Sustainability holistically anchored in the organisation
Sustainability at Commerzbank
The transformation towards a sustainable economy affects our customers and us in equal measure. We want to play an active role in shaping this transformation. Sustainability has therefore been an integral part of our corporate strategy since 2020. Our current strategy “Moving Forward” is based on three pillars: growth, excellence, and responsibility. Responsibility represents the entire sustainability spectrum of "Environment, Social and Governance (ESG)”. Our targets are to achieve the United Nations Sustainable Development Goals (SDGs) and the Paris climate goal of limiting global warming to well below 2 degrees Celsius. To this end, we are steadily expanding our range of innovative and environmentally friendly products and our sustainable solutions for customers.
Second, we are steadily driving forward the sustainable transformation of our banking operations. The basis of our sustainability strategy is our commitment to combating climate change, to which our Net Zero targets contribute significantly. In addition, we are increasingly addressing issues that are moving into the focus of the sustainability debate, such as the protection of biodiversity or a resource-conserving circular economy.
Sustainability governance at Commerzbank
Commerzbank’s sustainability strategy is constantly reviewed and developed. We have established a comprehensive governance structure to ensure implementation and monitoring throughout the bank. This ensures that the issue is anchored holistically at all levels of the company.
ESG Committee of the Supervisory Board
The Supervisory Board also advises and monitors the Board of Management regarding sustainability issues. To reflect the increasing importance of sustainability for the bank, the Supervisory Board established the Environment, Social and Governance (ESG) Committee in 2022.
Board of Directors
The Board of Managing Directors develops the strategy for the Commerzbank Group, discusses it with the Supervisory Board and ensures its implementation. Sustainability issues are incorporated into the annual strategy process for the overall bank strategy and are discussed in Board of Managing Directors meetings as and when appropriate. Each member of the Board of Management is responsible for implementing sustainability measures in his or her own area of responsibility. The central sustainability management function reports to the Chairman of the Board of Managing Directors and regularly informs him about progress on sustainability issues and activities.
Group Sustainability Board
With the Group Sustainability Board, the cross-cutting issue of sustainability is firmly anchored in the bank's organisation. The board defines the bank's strategic sustainability goals and monitors the measures taken to implement and manage them.
Group Sustainability Management
With Group Sustainability Management as the overarching sustainability area within the strategy unit, Commerzbank underscores the strategic priority of the topic. The unit is responsible for the ongoing development of the sustainability strategy and comprehensive governance. At the same time, Group Sustainability Management manages the “Sustainability 360°” group-wide programme and thereby coordinates the sustainability work of Commerzbank in an overarching way.
Our sustainability strategy is implemented through the overarching group-wide program "Sustainability 360°". This group-wide program involves the customer segments, Risk Management and numerous other relevant group units, as well as Commerz Real. The program forms a bracket around all sustainability activities and ensures a close linkage of overarching topics, coordinated action and stringent tracking.
Sustainability Advisory Board
To ensure a constructive and critical dialog with our stakeholders, we established an external Sustainability Advisory Board in 2022 led by the Chairman of the Board of Managing Directors. It is made up of six experts from the fields of politics, academia, society, NGOs, trade unions and SMEs. The Sustainability Advisory Board provides impetus for the further development of our sustainability strategy.