Gulf Bank issues its fifth Annual Sustainability Report for 2024
Meshal Al-Wazzan: "We have completed the Bank's sustainability governance infrastructure, following the implementation of the 'Sustainable Finance' and 'Environmental, Social, and Governance (ESG) Risk Management' frameworks.'
'We established an internal policy to document the Bank's sustainability commitments and developed transparent criteria for classifying and evaluating sustainability-related initiatives."
"This year, we are preparing to implement the IFRS S1 and S2 sustainability disclosure standards, deepening the integration of ESG considerations into regulatory policies.'
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled 'From Vision to Execution', highlighting the Bank's advancements in sustainability in line with Kuwait Vision 2035. The report is aligned with the Global Reporting Standards (GRI), MSCI ESG rating criteria, the United Nations Sustainable Development Goals (SDGs), and the sustainability disclosure guidelines issued by the Kuwait Stock Exchange.
The report highlights Gulf Bank's key achievements in executing its ESG strategy, highlighting its prominent role in accelerating the national sustainability agenda through strategically selected initiatives. It emphasizes the Bank's active contributions to fostering a sustainable approach within society by adopting responsible practices in the environmental, social, and governance (ESG) fields, while providing innovative financial solutions and services to its clients.
Core Pillars
On this occasion, Mr. Meshal Al-Wazzan, Chief Strategy Officer at Gulf Bank, stated, 'In 2024, our focus remained steadfast on advancing our sustainability strategy through sustainable banking solutions and community-centric initiatives, which are key pillars across the Bank's path toward creating a long-lasting positive impact.'
He added: "Our journey towards sustainability has been marked by several key milestones. Among the most notable achievements was the completion of the Bank's sustainability governance infrastructure, following the development of the Bank's 'Sustainable Finance' and 'Environmental, Social, and Governance (ESG) Risk Management' frameworks. Additionally, we established an internal policy to document the Bank's sustainability commitments and developed transparent criteria for classifying and evaluating sustainability-related initiatives."
The report further highlights the Bank's significant achievements in reducing its carbon footprint, enhancing monitoring and follow-up systems, improving facilities management, and advancing responsible banking practices. It also showcases progress in corporate governance standards, with a focus on responsible governance, equitable workplace, employee empowerment, professional development, and gender equality.
Commitment to National Economy
Gulf Bank reaffirms its steadfast commitment to sustainability through its diverse Corporate Social Responsibility (CSR) initiatives and long-term strategic partnerships. The Bank further expanded its support for small and medium-sized enterprises (SMEs), recognizing their crucial role in driving economic growth and contributing to the broader goals of Kuwait's 2035 Vision.
The year 2025 will mark several significant milestones, including its readiness for the implementation of the IFRS S1 and S2 sustainability disclosure standards, emphasizing the integration of ESG considerations into the Bank's policies, governance charters, communication channels, and reporting procedures, in parallel to ensuring a more seamless execution and monitoring of the Bank's strategies.
Mr. Al-Wazzan concluded, 'As we look to the future, we reaffirm our commitment to delivering exceptional banking products and services to our clients, partners, and community, as we continuine to actively contribute to shaping a sustainable and resilient future for the State of Kuwait.'
Gulf Bank launched its 2030 Environmental, Social, and Governance (ESG) Strategy last year. The strategy outlines clear goals for implementing sustainability standards and measurable key performance indicators, leading to the adoption of selected initiatives that promote environmental sustainability, social responsibility, and corporate governance. This approach reflects the Bank's core values and serves as a guide across all aspects of its practices and banking operations. The strategy is built on four main pillars: Accountable Governance, Equitable Workforce, Empowered Community Engagement, and Responsible Banking.
Key Achievements in 2024:
Regulatory Framework for Sustainable Finance
Formulation of sustainability-related policies
Evaluation of initiatives from an ESG perspective
Integration of climate and ESG risks
Strengthened disclosure and reporting processes
Development and execution of sustainability strategies
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