Group Sustainability Board
Leading board on our sustainability strategy
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”).
Environment
Protecting the environment and climate, as well as using natural resources responsibly and efficiently, are key elements of the environmental dimension of sustainability.
Social
The social dimension particularly covers responsibility towards employees, customers, business partners, and society.
Governance
The governance dimension covers responsible corporate governance, compliance with laws and internal requirements, as well as transparent and ethical business processes.
Decision-making body at management level
With the Group Sustainability Board, we are firmly anchoring the cross-cutting issue of sustainability in the organisation of our bank. The board is responsible for defining the bank's strategic sustainability goals. These are derived from our sustainability strategy. In addition, it monitors the measures to implement and manage the targets. Furthermore, the divisions and segments report regularly on the progress of their activities and the implementation of regulatory requirements.
Further information on ESG governance
Composition of the body
The Group Sustainability Board is chaired by the Chairman of the Board of Management. In addition to the Chairman, the committee includes additional board members, the first leadership level of strategy and communication, the Chief Sustainability Officer, the Chief Environmental Risk Officer, and the Chief of Staff.