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About Industrial and Commercial Bank of China (ICBC)
The Industrial and Commercial Bank of China (ICBC) is a joint-stock commercial bank based in the People's Republic of China. Founded in 1984, ICBC overtook Citi to become the world's largest bank by asset value in 2007, a position it retained in 2019. ICBC has expanded its operations outside of China through mergers and acquisitions, as well as registering branch offices in foreign countries. In 2007, ICBC acquired PT. Bank Indonesia and Heng Seng Bank, as well as a 20% stake in Standard Bank of South Africa. It also set up offices in Russia, Dubai, Doha, Sydney and New York.
Website | http://www.icbc-ltd.com/ICBCLtd/en/ |
Headquarters |
55 Fuxingmennei Avenue, Xicheng District
10032 Beijing
China
|
CEO/chair |
Chen Siqing Chairman and Executive Director |
Supervisor | |
Annual report | Annual Report 2019 |
Ownership |
listed on Hong Kong Stock Exchange & Shanghai Stock Exchange
The Chinese government owns via Central Huijin Investment 34.71% of ICBC shares. ICBC's complete shareholder structure can be accessed here. |
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Policy Assessments
Banks, climate and energy
Bank policy scores on fossil fuel financing
A bank can obtain a total of 200 policy points for its overall fossil fuel policies; 120 possible points for oil and gas policies and 80 possible points for coal policies. Based on this score banks are then classified as laggards (0-50 points), followers (50.5-100 points), front runners (100.5-150 points) or leaders (150.5-200 points).
Bank policy scores on fossil fuel expansion
The scores for a bank's policies restricting expansion of fossil fuels - in each area, prohibitions against financing projects and/or companies expanding that area - are aggregated into a fossil fuel expansion policy score.
The point-based policy ranking for fossil fuel expansion consists of the following distribution:
- Coal mining: 14 points
- Coal power: 14 points
- Other coal: 7 points
- Tar sands: 9 points
- Arctic oil and gas: 9 points
- Offshore oil and gas: 9 points
- Fracked oil and gas: 9 points
- LNG: 9 points
- Other oil and gas: 9 points
A bank can obtain a total of 89 policy points for its fossil fuel expansion policy. Based on this score, banks are then classified as laggards (0-22.25 points), followers (22.25-44.5 points), front runners (44.5-66.75 points) or leaders (66.75-89 points).
Bank policy scores on oil and gas financing
For each of the six subsectors, 20 possible policy points can be obtained, so a bank can obtain a total of 120 policy points for its oil and gas policies. Based on this score banks are then classified as laggards (0-30 points), followers (30.5-60 points), front runners (60.5-90 points) or leaders (90.5-120 points).
Bank policy scores on tar sands
The point-based policy ranking above assesses bank policies in four ways:
1) Restriction on direct financing for tar sands projects.
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None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)
2) Restriction on financing for companies that expand tar sands.
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None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for tar sands.
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None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in tar sands above a certain threshold.
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None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its tar sands policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on Arctic oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for Arctic oil and gas projects.
- None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)
2) Restriction on financing for companies that expand Arctic oil and gas.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for Arctic oil and gas.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in Arctic oil and gas above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its Arctic oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on offshore oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for offshore oil and gas projects.
- None (0), weak exclusion (1.5), strong exclusion (4)
2) Restriction on financing for companies that expand offshore oil and gas.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for offshore oil and gas.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in offshore oil and gas above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its offshore oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on fracked oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for fracked oil and gas projects.
- None (0), weak exclusion (1.5), moderate exclusion (3), strong exclusion (4)
2) Restriction on financing for companies that expand oil and gas fracking.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for oil and gas fracking.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in oil and gas fracking above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its fracking policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on LNG
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for LNG projects.
- None (0), weak exclusion (1.5), strong exclusion (4)
2) Restriction on financing for companies that expand LNG.
- None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for LNG.
- None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in LNG above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its LNG policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on other/conventional oil and gas
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for other/conventional oil and gas projects.
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None (0), weak exclusion (1.5), strong exclusion (4)
2) Restriction on financing for companies that expand other/conventional oil and gas.
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None (0), weak exclusion (3), strong exclusion (5)
3) The bank’s commitment to phase-out financing for other/conventional oil and gas.
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None (0), reduction (1.5), weak phase-out (3), strong phase-out (5)
4) The bank’s commitment to exclude companies active in other/conventional oil and gas above a certain threshold.
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None (0), enhanced due diligence/Equator Principles commitment (0.5), weak exclusion threshold (2), strong exclusion threshold (5), full exclusion (6)
A bank can obtain a total of 20 policy points for its other/conventional oil and gas policy. Based on this score banks are then classified as laggards (0-5 points), followers (5.5-10 points), front runners (10.5-15 points) or leaders (15.5-20 points).
Bank policy scores on coal financing
For both coal mining and coal power, 32 possible policy points can be obtained, while for other coal,16 possible policy points can be obtained. So a bank can obtain a total of 80 policy points for its coal policies. Based on this score banks are then classified as laggards (0-20 points), followers (20.5-40 points), front runners (40.5-60 points) or leaders (60.5-80 points).
Bank policy scores on coal mining
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal mining projects.
- None (0), mountaintop removal mining exclusion (0.5), weak exclusion (2), moderate exclusion (4), strong exclusion (6)
2) Restriction on financing for companies that expand coal mining.
- None (0), weak exclusion (4), strong exclusion (8)
3) The bank’s commitment to phase-out financing for coal mining.
- None (0), exposure reduction (1.5), financing reduction (3), weak phase-out (4), moderate phase-out (6), strong phase-out (8)
4) The bank’s commitment to exclude companies active in coal mining above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (3), moderate exclusion threshold (5), strong exclusion threshold (8), full exclusion (10)
A bank can obtain a total of 32 policy points for its coal mining policy. Based on this score banks are then classified as laggards (0-8 points), followers (8.5-16 points), front runners (16.5-24 points) or leaders (24.5-32 points).
Bank policy scores on coal power
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal power projects.
- None (0), weak exclusion (2), moderate exclusion (4), strong exclusion (6)
2) Restriction on financing for companies that expand coal power.
- None (0), weak exclusion (4), strong exclusion (8)
3) The bank’s commitment to phase-out financing for coal power.
- None (0), proportional reduction (1), exposure reduction (1.5), financing reduction (3), weak phase-out (4), moderate phase-out (6), strong phase-out (8)
4) The bank’s commitment to exclude companies active in coal power above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (3), moderate exclusion threshold (5), strong exclusion threshold (8), full exclusion (10)
A bank can obtain a total of 32 policy points for its coal power policy. Based on this score banks are then classified as laggards (0-8 points), followers (8.5-16 points), front runners (16.5-24 points) or leaders (24.5-32 points).
Bank policy scores on coal infrastructure
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal infrastructure projects.
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None (0), weak exclusion (1), strong exclusion (3)
2) Restriction on financing for companies that expand coal infrastructure.
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None (0), weak exclusion (2), strong exclusion (4)
3) The bank’s commitment to phase-out financing for coal infrastructure.
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None (0), exposure reduction (1), weak phase-out (2), strong phase-out (4)
4) The bank’s commitment to exclude companies active in coal infrastructure above a certain threshold.
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None (0), enhanced due diligence (0.5), weak exclusion threshold (2), strong exclusion threshold (4), full exclusion (5)
A bank can obtain a total of 16 policy points for its coal infrastructure policy. Based on this score banks are then classified as laggards (0-4 points), followers (4.5-8 points), front runners (8.5-12 points) or leaders (12.5-16 points)
Banks and human rights
BankTrack Human Rights Benchmark 2019
News
Documents
Links
Policies
Voluntary initiatives
Industrial and Commercial Bank of China (ICBC) has committed itself to the following voluntary standards:Investment policies
ICBC does not have publicly available investment policies. The bank's webpage on corporate social responsibility only lists the bank's annual csr reports. The bank declared its csr policy improvements as listed below:
2017 In IBCB's 2017 annual report it stated that "the Bank comprehensively carried out green credit from the aspects of credit policy, management process, business innovation and its own performance. It released the revised industrial (green) credit policy annually." Although this policy is not publicly available.
2016 The bank states in its 2016 CSR report that they strongly advocated the concept of green finance, guided quantitative research of environmental risks, and helped to make green finance a core subject for B20. They devoted themselves to “innovation, coordination, green, opening up and sharing”.
2015 The bank redefined the Green Development Strategy. The growth rate of loans supporting the green economy was 3.99 percentage point higher than that of overall corporate loans.
2014 The bank strengthened financing risk control for enterprises involving "phasing out outdated production facilities". It urged to enhance management of financing related to the phasing out, timely organized bank-wide risk screening, and urged customers to complete the phasing out. ICBC continued to enhance financing risk control in areas involving heavy metal emission through rigid control methods such as financing suspension system that helped to step up reduction and withdrawal of existing financing as well as strict control over new financing.
2013 The Bank established correlation between green credit classification and enterprise ratings, and transplanted the correlation to the credit process. It is required to timely identify the green credit classification label of customers throughout the procedure of due diligence, credit rating and grant, review and approval, contract signing, release approval and post-loan management, and use it as a key reference to make general evaluation and credit decision.
2012 Amendment of its approach to "the disclosure and management of social responsibility information," in response to the developing trends of corporate citizenship and stakeholder demands.
Update of its "industrial (green) credit policies", which already cover 85 percent of corporate loans to(China's) 54 industries, and will put more emphasis on the main factors of industrial pollution, resource consumption, energy savings, and environmental protection,and integrate these with the core targets of the whole industrial (green) credit policies.
Publication of the "Notification regarding the increase of emission controls of heavy metal industries' commercial loan credit risk management," which takes the credit risk management for heavy metal industries one step further and specifies the involvement of heavy industry emissions in the scope of key industries.
2011 The bank published the Implementation Outline for Green Credit Development. It clarified at the strategy level the basic aims and principles and key points for the implication of green credit development, and specified the direction and requirements for the building of the green credit system across the Bank in the future in terms of credit culture, classified management, policy system, process management, product and service innovation, evaluation mechanism and ability development.
According to relevant policies of the State concerning environmental protection, energy conservation and emission reduction, the Bank, has during the reporting period, successively made a series of policies, including the Notice on Optimizing and Improving the Green Credit Classification of Corporate Customers, the Notice on Printing and Distributing the Post- credit Management Procedure for Environmental Protection Industries under Key Attention, the Notice on Strengthening the Risk Control on Enterprises with Outdated Capacities, the Notice on Strict Control over the Credit Risk Associated with Small & Medium Lead-related Enterprises, the Notice on Strengthening the Prevention and Control of the Environmental Risk of Industries Involving Cadmium, Mercury, Chrome and Metalloid Arsenic and the Notice on Accelerating work in relation to Loan Exit from Small & Medium Lead Accumulator Enterprises. The Bank further improved the classification system for green credit, carried out and strengthened the monitoring of environmental risk, post- credit inspection, post-credit risk control requirements and post-credit management responsibilities with respect to customers in industries with a key focus on environmental protection, clarified the working mechanism and management requirements for risk control associated with enterprises with outdated capacities.
2010 In accordance with relevant national policies on environmental protection, resource conservation, and carbon emissions reduction, ICBC has formulated “Opinions on Strengthening of Green Credit Construction”, “Views on Further Energy-saving and Emission-reducing Credit Support”, “Classification and Management of the Domestic Corporate Green Credit Loans” and other rules and regulations; the bank also produced such environmental risk policies as “ICBC Post-Loan Management Approach Focusing on Environmental Protection by Industrial Customers” and “Notice on Further Strengthening of Loan Environmental Risk Prevention and Control Procedures”.
2008 Three-year strategic goal of increasing green credit through developing green credit concepts, frameworks, and implementation steps.