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    Arion Bank becomes signatory to the UN Principles for Responsible Banking
    06.11.2019

    Arion Bank becomes signatory to the UN Principles for Responsible Banking

    Arion Bank becomes signatory to the UN Principles for Responsible Banking - mynd

    At the end of September, Benedikt Gíslason, CEO of Arion Bank, signed the new Principles for Responsible Banking which were formally launched during the UN General Assembly in New York. The Principles are designed to align banking with international goals and commitments such as the UN Sustainable Development Goals and the Paris Climate Agreement.

    A total of 130 banks from 49 countries became signatories to the Principles, which were developed by 30 international banks and the United Nations Environmental Programme – Finance Initiative. The UNEP FI is a partnership between United Nations Environment and more than 250 financial institutions across the world and provides a forum for discussing the social and environmental challenges facing the world today.

    António Guterres, Secretary-General of the United Nations:

    “The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy. The Principles create the accountability that can realize responsibility, and the ambition that can drive action.”

    Benedikt Gíslason, CEO of Arion Bank:

    “At Arion Bank we place great importance on working responsibly and in harmony with society and the environment. The Principles for Responsible Banking are closely aligned with the Bank's strategy and we are delighted to become one of the first banks to announce our intention to work in accordance with the Principles.
    Man-made global warming is one of the greatest threats to humanity and we all need to make an effort to bring it to a halt. Climate change is not a problem that will solve itself and much has to change over the next few years and decades. These changes require funding and it is vital that the world's banks lead the way when it comes to renewable energy and developing greener infrastructure. The Principles will help us on this journey."

    The Six Principles for Responsible Banking:

    1. Alignment: We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
    2. Impact & Target Setting: We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impacts.
    3. Clients & Customers: We will work responsibly with our clients and customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
    4. Stakeholders: We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
    5. Governance & Culture: We will implement our commitment to these Principles through effective governance and a culture of responsible banking.
    6. Transparency & Accountability: We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.