Select a listed company from the Kuwait stock exchange Obtain the companys latest sustainability report.
ACCT410: International Accounting
Library Assignment Title: Analysis of a Listed Company's Sustainability Report
Objective:
The objective of this assignment is to provide you with an opportunity to study a listed company's sustainability report and identify the standards used in reporting sustainability information.
Instructions:
Select a listed company from the Kuwait stock exchange.
Obtain the company's latest sustainability report.
Study the sustainability report and identify the following:
a. The company's sustainability goals and objectives.
b. The company's sustainability initiatives and programs.
c. The company's sustainability performance metrics and indicators.
d. The company's sustainability reporting standards and frameworks used.
Summarize the findings in a report of no more than 1,500 words, including the following:
a. An introduction to the company and its sustainability report.
b. A summary of the company's sustainability goals and objectives.
c. A discussion of the company's sustainability initiatives and programs.
d. An analysis of the company's sustainability performance metrics and indicators.
e. An identification and analysis of the sustainability reporting standards and frameworks used.
f. A conclusion that summarizes the key findings and insights gained from the study.
Submit the report in electronic format by the due date.
Assessment:
The assignment will be assessed on the following criteria:
The quality and depth of analysis of the company's sustainability report.
The identification and analysis of the sustainability reporting standards and frameworks used.
The clarity and coherence of the written report.
The ability to summarize the key findings and insights gained from the study.
Adherence to the prescribed format and submission requirements.
Note: Proper referencing and citation must be used to avoid plagiarism. Any plagiarism detected will result in the student receiving a grade of zero for the assignment.
,
Strategic Growth Towards a Sustainable
Future
NBK Sustainability Report 2021
About This Report 102-1,102-2, 102-3, 102-4, 102-5, 102-6, 102-7, 102-14, 102-16, 102-46, 102-49, 102-50, 102- 51, 102-52, 102-53, 102-54
03
About This Report1
NBK Sustainability Report 2021
NBK has published a Sustainability Report annually since 2016,
when we began reporting on the full range of non-financial
sustainability issues. Prior to that time, NBK provided
Annual Reports covering governance practices and financial
performance, which from 2008-2015 were supplemented with
annual Corporate Responsibility (CR) Reports focused on
community giving. Previous sustainability reports can be found on
the NBK website. https://www.nbk.com/nbk-group/sustainability/
sustainability-reports.html
Since that first Sustainability Report, NBK has seen a steady
increase in investor and other stakeholder demand for
information and data about NBK’s sustainability policies,
practices, and plans, and our understanding of the increasingly
stringent expectations has increased substantially. Each year,
NBK has made advancements as we build the foundational
Environment, Social and Governance (ESG) policies, stakeholder
engagement and materiality assessment processes, data
collection, and managerial systems to improve our performance
and disclosure.
This, our 6th Sustainability Report, covers NBK's ESG-related
impacts, performance, and initiatives for the reporting period
of January 1 to December 31, 2021. Unless otherwise stated,
information and data represent NBK operations in Kuwait.
Additionally, a number of governance structures, practices,
policies, compliance and risk management for four of NBK’s
overseas entities are described in Section 6, Governance.
The report is designed to focus on those issues identified as
most important to stakeholders in our recent materiality
assessment process. Topics, key performance indicators, and
type of information shared are influenced by the Global Reporting
Initiative (GRI) standards, external ESG rater criteria for our
industry, and other national and international sustainability
frameworks and guidelines. Our 2021 Sustainability Report is
in alignment with GRI–Core option. For reference, please refer
to the notation of standards following each title and the GRI
Content Index in Appendix 7.1.
This report is complemented by NBK’s 2021 Annual Report, as
well as a compilation of policies and information found on our
website.
Contact
Tel: +965 22292665
05
About This Report1
NBK Sustainability Report 2021
2021 Sustainability Highlights Fostering Workforce Development and Engagement
NBK Kuwait employee training averaged 5.2 hours per employee
Total training hours were calculated at 41,037 training hours (excluding Digital Mindset training)
Invested KD 1,021,277 into employee training – 71% increase from 2020
Kuwaitization rate at NBK is 74.6%
Exercising Stewardship over Our Environmental Impact
Headquarter Building LEED GOLD Certified
Increased recycling rate by 1.7% to achieve 100% paper recycling – 84.5 tons Decreased plastics consumption by 64%
Transparently assessed and reported a total of 38,885 MT CO2e across Greenhouse gas (GHG) emissions of Scope1, 2, and 3
Evolving our Social Impact
Contributed KD 17,705,000 in total community investment
Had 59 employee volunteers
Strengthening Our Governance
Published NBK Human Rights Statement
Added two new independent directors to our Board of Directors; one with extensive ESG experience
Leading in the Marketplace: Customer Experience
Superior External Financial Stability Ratings Long- term ratings — Moody’s A1; Standard and Poors A, and FitchRatings A+
94% Customer Satisfaction Index (CSI)
56% Net Promoter Score (NPS)
Consumer Banking average turnaround time for resolving customer complaints averaged 4 days, a 20% improvement from 2020
Digitization
Launched Weyay Bank, the first digital bank in Kuwait
NBK Mobile Banking activation rate was 58.8%
"Innovation in Digital Banking Award – Middle East 2021" by The Banker
Data Security
ISO 27001 certification in three key areas: Information Technology, Security Techniques, and Information Security Management Systems
About This Report1
07
Contents 1. About This Report
2021 Sustainability Highlights 06
Message From NBK’s Chairman 08
About NBK 10
Vision, Mission, and Values 12
Awards and Recognitions 13
2. Advancing ESG at NBK
2.1 NBK’s ESG Context and Strategy 15
2.2 ESG Directions and Market Readiness 18
2.3 Stakeholder Engagement 19
2.4 Materiality Assessment 20
2.5 How Our ESG Strategy Fits Within the Overall
Corporate Strategy For NBK
22
2.6 ESG Performance Targets 24
2.7 Alignment of our Report with ESG-Related
Frameworks
24
3. Fostering Workforce Development and Engagement
3.1 Focus on Talent Management 30
3.2 Workplace Diversity 31
3.3 Nationalization 33
3.4 Occupational Safety, Health and Wellbeing 34
3.5 Building Careers and Skills 36
3.6 Labor Practice and Human Rights 42
4. Leading in the Marketplace
4.1 Championing Digitization and Technology 46
4.2 Financial Services Stability and Security 53
4.3 Customer Experience and Satisfaction 55
4.4 Customer Protection 60
5. Exercising Stewardship Over Our Environmental Impact
5.1 Recognizing the Climate Challenge 64
5.2 LEED Certified Headquarters Building 64
5.3 Our Environmentally Responsible Operations 66
5.4 Energy Consumption and Reduction 67
5.5 Greenhouse Gas (GHG) Emissions 68
5.6 Water Consumption 70
5.7 Waste Management 71
6. Evolving our Social Impact
6.1 Financial Inclusion/Access to Finance 76
6.2 Support for SMEs 76
6.3 Sustainable Procurement 77
6.4 Community Investment and Initiatives 78
6.5 Youth Inclusion 86
6.6 Women Empowerment 89
7. Strengthening Our Governance
7.1 Corporate Governance 94
7.2 Commitment to Responsible Banking 101
7.3 ESG Related Risk and Crisis Management 107
7.4 Investor Relations 111
8. Appendices
8.1 Global Reporting Initiative (GRI) Content Index 114
8.2 Boursa Kuwait Sustainability Disclosures Index 122
8.3 Sustainability Accounting Standards Board (SASB)
Metrics Alignment Index
124
8.4 List of Training Courses 128
8.5 Other Disclosures 133
8.6 Other Community Related Information 136
8.7 Compliance Training – Information Security
Awareness 2021 (e-learning)
137
8.8 NBK Selected Digital Releases and Features 138
8.9 Business Air Travel Details 140
About This Report1
NBK Sustainability Report 2021
“This year, we have
organized our report
to be focused on
Environmental, Social,
and Governance (ESG)
factors.”
Message From NBK’s Chairman (102-14)
On behalf of the Board of Directors, I extend my gratitude to all
NBK stakeholders who were involved in continuously supporting
and enabling our sustainability practices.
In conclusion, we hope that this Sustainability Report proves
to be a valuable tool for you, our cherished stakeholders, in
understanding our ESG efforts and we look forward to receiving
your feedback.
I am proud to share with you our 2021 Sustainability Report,
titled “Strategic Growth Towards a Sustainable Future,” which we
are happy to be publishing for the 6th year in a row.
We take pride in the progress we have achieved in implementing
the highest standards of corporate governance whilst embedding
sustainability as an integral part of our corporate culture and
operations. We will continue meeting our promises to achieve
responsible and sustainable growth and to share our successes
with the communities in which we operate.
Once again, this year, we have organized our report to be focused
on Environmental, Social, and Governance (ESG) factors, while
also including sections that reflect the importance we place on
our employees and our customers as part of our ESG initiatives.
We also continue our alignment with our six key sustainability
focus areas as well as key national and international visions,
standards, and frameworks – most notably the Kuwait National
Development Plan (KNDP), UN Sustainable Development Goals
(SDGs), and the Global Reporting Initiative (GRI) standards.
Our six sustainability focus areas that have guided our work over
the past several years are:
1. Serving Customers
2. Caring for Our Environment
3. Contributing to Sustainable Economic Development
4. Respecting and Developing People
5. Giving Back to the Community
6. Leading in Governance
This year, we are most gratified to have fully moved into our new
LEED-Gold-Certified headquarters office tower. The reduced
environmental impact from this building will provide a lasting
contribution to Kuwait and the larger environment, one that we
look forward to continuously improving upon through our careful
operations.
NBK will continue in our responsible role of supporting the global
objective of low-carbon emissions and mitigating the risks of
climate change whilst delivering progress on other sustainability
initiatives. In this regard, we have set specific goals for
sustainable business, and are keen on embedding climate-related
considerations as part of our business model in the future.
Nasser Musaed Abdulla Al–Sayer
Chairman of the Board of Directors
09
About This Report1
NBK Sustainability Report 2021
(102-3, 102-4, 102-6)
About NBK
Overview
For almost 70 years, National Bank of Kuwait (NBK) has been a regional leader in financial services provision. NBK is the leading banking
group in Kuwait in terms of assets, customer deposits and customer loans and advances. NBK holds one of the highest credit ratings in
the MENA region.
Since our founding in 1952, NBK has retained the same core shareholder base. NBK’s shares are listed on the Kuwait Stock Exchange
since 1984, and have only one shareholder holding owning more than 5% of the Bank’s share capital. The Public Institution for Social
Security (PIFSS) owns 5.77% as of December 2021. NBK’s market capitalization on 31 December 2021 was USD 23.7 Billion.
NBK has a strong regional presence and international network, operating across 14 countries in the Middle East, Europe, Asia and North
America, with a predominant focus on the MENA region.
Regional and International Geographic Presence
Rating agency Long-term rating Standalone rating Outlook
A1 a3 Stable
A a- Negative
A+ a- Stable
*Note: All ratings and outlooks from Moody’s, Standard and Poor’s and Fitch Ratings are as of 10 February 2022.
11
Business Activities, Products and Services
NBK is a full-service bank that offers a broad suite of financial
services and products to customers, meeting their ever-growing
and evolving needs. NBK Headquarters location is in Kuwait City
(Al Shuhada Street, Sharq), Kuwait. NBK’s core businesses are: (i)
Consumer and private banking, (ii) Corporate banking, (iii) Islamic
Consumer and Private Banking Corporate Banking / SME’s Islamic Banking* Investment Banking
Provides
loans, credit
cards, foreign
exchange,
deposits, and
other branch-related
services
Provides
deposits,
lending, foreign
exchange, trade
finance, and
advisory services
to corporate
Provides Islamic banking
services and Islamic finance in
Kuwait
Provides advisory
and execution
services for capital, market,
wealth and asset
management, brokerage,
custody, and research
*Note: delivered through our subsidiary, Boubyan Bank since 2012
Location Branches NBK Ownership
International
London 1 Subsidiary
Paris 1 Subsidiary
Geneva 1 Subsidiary
New York 1 Branch
Singapore 1 Branch
Shanghai 1 Branch
Location Branches NBK Ownership
MENA
Kuwait 68 Parent
Lebanon 2 Subsidiary
Jordan 1 Branch
Bahrain 2 Branch
Saudi Arabia 3 Branch
UAE 2 Branch
Iraq-CBI 4 Subsidiary
Egypt 52 Subsidiary
banking and (iv) Investment banking and asset management.
NBK conducts its investment banking and asset management
business through its subsidiary, Watani Investment Company
K.S.C.C. (also known as NBK Capital).
For more information regarding NBK’s scale, and various financial and non-financial information, please refer to:
NBK’s Annual Report:
https://www.nbk.com/nbk-group/investor-relations/latest-annual-report.html
NBK’s Financial Statements:
https://www.nbk.com/nbk-group/investor-relations/financial-reports.html
About This Report1
NBK Sustainability Report 2021
Vision, Mission, and Values
To deliver world class products and the highest service quality to our customers.
To attract, develop and retain the best Banking talent in the region.
To support the communities in which we operate.
To adhere to our core values of passion, integrity, conservatism and knowledge.
The NBK vision is to be the trusted Bank of choice, building on our core values, people and expertise.
Vision
Mission Passion
Integrity
Conservatism
Knowledge
Values
The following are NBK’s vision, mission, and values. NBK’s
visionary directions and sustainable performance are directed
by our ambitious vision, robust mission, and noble values, which
are accordingly the foundation upon which our operations and
business practices are constructed.
(102-16)
13
Awards and Recognition
Awards and Accolades
• Best Bank in Kuwait 2021
• The Innovators Best Financial Innovation Labs – Kuwait 2021
• Best Digital Bank Consumer – Kuwait 2021
• Best Digital Bank Consumer – Middle East 2021
• Most Innovative Digital Bank – Kuwait 2021
• Most Innovative Digital Bank – Middle East 2021
• Best Mobile Banking App – Kuwait 2021
• Best Bill Payment & Presentment – Kuwait 2021
• Best in Social Media Marketing and Services – Kuwait 2021
• Best in Lending – Kuwait 2021
• Best Online Product Offerings – Kuwait 2021
• Best Online Product Offerings – Middle East 2021
• Best Private Bank Award 2022
• Best Trade Finance Provider -Kuwait 2022
• FX Providers – Kuwait 2022
• Best SME Bank Award 2022
• Most Innovative Private Bank – Middle East 2022
• Best Bank in Kuwait 2021 (Euromoney)
• Best Private Bank/Wealth Manager for Ultra High Net Worth Clients –
Kuwait 2022 (Euromoney)
• Best Private Bank/Wealth Manager for Mass/Super Affluent Clients –
Kuwait 2022 (Euromoney)
• Technology Innovative for Emerging Technology Adoption –
Kuwait 2022 (Euromoney)
• Best Trade Finance Bank – Kuwait 2021 (GTR)
• Innovation in Digital Banking Award – Middle East 2021
(The Banker)
• Bank of the Year 2021 (The Banker)
• Best Retail Bank – Kuwait 2021 (MEED)
• Best Loyalty/Rewards Program – Middle East 2021 (MEED)
• Commercial Property Project of the Year – MEED Project
Awards 2021 (MEED)
Number 1 Banking Brand in Kuwait
Constituent of the FTSE4Good Index Series
NBK’s rating at ‘BB’ per the MSCI audit
NBK collected several awards, and the following lists summarize the year 2021.
NBK Sustainability Report 2021
Advancing ESG at NBK
NBK is steadily advancing ESG as a core component of our corporate strategy and market readiness. We are engaging stakeholders to identify our key material ESG issues, aligning our initiatives, and reporting in response to these. We are in the process of developing performance indicators and targets, clarifying governance structures and policies, and exploring initiatives to improve our ESG performance and ESG strategy. Additionally, NBK works to align our practices and reporting with ESG-related frameworks and plans.
102-8, 102-12, 102-15, 102-20, 102-21, 102-29, 102-32, 102-40, 102-43, 102-44, 102-47, 103-1, 103-2, 103-3
15
Advancing ESG at NBK2
NBK Sustainability Report 2021
2.1 NBK’s ESG Context and Strategy
Building on the foundation of decades of NBK’s outstanding
customer service, robust financial quality/soundness, and
extensive community giving, NBK has worked proactively since
2016 to evolve our sustainability performance to address
the full range of today’s stakeholder expectations regarding
Sustainability and ESG (Environmental, Social and Governance)
performance and disclosure.
NBK’s sustainability strategy, initiatives and KPIs are defined
within the framework of our “Six Pillars of Sustainability”
developed in 2016:
1. Contributing to ECONOMIC DEVELOPMENT
2. Serving Our CUSTOMERS
3. Leading in CORPORATE GOVERNANCE
4. Respecting and Developing Our PEOPLE
5. Caring for Our ENVIRONMENT
6. Giving Back to Our COMMUNITY
Contributing to Economic Development
Serving Customers
Maintaining Course with Our
Sustainability Directions
17
Today, our sustainability strategy, priority initiatives, and
disclosures are informed by insights from our comprehensive
multi-stakeholder materiality assessment process, information
on expectations from external ESG raters and investors, and
regulatory requirements. Additionally, we work to be aligned
with the Global Reporting Initiative (GRI), Kuwait National
Development Plan (KNDP), Boursa Kuwait Sustainability
Indicators, and UN Sustainable Development Goals (SDGs),
as well as other leading national and international ESG and
sustainability frameworks and standards. They include, ISO
27001 Certification and the Women’s Empowerment Principles
(WEP) founded by the United Nations and UN Global Compact.
Our increasingly rigorous stakeholder engagement and materiality
assessment process guides our ESG /Sustainability strategy and
reporting. This process, and the results of our 2021 materiality
assessment, are detailed in Section 1.4 below.
We are currently working on establishing NBK’s ESG strategy with
the following process:
1. Understanding current and emerging stakeholder
expectations regarding ESG in our industry and region,
2. Conducting our multi-stakeholder materiality assessment
process to identify priority issues as seen by both internal
and external stakeholders,
3. Researching ESG-related trends, standards, frameworks, and
rating methodologies (e.g., GRI, S&P Global, MSCI, etc.),
4. Deepening NBK leaders’ understanding of ESG as an
important strategic issue for our industry,
5. Identifying relevant KPI’s, informed by internal existing data
and external expectations and ESG framework standards,
6. Building our measurement and assessment processes for
relevant ESG topics and aspects,
7. Identifying NBK’s strengths and gaps by examining external
raters’ assessments of NBK,
8. Examining competitors’, peers’, and industry leaders’
policies, initiatives, and practices to broaden our
understanding of how ESG can be governed and
operationalized in practice,
9. Navigating organizational, marketplace, and community
requirements and emerging priorities, including a proactive
response to the COVID-19 pandemic.
Leading in Governance
Giving Back to O
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