social exclusion, by supporting society in different ways, including through the provision of financial support for the issuance of identification documents to homeless people.
For more information, go to www.enipssa.pt (Portuguese only).
The Portuguese Charter for Diversity is an initiative of the European Commission that aims to encourage employers to implement and develop internal policies and practices that promote diversity.
It contains specific measures that can be implemented to promote diversity and equal opportunities at work where the concept of diversity is adopted: acknowledging, respecting and valuing people’s differences.
For more information, go to www.cartadiversidade.pt.
CGD has signed up to the CEO Guide for Human Rights, joining the support for human rights, an initiative deployed by BCSD Portugal.
The CEO Guide for Human Rights identifies important aspects concerning human rights, challenging companies to take action: regulation is increasingly demanding and increasingly in line with the expectations of investors and the general society.
By signing up to this guide, Caixa Geral de Depósitos reinforces the Bank’s commitment to internationally acknowledge human rights in its relationships with employees, customers, suppliers and communities in which it operates, aiming to prevent or mitigate the direct or indirect adverse impacts of its activity.
For more information, click here.
Considering that CGD's stakeholders, mainly investors, are increasingly interested in having access to relevant climate-related financial information, and that this information should be consistent and comparable, CGD has joined the Enhanced Reporting Europe campaign promoted by the Climate Disclosure Standards Board (CDSB), taking on the commitment and the goal of strengthening its reporting of environmental information.