MKB heads RAEX-Europe's ESG ranking of Russian banks
Independent European rating agency RAEX-Europe has published the first 2021 update of its ESG ranking of Russian companies. Credit Bank of Moscow (MKB) is ranked first among Russian banks.
The updated ranking covers 15 new companies, bringing their total number to 68. MKB is one of the new names, landing the 34th spot, the highest among Russian banks.
Over the last years, MKB has been operating in line with the responsible banking concept. It has set up a social and environmental management system whereby S&E risks of supported projects are analysed for compliance with the standards of European Bank for Reconstruction and Development, its minority shareholder, and IFC (World Bank group). Furthermore, MKB has implemented a corporate governance system aligned with best global practices, and has set up an effective dialogue with its stakeholders, in particular through regular and transparent non-financial reports based on the GRI* standards.
MKB cares about its employees, their health, professional and sociocultural development, encouraging their engagement in its activities, including social and environmental efforts. The Bank dynamically implements the "Green Office" concept and initiatives promoting minimisation of resource consumption, separate waste collection and recycling of utilised resources.
"MKB was the first Russian bank to get an independent evaluation of its ESG risk management framework by being rated BBB[esg]**by RAEX Europe, and to raise international financing linked to its ESG rating. We will keep on developing and unite the efforts of the bank's entire team to continue introducing sustainable elements into various lines of business in line with best international practice. And we are happy to see our work and its concrete results get a high independent evaluation," noted Elena Finashina, Head of MKB's Sustainable Development Division.
*Global Reporting Initiative providing unified reporting standards and recommendations for disclosure of non-financial performance.
** Moderately high level.