ESP
Banking
By delivering on our purpose to help people and businesses prosper, we grow as a business while helping address society’s challenges.
What our stakeholders tell us
Listening to our stakeholders and creating value
We run surveys and ‘speak-up’ channels for employees, as well as interactive platforms for customers. We assess externalities to identify risks and opportunities and appraise our impact on the community. We respond to demands from top analysts, investors and indices interested in ESG matters; keep pace with new regulation and best practices worldwide; and take part in consultations with authorities, trade bodies and other organizations that influence policymaking on sustainable development. We’re also involved in major local and international initiatives to support inclusive and sustainable growth (see ‘Joint initiatives to promote our agenda’ in ‘Governance and priorities’).
A. This figure only includes universities that have an agreement with Santander Universities. Adding Universia's data, the total figure is 1,415 universities and academic institutions in 28 countries
Materiality assessment: Identifying the issues that matter
Our in-depth materiality review included direct stakeholder input (internal and external interviews and surveys on the bank’s ESG priorities), in line with best practice. Following the proposed Corporate Sustainability Reporting Directive (CSRD) and leading ESG reporting standards, we applied the principle of double materiality: (1) financial materiality (how ESG issues impact financial performance); and (2) environmental and social materiality (how ESG action impacts society and the environment).
Group material topics matrixA
Conclusions and changes since 2020
A. Issues such as food waste, light and noise pollution are not material to the Group.
Our ESG priorities
Our materiality assessment identified 15 ESG topics we should focus on.
Our 2021 materiality assessment led to an ambitious action plan for 2022-2025.
B. The 2021 figure is a cumulative figure from 2019.
Governance
Our principles, frameworks and policies ensure we behave responsibly in all we do. We strengthened our responsible banking governance to continue doing things the right way and promote inclusive and sustainable growth.
Responsible banking corporate framework
Created in 2021, the framework's common principles, roles and responsibilities, key processes and governance to drive us towards a more sustainable business model that delivers on our purpose to help people and businesses prosper. It also reinforces our commitment to Agenda 2030: the UN Sustainable Development Goals (SDGs), the Paris Agreement and the Principles for Responsible Banking. The corporate framework is approved by the Board.
Policies and guidance
The Group's policies and guidance set the standard for all units. We systematically review the scope of policies relating to the integration of ESG criteria to ensure compliance with international best practice. In 2021, the Responsible Banking function was made part of the policy approval process to embed sustainability criteria in all policies.
Core policies that integrate ESG criteria into our business model, to make us a more responsible bankA
Other policies that support our responsible banking strategy
A. These policies are approved by the board of directors and are available on our corporate website (except the Sensitive sectors policy).
B. Includes Banco Santander's Diversity & Inclusion Principles and the Corporate Volunteering Standard.
C. Includes financial consumer protection principles.
D. Includes principles on the responsible behaviour of suppliers. These principles are publicly available on our corporate website.
E. Our tax strategy and an extract of our Tax policy are available on our corporate website.
F. Updated and available on our corporate website.
Core topics addressed in 2021
In 2021, we addressed five ESG core topics: Climate change and green finance; diversity and inclusion; our culture, “The Santander Way”; Santander’s materiality assessment; and policies related to responsible banking.