Compiled By
Vishal Bhidu
The State Bank of Mauritius (SBM Group) officially unveiled its Sustainability Agenda designed to reiterate its commitment to help promote sustainable business practices and responsible corporate behavior while at the same time strengthening its contribution to inclusive communities and economic development in countries where it is present. The event took place in the presence of Chief Guest Prime Minister Hon Pravind Kumar Jugnauth on May 31.
The strategic agenda underpins the Group’s sustainable goal of committing itself to a long-term comprehensive sustainability roadmap that embodies the guiding principles of Environmental, Social, and Governance (ESG) best practices while contributing to the targets set to help achieve the United Nations Sustainable Development Goals (SDGs).
In his address, the Prime Minister observed: “The unveiling of the SBM Group’s Sustainability Agenda highlights the importance of meaningful partnerships, collaboration, and knowledge sharing with the participation of both the public and private sectors to accelerate the country’s progress toward a sustainable future. The Government will ensure a brighter future for the coming generations by making sustainability the foundation upon which a resilient and thriving economy will be built. We came up with a series of unprecedented measures and policies over the last few years to catalyze the country’s transition to a greener and more sustainable economy, while continuing to invest in green energy with the aim for it to become one of the pillars of our economy.”
“Banking and financial institutions, such as ours, play a pivotal role to help craft a sustainable future for our societies, communities, and the population. Through our Sustainability Agenda, we are giving a strengthened, renewed meaning and impetus to our corporate responsibility, in tune with the exigencies of a fast-changing world. Aligned with our core and long-standing purpose of triggering meaningful, positive change across economies and societies in which we operate, our framework defines how we aspire to constantly promote the sound and sustainable interests of our organisation and our numerous stakeholders,” added the Group Chairman of SBM, Mr. Sattar Hajee Abdoula.
Building on a continuous path of activities conducted over the year and in line with its 50th anniversary, SBM’s approach is based on the belief that the sustainability strategy must be embedded in its business operations and aligned with its overall corporate strategy. Today, SBM accounts for more than 3,000 employees serving around 6 million customers in Mauritius, India, Kenya, and Madagascar.
The SBM Group Sustainability Agenda is driven by 3 core pillars, namely Sustainable Business, Responsible Organization, and Inclusive Communities.
On the back of 13 commitments and 50 initiatives, the SBM Group aims to meet several targets such as an equitable society, a vibrant economy, and a zero-carbon world. These core pillars echo the Group’s consistent engagement to help lower its environmental footprint, support social fairness, and generate responsible as well as sustainable economic growth while adhering to the country’s ambitions for sustainable development.
Its various subsidiaries across India, Kenya, and Madagascar have also buttressed their respective commitments towards sustainability with SBM India having launched the first-ever branch to be designed inside a container, which also offers a minimal environmental footprint. This is a first in India where it sets an example in the banking landscape, offering all essential amenities of a full-service branch to the rural population.
Following is the role of SBM Kenya which sponsored a large solar home project to the intention of 470,000 residents while SBM Kenya is actively participating and coordinating a slew of CSR activities aimed to support needy groups in society by providing access to education and basic requirements, among others.
On the other hand, Group Chief Executive at SBM Raoul Gufflet told: “Our Sustainability Agenda is more than a checkbox. It is an essential component of who we are as an organisation and is our responsibility to act in ways that enhance the world in which we live. As we continue to work towards weaving environmental, social, and governance (ESG) considerations into the Group’s operations and decision-making processes, we look forward to engaging in necessary partnerships, embracing the relevant ecosystems, and championing catalytic public-private partnerships that will open doors for change. We firmly believe that financial institutions are crucial stakeholders to help meet the pressing challenges that climate change and social inequality represent today.”
