Placing the sustainable banking approach at the center of its business strategies, VakıfBank aims to perform its banking activities within the international sustainability standards and to raise its added value to all stakeholders, society and environment and become a globally competitive bank through sustainable profitability and development principles.
VakıfBank aims to engage in sustainable banking activities in the long term on a global scale, sensitive to national economy, society and environment by following the strategies that will contribute to production and employment with all its stakeholders, including its know-how, wide branch network, customers, shareholders, employees and suppliers.
Organization of Sustainability
The authority to coordinate the sustainability practices in an effective and rapid manner is given to the Corporate Governance Committee, which is the high decision-making and responsible authority at the Bank. With the belief that faster decision-making will bring dynamism to the Bank's sustainability journey, Sustainability Working Group was established as a supporting structure to operate under this Committee. The Group is responsible for establishing sustainability strategies and policies in economic, social and environmental fields, as well as monitoring performance by integrating these strategies and policies into the Bank’s operations. Sustainability Service within the body of Investor Relations Department and Environmental Management Service within the body of Support Services Department are other structures that support sustainability efforts.
PRINCIPLES of SUSTAINABILITY
VakıfBank has adopted the following principles regarding sustainability:
1. Aims to follow national and international practices in the field of sustainability and to contribute the process with its applications.
2. Develops environmental and social risk processes in order to minimize the negative effects of credit and investment activities thanks to the business model that the Bank aims to develop in an integrated manner with the sustainability approach while performing its activities.
3. Adopts an approach based on sharing the Bank’s long term values fairly with its shareholders, customers, employees and other stakeholders in line with the principles of accountability and transparency.
4. Acts with a faith in making use of new opportunities and finding out good practices and products in order to successfully integrate the Bank’s environmental, social and management system into its long term strategies of creating value in the presence of all stakeholders in line with the sustainability development goals.
5. Commits to take an active role in transition to a low-carbon economy which is one of the sustainable development principles and sets targets to reduce greenhouse gas emissions arising from its activities.
6. Aims to minimize the indirect environmental impacts arising from the activities through the loan disbursements to energy saving and renewable energy projects.
7. Targets to be pioneer in the field of sustainable banking by accessing sustainable finance in local and international markets areas as a part of sustainable banking approach.
8. Aims to create a contemporary work environment where human rights are respected and social justice and working rights are maintained and improved continuously and by this means to increase the awareness and consciousness of its employees, customers and other stakeholders.
9. Refuses all kinds of discrimination on the basis of language, religion, gender, political opinion, race, cultural or social origin in accordance with the Bank’s Ethical Principles and take precautions against the violation. VakıfBank regards diversity in work force as one of the main components of its intellectual capital.
10. Aims to contribute to the success of its employees with an equal rewarding and performance system, and works to provide a working environment that is compatible with its ethical values and strategic goals.
11. Organizes trainings with the aim of raising employee awareness on internalizing and integrating sustainability approach to corporate culture.
12. Creates a healthy work environment and respects the right to unionization and collective bargaining which is a constitutional right, pays attention to utilization of this right widespread.
13. Follows innovations and developments in line with the international standards in order to ensure more effective information security management throughout the Bank and continuously improves its processes.
14. Adopts medium and long-term strategies that protect the interests of customers and all other stakeholders by placing the sustainable banking approach at the center of its business strategies.
15. Aims at working closely with the suppliers to benefit from suppliers’ environment-friendly products and services, and attempts to ensure sustainability throughout the supply chain.
16. Treats fairly, honestly and objectively in the selection of suppliers and fulfil the purchasing and procurement procedures by taking into account the professionalism, quality of the product and the quality of the service.
17. Targets full integration in all areas by conducting all sustainability activities in line with the corporate culture.
Responsibility of Sustainability Policy
Corporate Governance Committee is responsible for the follow-up, amendment, development, implementation and execution of the Sustainability Policy. The approval of the Policy is under the authority and responsibility of the Board of Directors.