ING (an abbreviation
of Internationale Nederlanden Groep) is a Netherlands based international financial services company and
one of the world’s largest savings banks. It is active in banking, investments, life insurance and retirement services. Its internet banking outfit ING direct is active in the US market.
The CDP impels organisations to record their carbon footprint in daily activities. Encouraging enterprises to calculate and disclose their carbon impact, this initiative highlights the challenge for financial institutions to determine exactly how much carbon output can be attributed to financing.
Voluntary framework to guide the finance sector in tackling the challenge of climate change. They address the management of operational greenhouse gas (GHG) emissions and provide direction on managing climate change in research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
The EPs are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to asesses and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
The verification and full publication of company payments and government revenues from oil, gas and mining is supported by the EITI. Financial institutions can participate and encourage resource-rich countries to support the initiative that aims to defeat poverty, corruption and conflict caused by weak transparency and accountability.
As the name suggests, the GRI aims to standardise good practice in transparency. GRI provides companies with guidelines to organise their annual report with reporting indices and standards addressing environmental, social and economic issues that business ought to address when telling the world about its performance.
The UN Global Compact is a set of ten principles that companies may sign voluntarily. Signatories promise to avoid complicity in human rights violations, adhere to labour standards, protect the environment and avoid corruption. The G8 countries urge companies to participate in this initiative, and with over 2900 companies signing up, the Global Compact has momentum. A voluntary and network based framework, the Global Compact actively promotes peer review and stakeholder participation.
UNEP is the 'voice of the environment' for the United Nations system, promoting international cooperation in the field of the environment. Issues concerning the financial community are addressed by the UNEP Finance Initiative which promotes investment in clean and renewable energy by financial institutions and other investors. Financial insititutions wishing to join must sign one of two Statements (for financial institutions and a separate one for the insurance industry).
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. Voluntary and aspirational in nature, UNPRI has since its inception in 2006 attracted 200 signatories, representing US$8 trillion worth of investments.
Since the turn of the century a group of twelve banks known as the Wolfsberg Group have collaborated to improve ethical standards. The principles provide guidance on money laundering, corruption and the financing of terrorism. They have been produced to address deficiencies in areas 'yet to be fully articulated by lawmakers or regulators'.
ING Group has also developed additional sustainability policies. You can find them below, or under 'documents' in the menu.
sustainability policies of ING Group
2010 sector and issue policies
General BankTrack comments on policies ING Group
ING has developed a
framework for corporate responsibility throughout its business. It starts with
the ING Business Principles, on which
a range of in-depth policies are based for daily activities. ING Environmental and Social Risk policies are used in its business lines to manage financial and reputational risk and to
help clients to be more socially and environmentally responsible. ING has
shortly described the following policies: Forestry and Plantations Sector
Policy, Manufacturing & Agriculture Sector Policy, Natural Resources (Oil,
Gas and Mining) & Chemicals Sector Policy, Defence Policy and Fur Policy.
Those that provide enough information to be accredited any points are commented
below. But in most cases these summaries are too short to get a good picture of
the criteria for ING's investments.
ING's Environmental Statement is targeted at
the group's operational activities, and not on its clients' impacts
For more and detailed information about this sector, have a look at the agriculture sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has
only adopted or signed onto a voluntary standard or initiative (relevant for
this sector); or has
developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has
developed its own policy and: this
includes the essential elements in its lending and investment banking; or
this
includes the essential elements in its asset management;
The bank has
developed its own policy and: this
includes the essential elements in its lending and investment banking as well
as its asset management; or
this
includes both the essential and additional elements in its lending and
investment banking; or this
includes both the essential and additional elements in its asset management;
The
bank has developed its own policy and this includes both the essential and
additional elements in its lending and investment banking as well as its asset
management
When
the bank does not have an integrated agriculture policy but has policies on
individual commodities, we will assess these policies individually and score
them as a whole as described above. It is important for the specific commodity
policies that they follow the commodity specific international standards listed under 'best practice' at the agriculture sector page and include at least the essential elements described.
For more and detailed information about this sector, please have a look at the arms trade sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
ING Defence policyexcludes investments
in controversial arms trade and the production of controversial weapons. This
policy applies to lending and investment banking and partly to asset
management. It is accredited three points.
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking;or this includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The
bank has developed its own policy and this includes both the essential
and additional elements in its lending and investment banking as well
as its asset management.
For more and detailed information, please have a look at the forestry sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
ING Forestry & Plantations sector policy does not require
FSC Certification for operations in forestry and plantations management or for
the entire wood chain. The policy includes all other elements (impact on
natural habitats, human rights, indigenous peoples rights and endangered
species, protected areas), and is therefore accredited two points for the
sector policy Forestry
For more and detailed information about this, please have a look at the mining sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
For more and detailed information about this, please have a look at the oil and gas sector page
scoring method
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking; orthis includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
The bank is active in this sector but has no investment policy for this sector;
The bank: has only adopted or signed onto a voluntary standard or initiative relevant for this sector; or has developed its own policy, but it is vaguely worded without clear commitments;
The bank has developed its own policy, that includes at least half of the essential elements;
The bank has developed its own policy and this includes the essential elements in its lending and investment banking;or this includes the essential elements in its asset management
The bank has developed its own policy and this includes the essential elements in its lending and investment banking as well as its asset management; or this includes both the essential and additional elements in its lending and investment banking; or this includes both the essential and additional elements in its asset management;
The bank has developed its own policy and this includes both the essential and additional elements in its lending and investment banking as well as its asset management.
additional information
This score is based on the fact that the bank has
adopted the Equator Principles
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
The description of ING
Natural Resources & Chemicals sector policy is vaguely worded and
includes only a clear statement that "ING refrains from engaging in the
financing of plants in UNESCO World Heritage Sites, IUCN protected areas and
areas registered by the Ramsar Convention." It is accredited just one point.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue please have a look at the corruption sector page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue please have a look at the close the gap issue page on human rights. This page also informs about the difference between essential and additional elements.
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
ING´s Human Rights Statement recognizes the UN
Universal Declaration of Human Rights (UDHR). It applies to employees and in
addition, ING will support the aims of the UDHR, International Labour
Organisation (ILO) Core Conventions within its sphere of influence and wherever
permitted by law. As it does not include half or all essential elements, it
receives no extra points above the already accredited points for signing UN
Global Compact.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue please have a look at the labour issue page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue, please have a look at the taxation issue page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue, please have a look at the toxics issue page
scoring method
The bank has no investment policy for this issue;
The bank: has only adopted or signed onto a voluntary standard or
initiative relevant; or has developed its own policy,
but it is vaguely worded without clear commitments;
The bank has developed its own policy,
that includes at least half of the essential elements;
The bank has developed its own policy
and this includes the
essential elements in its lending and investment banking; or this
includes the essential elements in its asset management
The bank has developed its own policy
and this includes the essential elements in its lending and
investment banking as well as its asset management; or this includes
both the essential and additional elements in its lending and investment
banking; or this includes both the essential and additional elements
in its asset management;
The bank has developed its own policy
and this includes both the essential and additional elements in its
lending and investment banking as well as its asset management.
For more and detailed information about this issue please have a look at the close the gap page on accountability. This page also informs about the difference between essential and additional elements.
scoring method
The bank has no procedures regarding transparency and
accountability;
The bank has an internal and/or external audit system in
place to audit its Environmental and
Social Risk Management System and its sector and issue investment policies,
but does not publish the results of these audits; or performs
stakeholder engagement but not in accordance with AA1000
The bank's procedures include half of the essential
elements;
The bank's procedures include all of the essential
elements;
The bank's procedures include the essential elements and include the additional elements in its lending and investment banking; or include the additional elements in its
asset management
The bank's procedures include both the essential and
additional elements in its lending and investment banking as well as its asset
management.
additional information
This
score is based on the following procedures within the bank: Internal
audits on Business Principles and underlying financing policies. Only customer
complaint mechanism
For more and detailed information about this issue please have a look at the close the gap page on transparency. This page also informs about the difference between essential and additional elements.
scoring method
The bank has no procedures regarding transparency;
The bank has signed onto the Global Reporting Initiative
(GRI), but does not use its framework for reporting;
The bank's procedures include half of the essential
elements;
The bank's procedures include all of the essential
elements;
The bank's procedures include the essential elements and:
include the additional elements in its
lending and investment banking; or
include the additional elements in its
asset management;
The bank's procedures include both the essential and
additional elements in its lending and investment banking as well as its asset
management.
additional information
This
score is based on the following procedures within the bank: Verified
CSR Report 2008 using GRI framework. All policies disclosed
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