TSKB Maintains Its Rise Among the Top Diversified Banks With its ESG Risk Rating
TSKB's Environmental, Social and Governance (ESG) Risk Rating is Again Among the Best Banks on a Global Scale This Year
In September 2021, TSKB registered its success in the global arena two years in a row thanks to its outstanding Environmental, Social and Governance performance. With its 13.6 ESG Risk Rating evaluated by Sustainalytics, TSKB maintained its leading position among the Diversified Banks globally, while ranking as the 6th diversified bank and in the second percentile.
As a development and investment bank which continues to contribute to the Turkish economy for 71 years with the vision of being a sustainable and inclusive development, the Industrial Development Bank of Turkey (TSKB) registered its success in the global arena with its Environmental, Social and Governance (ESG) performance once again. Sustainalytics, a Morningstar company and a leading global provider of ESG research, ratings and data, has placed TSKB within the top 10 in the diversified banks subindustry (or in the 6th percentile among the banking industry). Sustainalytics’ ESG Risk Ratings score of TSKB was updated in September 2021.
Maintaining its robust position among the top banks on a global scale, TSKB achieved 10.7 points of improvement in its ESG risk management rating score given the enhancement efforts realized and Bank’s strong ESG performance. Assessed as being at low risk of experiencing material financial impacts due to ESG factors with an ESG Risk Rating of 13.6, the bank ranked first among the Turkish banks evaluated by Sustainalytics, at the same time rising to the 6th rank among the top global banks in its category and in the second percentile.
“We Will Enrich Our Targets on ESG Risk Management”
Stating that they are very happy to maintain their strong position among the best banks on a global scale by improving the score they received in ESG performance measurement from Sustainalytics for the first time in 2020, TSKB CEO Ece Börü has said, “We continue our efforts to reduce the environmental and social impacts of our banking activities by supporting Turkey's transition to a low-carbon economy thanks to the Sustainability Management System (SMS) we established in the early 2000s. We apply this multidimensional approach throughout all our business processes and organizational structure. Our ESG targets and activities, which we have set in line with our strategy, are approved and monitored at the level of the Board of Directors by the Sustainability Committee of the Bank. In addition to our success of ranking within the top 10 in the diversified Banks subindustry, we are proud to stand out in the global arena and to improve our Bank's performance by better managing its already-low risks. Besides, we will continue to improve and enrich our targets in the management of ESG risks in the upcoming periods in light of the sense of responsibility brought about by this achievement.”
The assessment is based on Sustainalytics' ESG Risk Ratings research framework, which measures to what extent a company is exposed to key ESG risks specific to its industry and how well the company is managing those risks. The ESG Risk Rating provide a quantitative measure of unmanaged ESG risk and distinguish between five levels of risk: negligible, low, medium, high and severe.
