Responsible Procurement
Requirements for suppliers and service providers in the procurement process
Sustainability and ESG are widely used terms. Sustainability describes a forward-looking perspective in which environmental, social and economic aspects are considered over the long term in order to preserve the foundations of life and business for future generations. In the corporate and financial sectors in particular, these aspects are commonly summarized under the term ESG (Environmental, Social and Governance). Sustainability is defined differently across regulatory, scientific, and economic contexts. Regulatory requirements, such as the EU Taxonomy or the EU Sustainable Finance Disclosure Regulation, provide a framework for individual sustainability aspects while leaving room for company-specific specification.
The specific meaning of sustainability for Commerzbank AG’s products, services, and business activities is set out in the ESG Framework. It defines the relevant criteria and distinguishes, in particular, between the Bank’s own business and external client investment and insurance business, including asset management and securities business (“third-party business”).
Responsible Procurement
Binding requirements apply to collaboration with suppliers and service providers in procurement. These include compliance with legal requirements, acknowledgement of Commerzbank's Code of Conduct and and compliance with contractual requirements.
The four core elements of responsible procurement at Commerzbank
Guideline
The Standard on Responsible Procurement defines binding guidelines for the selection of and collaboration with suppliers and service providers.
Contract
Commerzbank’s standard contracts contain binding requirements on human rights, integrity, and compliance for suppliers and service providers.
Award Decision
In addition to commercial and technical criteria, award decisions also take into account the assessment of defined requirements for suppliers and service providers.
Supplier Management
The assessment of defined requirements is an integral part of Commerzbank’s supplier management.
Standard on Responsible Procurement
The Standard on Responsible Procurement and the Code of Conduct define binding requirements for collaboration with suppliers and service providers. The specified criteria reflect Commerzbank’s expectations regarding the corporate responsibility of its business partners.
Corporate Procurement
As Global Functional Lead, Corporate Procurement establishes group‑wide, binding standards for the procurement of products and services, taking into account cost-effectiveness, quality, risk and defined supplier requirements.