esg - 2022-riyad
Our Approach to Sustainable Transformation
At Riyad Bank, we are committed to sustainability and responsible corporate citizenship. This commitment is reflected in our longstanding contributions to the wellbeing of the communities in which we operate and to society at large.
In 2022 we developed a comprehensive ESG strategy. This strategy aligns with the Bank’s 2025 business strategy and guides our contribution to the Saudi Vision 2030 and to the attainment of the United Nations Sustainable Development Goals (UN SDGs). Our ultimate objective is to continue with our Bukra strategy and become a leading example of how sustainable business practices can add value to employees, customers and the broader Saudi society.
The Bukra Sustainability Strategy at a Glance
Vision
To be a leading member of sustainable practices that would add value to employees, customers, Stakeholders, and the whole community of Saudi Arabia.
Mission
To deliver quality corporate social responsibility practices of impactful values and benefits in alignment with the Bank’s strategy and operations, the United Nations Sustainable Development Goals (SDGs), and the Kingdom’s 2030 Vision.
Objectives
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Align our practices with The Guidance on Social Responsibility (ISO 26000), Accountability Principles Standard (AA1000), The Global Report Initiative (GRI), and the UN Global Compact
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Be recognized for our professional and collaborative approach to protecting the environment, contributing to education and to supporting our employees, the communities in which we operate, and society at large
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Measure the impact of our programs internally and externally, and share reports, insights and statistics with our Stakeholders
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Play a meaningful role in the Kingdom’s community service programs by involving our employees in relevant initiatives
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Be diverse, inclusive, transparent and accountable in all our projects and practices
Aligning to National and Global Sustainability Goals
Riyad Bank is fully committed to the success of Saudi Arabia’s Vision 2030. This is in line with our responsibility towards the Kingdom and desire to stimulate the national economy and diversify its revenues for future growth.
United Nations Sustainable Development Goals
Our sustainability framework and long-term aspirations guide our increasing commitment to the attainment of the UN SDGs. This is consistent with our alignment with the UN Global Compact and its 10 principles. We have prioritized the following 14 SDGs, where we believe we can have the most meaningful impact.
Integration of ESG Criteria in Financing Activities
Economy
ESG has become a strategic imperative for all organizations. By integrating ESG considerations into our strategy, we are able to get a more comprehensive picture of our overall risk profile and reduce negative impacts on people and the planet, while ensuring sustainable value for all our Stakeholders.
Environment
Riyad Bank is working on several environmental and social projects. One of these is the green nursery that we are establishing, which will produce 400,000 trees annually over the next 10 years. This is a total target of 4 million plants. The initiative is in line with the Government’s ambitions to plant 10 billion trees across the Kingdom by 2030. In addition, the nursery will also be creating jobs and will serve as an education center.
Community
Riyad Bank’s mission is ‘To help people, organizations and society achieve their aspirations by being their trusted and caring financial solutions partner.’ An example of how Riyad Bank is achieving this mission is through financing various initiatives - including green and renewable energy projects - as well as supporting SMEs. We are proud to manage a 21% share of loans granted by commercial banks to SMEs in Saudi Arabia. It’s a priority for us to grow this portfolio, as it allows us to deliver effective social value and contribute towards the sustainability of Saudi Arabia.
Knowledge
Integrating ESG criteria into our financing products was a key focus area in 2021. To this end, we added ESG criteria to our Credit Facility system (ALGO). This allows us to map each financed project with the related category in ESG and obtain an accurate classification of Riyad Bank’s financing facility for each customer.
Financing and Empowering SMEs
SMEs and entrepreneurs are essential for innovation and economic growth. SMEs are the major job creators in the Kingdom, and indeed around the world. However, they often lack access to finance, or available products or services may not meet their specific needs.
Prioritising our People
Our people are central to our ability to create sustainable value. Consequently, human capital development is one of the pillars of our strategy.
Our People by
the Numbers
|
Authority |
2021 |
2022 |
|
Total workforce (excluding trainees, students) |
5,338 |
5,593 |
|
Full-time employees |
5,338 |
5 ,593 |
|
Senior Management employees |
202 |
233 |
|
Middle Management employees |
1,469 |
1,660 |
|
Non-Management employees (Staff) |
3,667 |
3,700 |
|
Number of nationalities |
25 |
25 |
|
Female employees |
1,459 |
1,591 |
|
Female employees in middle Management |
361 |
440 |
|
Female employees in senior Management |
18 |
21 |
|
Saudi National employees |
5,073 |
5,354 |
Incentive programs for employees and their related movement during 2022
Investment Saving (Thousand SAR)
|
Statement |
Employee's Share |
Bank's Share |
Total |
|
Balance at the beginning of the year |
53,800 |
19,633 |
73,433 |
|
Deposits in 2022 |
19,198 |
6,040 |
25,238 |
|
Withdrawals in 2022 |
(11,685) |
(3,476) |
(15,161) |
|
End-of-year balance |
61,313 |
22,197 |
83,510 |
