ESG Governance

ICICI Bank’s ESG philosophy is to adopt sustainable business practices that ensure the long-term success of the organisation and have a positive impact on the environment and society. The Bank endeavours to promote long-term sustainable growth in the economy through business initiatives and responsible corporate citizenship.

Keeping in mind the above philosophy, the Board has decided that the Risk Committee will have oversight on ESG in the Bank. In addition to areas relating to risk management that are directly within the remit of the Risk Committee, the Committee reviews the Bank’s action plan on various aspects of ESG, external reporting and stakeholder feedback. The areas that are within the purview of other Board Committees continue to be overseen by the respective Committees. Any updates relevant to ESG in these areas will be presented to the Risk Committee.

The Bank’s efforts in ESG were further strengthened with setting up of a dedicated team to lead the Bank's ESG-related actions and initiatives.

A management-level ESG Steering Committee provides regular oversight and guidance to the ESG team.

ESG GOVERNANCE

Overarching Environmental, Social and Governance Policy

  • Broad focus areas
    • Responsible Financing
    • Environmental sensitivity in the Bank’s operations
    • Customers
    • Employees
    • Society
    • Corporate Governance
    • Cybersecurity and data privacy
    • Stakeholder engagement and accountability
  • Policy available on the Bank’s website

During fiscal 2023, the Risk Committee and the Board reviewed material ESG matters, and were provided updates on progress made on various ESG-related initiatives at the Bank. The Board-approved ESG Policy was reviewed and updated largely to reflect the progress on ESG made by the Bank during fiscal 2023 and the requirements under the SEBI mandated Business Responsibility and Sustainability Report (BRSR).

Agency and Nature of Rating Scale (Best to Worst) ICICI Bank’s Rating/Score Change
MSCI ESG Rating AAA to CCC (7-point scale) A Improved
Sustainalytics ESG Rating 0 to 100 24.0 (Medium Risk) Improved
S&P Global CSA 100 to 0 36 Improved
CDP Climate Change A to D - (8-point scale) C First time score; same as Asia regional average
Moody’s ESG Solutions CIS-1 (Positive) to CIS-5 (Very highly negative) CIS-2 (Neutral-to-low) No change

ESG-related Key Actions in Fiscal 2023

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