Security Bank advances sustainability journey to deliver meaningful stakeholder impact
MANILA, Philippines — Security Bank continues to “walk the talk” when it comes to sustainability. In line with its mission to enrich lives, empower businesses and build communities sustainably, the Bank made significant advancements in its sustainability journey last year, and has ambitious plans for 2024.
Just this month, the Bank launched its new Wave Mastercard—the first local credit card made from 100% recycled PVC as certified by the ICMA Ecolabel Standard.
Sustainable financing
Last year, the Bank’s Board of Directors approved the Sustainable Finance Framework (SFF) to support its sustainability commitments and articulate how to raise Green, Social, or Sustainability Bonds, Loans and other debt instruments.
With its SFF, the Bank will fund projects that meet specific eligibility criteria in areas such as clean transportation, renewable energy, healthcare, education and job creation, to name a few.
SB Capital Investment Corporation, the Bank’s investment banking arm, played a pivotal role in the financing of ACEN Corporation’s P10 billion ASEAN Green Fixed Rate Bonds, which represented one of the highest percentages of renewables in its portfolio. This won the Renewable Energy Programme-Philippines award at the ESGBusiness Awards.
Security Bank no longer finances new coal-fueled power plants, and has committed to completely exit from coal project financing by 2033.
Sustainability from within
At Security Bank, sustainability is deeply embedded into the organization.
In 2023, over 8,400 employees completed sustainability-related education and engagement programs. Its award-winning Future of Work (FoW) hybrid arrangement has helped the company attract top-notch talent from across the country—and keep them engaged and happy with less time and money spent on fuel-guzzling commutes.
The Bank has also started renovations to create more conductive and collaborative workspaces for those coming in to the office. Moreover, its two main office buildings in Makati City have transitioned to 100% renewable energy power, as certified by ACEN. As of December 2023, three branches have been equipped with solar panels and seven more branches are on track in 2024.
Another key aspect of the Bank’s approach to sustainability is diversity and inclusion. At present, the Bank’s total workforce is 66% female vs. 34% male, with over 55% of senior management positions held by female leaders. Last year, the Board welcomed its fourth female director. The Bank is also leveraging diversity to drive its innovation and growth.
In recent years, the Bank has appointed a diverse group of home-grown talent, foreign nationals, and balikbayans to key positions to elevate its retail, corporate, commercial, and MSME offerings through cross-cultural best practices. This helped Security Bank win Diversity Champion at the LinkedIn Talent Awards in 2023.
Sustainability recognition
Security Bank’s commitment to sustainability hasn’t gone unnoticed. In April, rating agency MSCI upgraded the Bank’s ESG rating from B to BB for its success in improving overall corporate governance and customer satisfaction. An MSCI ESG rating measure a company’s resilience to long-term ESG risks.
The Bank was also included in ATRAM’s Sustainable Development Growth Fund, which is designed to invest in companies that effectively integrate UN SDGs into their organizations. ATRAM, through a screening process that included a study on the Bank’s initiatives and employee surveys, recognized in particular the Bank’s support of UN SDG 9: Industry, Innovation, and Infrastructure.
To round up 2023, Security Bank celebrated a number of achievements including: the 4 Golden Arrow Recognition for corporate governance excellence by the Institute of Corporate Directors (ICD); Workplace Wellness Award and Renewable Energy Financing Programme-Philippines Award for SB Capital Investment Corporation by the ESGBusiness Awards; Asia’s Best CSR by Corporate Governance Asia; ranked #54 globally and #2 in the Philippines on Forbes’ World’s Best Employers list; and Diversity Champion by LinkedIn, to name a few.
Building capabilities and communities
With ambitious sustainability goals in 2024, Security Bank is tapping climate experts to build internal capabilities and push its sustainability journey forward. Late last year, the Bank partnered with leading climate solutions developer South Pole to validate its operational emissions (Scope 1 and Scope 2) and establish a Scope 3 financed emissions baseline.
Moreover, the Bank is working with the International Finance Corporation (IFC) to enhance its Environmental and Social Risk Management System (ESRMS).
On CSR, the Bank and Security Bank Foundation, Inc. (SBFI) are active in a number of education, environment, arts and culture, and charitable programs. SBFI’s flagship Build a School, Build a Nation program donated 108 classrooms (18 school buildings) to 14 beneficiary schools, reaching 4,200 students across 11 cities/municipalities in 2023.
The Bank is also two years into a five-year partnership with ABS-CBN Foundation’s Bantay Kalikasan program, with a commitment to plant 10,000 trees in La Mesa Watershed to restore its ecosystem.
Building on these achievements, Security Bank plans to advance its sustainability initiatives and capabilities in 2024, with the end goal to deliver meaningful impact for its stakeholders.
To learn more about Security Bank’s approach to sustainability, visit: https://www.securitybank.com/sustainability.
Editor’s Note: This press release is sponsored by Security Bank. It is published by the Advertising Content Team that is independent from our Editorial Newsroom.
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