Corporate Social Responsibility (CSR) has been a long-standing commitment at Bank of Beirut and forms an integral part of our activities. The Bank’s contribution to social sector development includes several pioneering interventions, and is implemented through the involvement of stakeholders within the Bank and the broader community.
The objective of the Bank is to pro-actively support meaningful socio-economic development in Lebanon and across the globe, and enable a larger number of people to participate in and benefit from Lebanon’s growing economy. This is based on the belief that growth and development are effective only when they result in wider access to opportunities and benefit a broader section of society. The aim is to identify critical areas of development that require investments and intervention, and which can help to realize Lebanon’s potential for growth and prosperity.
The Corporate Social Responsibility Policy (CSR Policy) of the Bank sets out the framework guiding the Bank’s CSR activities. The Policy also sets out the rules that need to be adhered to while taking up and implementing CSR activities.
B.Definition and Objectives
Bank of Beirut understands Corporate Social Responsibility (hereinafter, “CSR”) as the Bank’s responsibility arising from the impact of its activity on people’s lives and society. To comply with this responsibility, Bank of Beirut integrates social, environmental and ethical concerns, as well as those on human rights and stakeholders, into its daily business and relations with them.
Through its CSR Policy, Bank of Beirut should contribute to the following objectives:
To carry out its main activity in a responsible manner, placing people at the core of its purpose.
To maximize the creation of sustainable and shared value for its shareholders and for the other stakeholders, and the society where it operates.
To prevent and mitigate the possible negative impacts derived from its activity.
To manage Bank of Beirut’s reputation.
C.Scope of Corporate Social Responsibility policy
This CSR Policy intends to create a framework that helps defining and promoting behaviors allowing for value creation for all stakeholders (clients, employees, shareholders, suppliers and society) within the framework of a culture of social responsibility that turns out in the development of a “Responsible Banking” in Bank of Beirut.
One of the Bank’s objectives is to develop a different way of banking through a business model called “Responsible Banking”, based on the search for profitability adjusted to ethical principles, in compliance with the laws, the best business practices and the long-term value creation for all stakeholders. This represents an overview of the Bank’s actions.
This CSR Policy is aligned with Bank of Beirut’s Code of Conduct, which establishes behavioral guidelines in accordance with Bank of Beirut’s values.
The principles that rule the CSR Policy are:
-Integrity, as a manifestation of ethics in Bank of Beirut´s actions and relations with all stakeholders.
-Prudent risk management.
-Transparency as an aim to offer access to clear and true information.
E.Responsible Commitments and Practices
In order to comply with these principles, Bank of Beirut has implemented the following specific commitments:
To place clients at the core of its activity, in order to establish long-lasting relationships based on mutual trust and value contribution.
To promote transparent, clear and responsible communication and financial education to facilitate well informed financial decisions and enhance people’s financial health.
To encourage the development of products and services with a high social or environmental impact, adapted to the context in which its clients live.
To foster financial inclusion and the universalization of responsible access to financial services.
To respect diversity and promote the equality of opportunities, in addition to the nondiscrimination due to gender, age, disability or any other circumstance.
To promote work-life balanced practices.
To implement practices to guarantee the staff’s safety and ensure all employees’ health.
To encourage a culture of social commitment and shared values between the employees, facilitating the conditions so that volunteering activities can be carried out.
3.Shareholders and Investors
To promote transparency, truthfulness, immediacy and homogeneity in disclosing information.
To facilitate awareness of those issues that may be necessary to enable an appropriate exercise of shareholders’ rights.
To publish the information continuously, periodically, and punctually.
To guarantee equality of treatment of all shareholders and investors that are in the same position.
To use of a variety of communication instruments and channels that enable shareholders to access the Bank in the easiest and most convenient way.
4.Society and Environment
To support the development of the societies where the Bank is present through financial activity, as well as to social programs focused on education, financial literacy, entrepreneurship and knowledge.
To participate in initiatives and collaborate with regulators and other organizations to promote and disseminate responsible practices.
To commit to the wellness of the environment in accordance with the progressive implementation of global recommendations, which include, among others, risk management, the progressive integration of environmental variables in developing products, collaboration with other actors and promoting eco-efficiency along with managing direct impacts.
To define and apply a Responsible Procurement Policy that includes, among others, providing complete and transparent information in the supply processes, respecting human and labor rights in the supply chain, and stimulating demand in socially responsible products and services.
To carry out its activity by adequately complying with its tax obligations and avoid any practice that involves illicit tax evasion or losses for the public treasury. To do so, the bank has a fiscal strategy in accordance with the principles of integrity, transparency and prudence.
7.Prevention of Illegal Behavior
To encourage compliance with the legal obligations and avoid behavior that is contrary to the internal standards and policies, or that may damage Bank of Beirut’s patrimony, image or reputation.
8.Respect for Human Rights
To define and apply Bank of Beirut´s Commitment to Human Rights, which includes respect for human rights in accordance with the International Bill of Human Rights and the internal principles of action and recommendations for carrying out business activity by the Associations des Banques au Liban (ABL).
9.Other Subscribed Local Commitments
Bank of Beirut is committed to applying its CSR strategies with the Lebanese Red Cross, as part of its several ongoing local CSR commitments.
F.Channels of Communication, Participation and Dialogue
Bank of Beirut has multiple channels and tools of communication, participation and dialogue with all stakeholders. These tools guarantee that the stakeholders have the adequate channels to be attended.
These channels are detailed and updated on Bank of Beirut’s website and Digital presence. In addition, the Bank has instruments and channels for communication and contact with shareholders and investors that are available to the public on the corporate website and that are managed by a specific Investor Relations Department.
Bank of Beirut encourages transparency when disseminating information to stakeholders, adopting at all times responsible communication practices.
The approval of the Corporate Social Responsibility Policy of Bank of Beirut corresponds to the Board of Directors of the Bank, in accordance with internal regulations.
The actions developed within the framework of the Corporate Social Responsibility Policy are considered voluntary for the Bank and do not arise from any regulatory obligation or normative duty.