WestLB Singled Out For Its Exemplary Sustainability Management
Ranked first among German banks
Germany’s future e.v., a corporate environmental initiative, and IÖW, an institute for ecological business research, recently published the results of their 2007 review of German companies’ sustainability management reports. WestLB took first place with a large lead in the financial services sector and also finished fifth in the overall ranking across all sectors and industries. “We are gratified to see that our sustainability report is the best of its kind in the banking sector while a number of other rankings and ratings have also highlighted our sustainability achievements at the product level”, commented Foster Deibert, head of WestLB’s Sustainability Management unit.
In terms of ecological achievements, WestLB finished first in the financial services sector as well as in the cross-industry ranking. WestLB’s active contribution to climate protection attracted the maximum number of points because the Bank has published a climate protection programme with verifiable targets, released key data on its performance and described current and future measures in such areas as the use of renewable energies and the improvement of energy efficiency.
The ranking compiled by future e.V. and IÖW also testifies to WestLB’s sustainable employer status as exemplified by its Diversity Management, its Equal Opportunities Plan and the Group’s wide compliance with the core labour standards of the International Labour Organization (ILO).
WestLB sees its sustainability report as a key instrument when it comes to communicating the strategic adjustment of its sustainable business model. Says Foster Deibert: “We want to demonstrate a coherent approach to different sustainability issues such as renewable energies and capital investment products.” This approach has already been vindicated by two ratings from leading agencies in this field in the summer of 2007. While Munich-based Oekom Research assigned “prime” investment status to WestLB on account of the Bank’s sustainability performance, the SiRi Group placed WestLB in a respectable 11th place among 56 rated financial institutions. Their view was shared by the auditors of TÜV Nord, who certified WestLB´s environmental management system according to ISO 14001 and made special note of the fact that the Bank attaches particular importance to the sustainability of its products.
WestLB Sustainability Report 2007 - “Asking Questions”
Entitled “Asking Questions”, WestLB’s Sustainability Report 2007 explores how all relevant sustainability aspects can be tied to the Bank’s business activities. The Bank’s answers to the questions with regard to its strategy, objectives, risk management and products are set out exhaustively in this report, which focuses on the still underrated importance of global climate change for business and society.