ESG Committee of the Supervisory Board
Sustainability anchored at all levels of the Group
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”).
Tasks of the ESG Committee
The Supervisory Board also advises and monitors the Board of Management with regards to sustainability issues. To reflect the increasing importance of sustainability for the bank, the Supervisory Board established the Environmental, Social and Governance (ESG) Committee in 2022. This committee generally meets four times a year.
It supports the Supervisory Board in examining whether the Management Board is complying with an economically viable and sustainable development of the company. And in doing so, also respecting the principles of good and responsible corporate governance. It also examines whether it is fulfilling the company's social responsibility and at the same time preserving the natural resources of the environment.
Further information on ESG governance
Composition of the ESG Committee
The ESG Committee consists of at least three members each of the Supervisory Board representing the shareholders and the employees.
The committee, under the leadership of the oldest member at age present, elects the chairman of the committee and the deputy. The chairman coordinates the work of the committee and is authorised to make and accept declarations on behalf of the ESG Committee. At least one member of the committee shall have special knowledge and experience in the area of ESG, including ESG risks.