Sustainability Risk Policy
We have defined our guiding principles on sustainability risk management in our Sustainability Risk Policy
As the general policy that establishes the Sustainability Risk Management Framework, World Offshore Bank adopted its Sustainability Risk Policy. This policy defines our principles regarding sustainability risk management in bank activities and our business relations.
The Sustainability Risk Policy sets out the sustainability principles that guide our approach towards sustainability risk management. Furthermore, the policy describes the conditions under which we engage with our business relations (e.g. a client, supplier or investor). Through this process, the bank ensures itself that sustainability risks are adequately identified, analysed, mitigated, managed, monitored and reported.
At World Offshore Bank, we have designed sustainability policies for various sectors in which the bank operates: agriculture, chemicals & pharma, defence, energy, extractive industries, manufacturing, and transportation.
The policies are tailored to the characteristics of their corresponding sector. They specify the sustainability risk management procedure for the respective sectors by recognising the sustainability issues at stake and outlining the manner in which the bank manages these issues.
Agriculture is an important sector to World Offshore Bank, which is expected to continue to grow. As we recognise that the agricultural sector faces several critical sustainability issues, it is our policy to closely manage the Environmental, Social and Ethical (ESE) impacts and issues associated with the sector through thorough identification, mitigation, management and monitoring.
We have formulated Agri Core Values (ACVs) for all client engagements in the sector. For clients in the cocoa, coffee, sugar, cotton, palm oil and soy industries we have specific internal policy supplements and Sustainability Assessment Tools (SATs) in place. We also have policies for clients in the forestry and tree plantations and tobacco sectors. For clients in the fisheries sector we have guidelines in place. Finally, a set of guidelines determine our position regarding animal testing and fur.