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last update: Sep 02, 2010
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 printItaú-Unibanco - Brazil banktrack contact
bank contact
Denise Hills, CHead of Sustainability, Itau Unibanco - Brazil  key facts
headquarters
Praça Alfredo Egydio de Souza Aranha, 100 - Torre Conceição - 11º04344-902 São Paulo Brazil total assets
$ 356.3 billion dollar (2010) key regions of operation
South America, North America, Europe, Asia supervisor
Banco Central do Brasil CEO/chair
Mr. Roberto Egydio Setubal CEO number of employees
101,000 ownership
Publicly listed about Itaú-Unibanco
Banco Itau took over Unibanco at November 3, 2008 to form Itaú Unibanco Holding S.A. The full integration of all operations and business shall be completed in two or three years. Itaú Unibanco will be the largest financial conglomerate in the Southern Hemisphere and one of the 20 largest in the world. Because the merge between the two banks is so recent, some of the policies have not been updated yet and it is not always clear whether the bank as a whole has signed certain policies. voluntary standards and commitments
Carbon Disclosure Project
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.
Carbon Principles
Set of guidelines for banks and their U.S. power clients to evaluate and address carbon risks in the financing of electric power projects.
Climate Principles
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.
Equator Principles
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.
Extractive Industries Transparency Initiative
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.
Global Reporting Initiative
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.
UN Global Compact
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 Finance Initiative
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).
UNEP Principles for Responsible Investments
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.
Wolfsberg principles
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'.
Itaú-Unibanco has also developed additional sustainability policies. You can find them below, or under 'documents' in the menu. sustainability policies of Itaú-Unibanco
2010 sector and issue policies
General Banktrack reaction on policies Itaú-Unibanco Itaú Unibanco has developed a general Sustainability Policy, with a reference to the development and refinement of internal policies and mechanisms for managing indirect impacts of financial transactions. As detailed criteria for lending and investment banking and asset management remain unclear and other policies are not disclosed no points are accredited to this policy. The Sustainability Report 2008 mentions existence of a Social-Environmental Risk Policy, but this is not publicly disclosed and cannot be assessed for this benchmark.
bank feedback:
Itaú Unibanco also addopts the following policies/commitments:
• National Pact for the Eradication of Slave Labour http://www.reporterbrasil.org.br/pacto/signatarios • Principles for Responsible Investment (PRI) http://www.unpri.org/signatories/index.php?country=Brazil -readmore- • Greenhouse Gas Protocol (GHG Protocol) http://www.ghgprotocolbrasil.com.br/index.php?page=Conteudo&id=12 • National Forum on the Prevention and Eradication of Child Labour (FNPETI) http://www.fnpeti.org.br/conheca-o-forum/integrantes-da-rede-nacional-1 The Social-Environmental Risk Policy is available on the following web page: http://www.itau.com.br/socioambiental/ click on “publicos de relacionamento”, click on “meio ambiente”, click on “ações”, click on “análise de risco e crédito socioambientais”. The code of Ethics is available on the following link http://www.itau.com.br/seguranca/pdf/codigo_etica_itau_comp.pdf For more information, please look at: http://www.itauunibanco.com.br/relatoriodesustentabilidade/en-us/ (website of the Annual Report) http://ww13.itau.com.br/portalri/index.aspx?idioma=port (website of investors relations) http://www.itau.com.br/socioambiental/ (website of sustaibility) last save by banker: never
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Itau’s Social-Environmental Credit Policy confirms our commitment as an important player in sustainable development. Some tools are applied during credit analysis process: exclusion list, restricted list, categorization, self-declaration questionnaire, social and environmental law, public information, industry sector guidelines, site inspections, independent review and grievance mechanism friendly to all stakeholders. In such a way as to maintain a constant reporting of social and environmental issues to executive management, the policy brings a process flow that drives all social and environmental decisions to the executive board. Furthermore, contracts contain social and environmental covenants.
Besides Itau’s social and environmental policy, Equator Principles’ criteria are fully applied in project financing, even when Itau BBA takes part in a bank syndicate led by non signatory institutions.
In order to pursuit the “best practice”, Itau proudly maintains a great relationship with both national and international strategic stakeholders, including NGOs. This initiative represents a constant exchange of experiences about critical socioeconomic and environmental issues.