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National Bank of Kuwait Takes Extensive Steps Towards Becoming a Middle East Corporate Sustainability Leader
 

National Bank of Kuwait (NBK) launched its third annual Sustainability Report in alignment with the guidelines from the Kuwait National Development Plan (KNDP), the Global Reporting Initiative (GRI), the United Nations Sustainable Development Goals (UNSDG), the Boursa Kuwait voluntary sustainability disclosure guide and the Equator Principles.

Being in alignment with these five major sets of standards – the de facto international standard for corporate social responsibility reporting – reflects the seriousness of NBK’s commitment to pursuing sustainability at the highest levels of practice in the world. The Boursa Kuwait guide is also aligned with the recommendations of the Sustainable Stock Exchanges Initiative (SSEI) and the World Federation of Exchanges (WFE).

After years of reporting about their corporate social responsibility (CSR), philanthropic and community activities, NBK initiated in 2016 a new, more comprehensive approach to sustainability and ESG (Environment, Social and Governance). This third Sustainability Report highlights the extensive steps NBK has taken toward becoming a Middle East corporate sustainability leader.

NBK’s Chairman of the Board, Nasser Musaed Al-Sayer, provided an overview of their increasingly sophisticated approach to sustainability: “This year, NBK’s Sustainability Report is focused on impact, while also highlighting that our sustainability commitment and performance are aligned with various organizational, industrial, national and international sustainability frameworks."

“NBK believes that ‘sustainability is everyone’s responsibility’. We are committed to becoming a leading advocate of, and a national exemplar in, sustainability practices.”

Nasser Musaed Al-Sayer

Chairman of the NBK Board of Directors

NBK conducted a broad range of engagement initiatives with their major stakeholders – including surveys, partnerships, reports, meetings, environmental projects, and intensive dialogue sessions – to develop an exhaustive Materiality Matrix of their sustainability priorities, 31 in all categorized into High, Medium, and Low priority. Then utilizing multiple workshops with executive leaders, NBK systematically mapped those priorities into a sweeping 5-Year Roadmap that includes short-, medium- and long-term goals and milestones. The third Sustainability Report published today details this comprehensive approach and highlights NBK’s current performance and progress thus far. The six sustainability-focused priority areas, with illustrative results as reported today, include:

Serving Customers

NBK’s overall customer satisfaction score reached a new record of 96% in 2018, a 3% point’s increase from 2017. The report summarizes NBK’s management systems for assuring quality of service, customer privacy and data security, effective risk management, and accessibility and services for customers with special needs.

Leading in Business & Governance

NBK invested in digitized innovative new products and services, along with comprehensive corporate governance structures, processes, and culture.

Caring for the Environment

NBK recycled over 90 tons of paper. The bank also reduced electricity consumption intensity by 5.9%, GHG emissions by 6.8%, water consumption intensity by 22%, and increased recycling by 17% (all compared to 2017). NBK continues investment in a new, LEED Gold-certified headquarters building, incorporating sustainability considerations into its construction and design for more energy- and water-efficient operations.

 

 
 
 
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