Zenith Bank Emerges Top in ESG Practices and Reporting, IPC Survey Reveals

A recent survey conducted by the Independent Project Monitoring Company (IPC) Limited has ranked Zenith Bank Plc as the top bank in Environmental, Social, and Governance (ESG) practices and reporting, among 29 banks assessed. The survey evaluated the banks’ commitment to sustainability, social responsibility, and good governance.

Zenith Bank scored an impressive 65.22%, followed by Access Bank at 60.33%, and Stanbic IBTC Bank at 60.16%. Fidelity Bank and United Bank for Africa (UBA) completed the top five, with scores of 57.73% and 57.19%, respectively.

The survey’s findings highlight a growing trend of sustainability reporting among banks, with 48% of those assessed producing sustainability reports. However, there is still a significant gap in gender diversity, with only 6% of rated banks and insurance companies achieving 50% female representation on their boards.

The report also noted that only 11% of participating banks and insurance companies prioritize climate risk assessment, and just 21% have their Environmental Management Systems (EMS) audited. This suggests that many companies may not be adequately prepared to navigate climate-related challenges and environmental management practices.

Speaking at the launch of the ESG report, Managing Director of IPC, Mr. Robert Ode Odiachi, emphasized the need for banks to integrate ESG practices into their operations, especially in risk management and reporting. Special Adviser to the President on NEC and Climate Change, Rukaiya el-Rufai, also stressed the importance of corporates prioritizing ESG to create sustainable value for their enterprises and society.

The survey’s findings and expert opinions underscore the significance of ESG considerations in the banking and insurance sectors, and the need for companies to prioritize sustainability, social responsibility, and good governance to thrive in a rapidly changing world.
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