BBVA has updated its Corporate Social Responsibility (CSR) policy with several new additions following the recommendations of Spain’s financial market regulator, the CNMV, and the bank’s growing commitment to its role in sustainable banking. Furthermore, BBVA’s Board of Directors also approved the General Policy on Sustainability, which defines and establishes the general principles, main objectives and guidelines for the management and control of the Group in terms of sustainable development, with the aim of striking a balance among economic development, social development and environmental protection.
For this latest version of the CSR policy, BBVA has followed the recommendations of the CNMV on corporate governance, the signing of responsible banking principles and the growing expectations regarding the role of companies in society. BBVA includes its general principles, provisions for their implementation and its governance and supervision model.
First, the specific principles of this policy are defined such as the focus on having a positive impact on society, respect for people’s dignity and their inherent rights, community investment and BBVA’s involvement as an agent of social change.
“If I had to pick what most stands out in this new policy, I would say the greater commitment to human rights at the level of the Board of Directors and the involvement of the bank, together with other stakeholder groups, in promoting the change our world needs to create opportunities for everyone, dedicating its abilities, knowledge, skills and corporate resource to this purpose,” said Antoni Ballabriga, Global Director of Responsible Business at BBVA.
The policy also includes the principles that are being included in all BBVA policies, such as integrity, caution in risk management, transparency, achieving a profitable and sustainable business in the long-term, promoting the creation of value for all stakeholders, also over the long term, and compliance with applicable legislation at all times.
According to this update, BBVA ensures compliance with corporate social responsibility at all times, managing its activities based on the impact they have on its employees, customers, society in general and the environment.
The General Policy on Corporate Social Responsibility was initially approved by BBVA’s Board of Directors in 2008, and later updated in 2015 and 2018. It aims to renew the CSR principles, guidelines and commitments in order to adapt them to the reality of the bank and society.
In terms of the environment and inclusive development, sustainability is one of the bank’s strategic priorities in order to help its clients in the transition to a sustainable future. In early 2020, BBVA presented the new strategic priorities to its employees, which included not only the change toward a sustainable future, but also improving its customers’ financial health.
At the same time, the bank is aware of its role in the process of working toward a sustainable world through financing. It aims to play a relevant role in this, as society and stakeholder groups are demanding.
BBVA received the banking industry’s silver award in the yearbook published by S&P, analyst for the Dow Jones Sustainability Index (DJSI) - the ranking in which the Group rose to the position of the second most sustainable bank in the world in 2020.