Triodos Bank’s resilience is bolstered by engaging proactively with our stakeholders. We have benefited from open discussions with our stakeholders for many years and in varied ways from client days connecting hundreds of customers in all the countries where we work, to meetings and surveys with investors in the bank itself – the depository receipt holders.

Not only do we consult stakeholders because we value their feedback on our policies and actions, we also engage with them because we strive to change finance. We use our influence to change a financial system so that it puts people’s interests first while allowing us to live within our planetary limits. We cannot achieve that on our own; to truly have impact we need the support from stakeholders.

We identify three groups of stakeholders. The first group consists of people and organisations that engage in economic transactions with Triodos Bank; for instance customers, depository receipt holders, co-workers and suppliers. The second group is predominantly connected to the social, cultural and environmental context Triodos Bank operates in, such as regulators, other institutions and associations in the financial sector, non-governmental organisations, governments, local communities and media. The third group (advisors and inspirers) provides us with new insights, opportunities and knowledge.

Materiality matrix

Every year we follow a formal process to analyse the issues that are most important both to Triodos Bank’s stakeholders and the bank itself. In 2021, Triodos Bank distributed a survey amongst stakeholders in all the countries in which we are active with our banking activities. The goal of the survey was to receive input about the topics that are most relevant to our organisation.

During our online annual stakeholder meeting, we discussed several of these topics with representatives from all stakeholder groups from all countries where we have banking activities. The outcome of this effort can be found in our materiality matrix in the Executive Board chapter of our Annual Report 2020.

Broader consultation

In addition to this formal process, we have always benefited from open discussion with all our stakeholders in a variety of ways – from (online) client days connecting hundreds of customers in all the countries where we work, to public debate events to depository receipt holder meetings and surveys. In 2021, we engaged with hundreds of stakeholders about many topics in all the countries where we are active with our banking activities.

Customers

The relationships and interaction between clients, entrepreneurs and co-workers is at the heart of our approach to our work. We value learning from the thoughts and perspectives of our customers, as well as being inspired by them in our daily work. In 2021, the corona pandemic made physical meetings with our customers difficult. However, we tried to reach out to them through other, digital means.

In the Netherlands, for instance, we organised several webinars, specifically aimed at investors, private banking customers, Depository receipt holders and mortgage clients. In addition, our relationship managers in the Netherlands were in frequent contact with business customers to help them navigate the difficult circumstances.

We organised several webinars in the Dutch market for business clients, also together with partners such as Climate Neutral Group and our Ondernemers made for change platform. We’ve engaged with our mortgage clients and retail customers: Triodos Online Meet-up: Kom uit je bubbel, Made for Change lecture by Sander Heijne

In the United Kingdom the Triodos Bank UK Annual Meeting shifted to a full virtual, online format presented by Gillian Burke (BBC Springwatch) and featuring many high profile retail customers, including Richard Curtis and Mya-Rose Craig, as well as a number of business customers. Over 800 tuned in to watch.

In Spain, we organised the 7th edition of the Triodos Bank Prize to recognise the most socially valuable business customer. It was the first time the prize was awarded to social agriculture. We launched Triodos Live, which are educational live video events about social themes related to our mission.

Triodos Bankalso presented an award in Belgium: the Sustainable Impact Award. This prize is for a promising Brussels start-up that has a sustainable impact on the (local) economy. This year Decarbone was the award. Their project ensures that companies can make their fleet more sustainable at a faster pace. In addition to that, Triodos Bank Belgium sponsored the Global Wind Day and thus supported the movement of citizen cooperatives for renewable energy, united in the umbrella federation REScoop Vlaanderen. To draw attention to the loss of biodiversity, we brought together 18 speakers for our online customer event in the autumn for a conference on Biodiversity: what is at stake and what we can do?

In June, Triodos Bank Germany organised a customer meeting, the Triodos Dialog. The series of events (five evenings in a row) took place for the first time only virtually due to the pandemic. In spring, we organised a very successful information series for female customers in Germany on the subject of female finance.

Depository Receipt Holders

Last year was dominated by intensive contact with our DR holders in all countries where we are active. This had to do with the situation surrounding the discontinued trade in our certificates. Various information sessions were organized for DR holders, as well as a survey. Two meetings were organised: the General Meeting and an Extraordinary Meeting of Shareholders.

Co-workers

In 2021, we continued to work in a hybrid way. The onset of COVID-19 has not just affected our health and our livelihoods, it has had profound cultural effects, altering how we engage with each other and changing our ways of working. At the same time, equity, diversity and inclusion remained an important topic in society and at Triodos Bank.

These challenges have shown the strength of our co-worker community. Co-workers adapted to new ways of working and remained connected while meeting customer needs and achieving many of our strategic objectives.

To connect co-workers with one another and the organisation, online weekly meetings were organised in all countries where Triodos Bank has banking activities. In several countries surveys were held among co-workers about working from home and well-being.

In the UK, a new flexible ‘Be Your Best at Work’ policy was launched and we improved connection through MS Teams, repurposed elements of the office to create new hybrid meeting spaces and added new video conferencing equipment. Above all we acted responsibly and kept each other safe.

Mental health continues to be a focus with support offered to co-workers in various forms. Triodos Bank UK is a signatory of the Time to Change Employer Pledge, committing to changing the way we all think and act about mental health in the workplace

‘Food for Thought’ talks were held online at lunchtimes for co-workers to hear from businesses, entrepreneurs and inspiring guest speakers such as philosopher Roman Krznaric.

In Germany, several employee-led working groups have been launched to look at local corporate culture - for example, on the topic of feedback and communication. And Triodos Bank Spain held Covid-Pulse surveys to ensure wellbeing in the context of pandemic.

Suppliers

Triodos Bank further strengthened its engagement and awareness with vendors/suppliers in 2020.We seek to maintain good relationships with our suppliers and business partners. We strive to build connections between suppliers to help them share best practices and gain insights into making a positive impact. In 2020, our impression was that the majority of our contracts were not adversely affected by COVID-19.

The 2021 stakeholder survey showed that selecting sustainable suppliers is an important factor in the sustainable management of the bank. Triodos Bank wants to support its suppliers to become more aware and contribute positively to issues around sustainability, corporate social responsibility, ethics, and transparency.

Non-Governmental Organisations (NGOs)

Triodos Bank UK has close partnerships with a number organisations and charities aligned with our values and willing to recommend us to their supporters, such as Friends of the Earth, RSPB and the Soil Association.

Ahead of COP26, Triodos Bank UK signed a number of open letters to the UK Prime Minister urging him to support of a net-zero financial sector and enhanced policy to deliver that goal. They were coordinated by the likes of Green Alliance, WWF, The Climate Coalition and the Aldersgate Group. Triodos Bank is a member and supporter of these organisations.

We are a founding pledge partner of the Make My Money Matter campaign and a member of the Financing a Just Transition Alliance, designed to identify the role that finance can play in connecting action on climate change with inclusive development pathways.

Triodos Bank UK sits on the steering group and is a financial supporter of the Impact Investing Institute, non-profit organisation aiming to accelerate the growth and improve the effectiveness of the impact investing market in the UK and internationally.

In Spain, we met with local NGOs to talk about the launch of the impact fund. And attendees from several events in which Triodos Bank Spain was involved donated to NGOs. Triodos Bank Belgium and Triodos Investment Management engaged with Fairfin about a report on the use of plastic in the food industry.

Triodos Investment Management also had a conversation with local NGOs in Cambodia about the behavior of the local microfinance sector (specifcally about the danger of over-indebtedness).

Financial sector

Part of our mission is to change finance. This makes the financial sector one of our most important stakeholders. We interact with our colleagues in the sector on a regular basis, in person, through banking associations or during events. Triodos Bank is a member of several local, regional and international platforms and associations, consisting of a diverse set of organisations, such as the Global Alliance for Banking on Values (GABV), the Global Impact Investing Network (GIIN), B Corp (which includes a wide range of companies, not all active in the financial sector), United Nations Environment Programme Finance Initiative (UNEP-FI), United Kingdom Social Investment Forum (UKSIF) and many more.

Triodos Bank attended and engaged with COP26 in Glasgow. It was encouraging to see dedicated discussion on finance in the COP programme for the first time this year.We announced a target of reaching net zero emissions as early as possible, and at the latest by 2035, which can serve as inspiration for other financial institutions.

In Germany, the climate commitment of the German financial sector, co-initiated by Triodos Bank 2020, continues to play an important role in the industry. It has been the cause of meetings and working groups and has continued to grow in importance.

In a press release, Triodos Bank Belgium again gave the revised 2021 version of the Towards Sustainability label an unsatisfactory mark because the 2021 label still does not clearly eliminate the most harmful investments that stand in the way of climate goals, nor does it set a clear path to use all fossil fuels. to eliminate energy sources from sustainable investment portfolios.

Triodos Bank Belgium also spoke at the conference of the Federal Council for Sustainable Development (FRDO) 'Aligning finance with sustainable development'. It was one of many occasions in 2021 where Triodos Bank presented its vision on sustainable finance.

In Spain, we continued our co-organisation of events Aulas Gabeiras, in particular related to spreading the meaning of the European taxonomy of investments

Government

Triodos Bank has ongoing dialogues with local and (inter)national governments and supervisory bodies, sometimes in partnership with other financial institutions or other partners. It engages in conversations about the sector and has regular meetings to discuss issues that are relevant to its business.

Key topics it focuses on in conversations and consultations include the positive impact and potential of sustainable banking, the strength of greater diversity in the banking industry and the need for broader retail participation in impact investing.

Triodos Bank is a member of banking associations across Europe and is engaged in governmental and supervisory consultations with a focus on maintaining a diverse banking landscape and fair and effective regulatory conditions for small and medium-sized banks.

A lot of focus in 2021 went to the European taxonomy. The taxonomy determines which investments are considered 'green' and can be presented as such to the market. This promotes transparency, counters greenwashing and drives the shift of capital towards the sustainable economy of the future. A development that we as financial institutions wholeheartedly support. However, it is important that Europe sticks to the original principles of the taxonomy, now the decision needs to be made whether natural gas and nuclear energy will be included as ‘green’.

Triodos Bank UK supports the work of the Green Finance Institute, which was established in 2019 as a direct response to a key policy recommendation made by the industry-led Green Finance Taskforce to the UK Government.

Triodos Bank UK continues to support a cross party group of UK MPs in an ambitious initiative called Bankers for Net Zero that aims to develop a set of policy recommendations designed to create a regulatory environment that enables banks to play their part in financing the net-zero transition.

We also continued to support the UK’s first Nature Based Investment pilot projects in collaboration with the UK Department for Environment, Food & Rural Affairs and other partners.

In Spain, we participated in an event organised by the Central Spanish Bank about sustainable finance. We continued working with the Ministry of Ecologic Transition sharing point of view and vision related to Sustainable Finance, joined to Climate Change law development. And we offered our remarks about the Climate Change and Energy Transition Law, approved in 2021 in Spain. Lastly, we have joined to "La otra Pac" to make advocacy related to adecuated European policies about bio agriculture aligned to "Ecoesquemas".

The managing director of Triodos Bank Germany is part of the Sustainable Finance Advisory Board of the German Federal Government. And Triodos Investment Management participated in a round table discussion at the Ministry of Finance in October on the accessibility of investing for retail clients.

Media

Triodos Bank’s profile has developed rapidly in recent years in all the countries where it operates, via coverage in the media in particular. In addition to media coverage, Triodos Bank uses social media, such as Twitter, Facebook and LinkedIn, and its website to communicate news, attract new co-workers and to engage with stakeholders interested in its story.

Triodos Bank UK advocates for change through external presentations, media coverage and thought leadership articles. It also published a regular column in the Metro newspaper – one of the largest circulated newspapers in the country – to talk about sustainable banking. Triodos Bank Spain is sponsor of the Annual Congress of the Environmental Journalists Association and in Germany we held several background talks with journalists about for instance sustainable finance.

Advisors and inspirers

To expand its activities, enrich its thinking and keep innovating in its products and services, Triodos Bank engages with external advisors who respond to requests or provide advice spontaneously, and seeks out individuals who inspire new opportunities and insights. Triodos Bank invites inspiring people to speak at specially convened sessions in its branches, and at international theme meetings. These people are vitally important, particularly in the development of forward looking sustainability strategies.

We also continue to be active as a certified B Corp. B Corporations are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. This is a community of leaders, driving a global movement using business as a force for good.

In July, Triodos Bank UK received a Royal visit to our Bristol offices from HRH The Princess Royal to celebrate our 25th anniversary in the UK and promote the work of the bank. Triodos Bank UK is a member of Business Declares, a peer business network for business-declaring an ecological and climate emergency.UPF Barcelona School of Management and Triodos Bank Spain have created a Chair in Sustainable Finance. Triodos Investment Management published several podcasts with great thinkers on the topic of systemic change (Tim Jackson, William Burckart, amongst others).

Local communities

Triodos Bank aims to involve local communities in its mission and to let them benefit from our activities. A few highlights worth mentioning come from the UK.

We continued to deepen our work on equity, diversity and inclusion – engaging our coworkers and community around Black History Month, PRIDE in Bristol and more throughout the year.

Networks and partners

Carbon Disclosure Project
The Carbon Disclosure Project is an independent non-profit organisation that collects information regarding greenhouse gas emissions of the world's largest corporation. Triodos Investment Management is a signatory member of the Carbon Disclosure Project, Water CDP, Climate Action and Forest Footprint Disclosure Project.
www.cdp.net

FIEC
Triodos Investment Management is a member of the Financial Inclusion Equity Council, a forum of leading equity investors in the financial inclusion sector.
www.centerforfinancialinclusion.org

Dutch Banking Association (NVB)
The NVB is the link between the banking sector, the government and the public and contributes to a vital and sustainable sector. Triodos Bank is a member.
www.nvb.nl/english

DUFAS
The Dutch Fund and Asset Management Association promotes the collective interests of asset managers operating on and from the Dutch market – both Dutch and foreign parties. Triodos Investment Management is a member.
www.dufas.nl

Eumedion
Triodos Investment Management is a participant in Eumedion, which represents institutional investors’ interests in the field of corporate governance and related sustainability performance.
www.eumedion.nl

Women’s World Banking
Women's World Banking, a global non-profit devoted to giving more women access to finance.
www.womensworldbanking.org

Partnership for Carbon Accounting Financials (PCAF)
PCAF is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.
www.carbonaccountingfinancials.com

Eurosif
Triodos Investment Management is member of the European Sustainable Investment Forum (Eurosif), a pan-European network and think-tank whose mission is to develop sustainability through European financial markets. We are a signatory to its European SRI Transparency Code. We are member of some local sustainable investment fora, for example VBDO (Netherlands), UKSIF (UK), SpainSIF (Spain) and FNG (Germany), which all promote responsible investment in their own markets.
www.eurosif.org

GIIN
The Global Impact Investing Network is a not-for-profit organisation dedicated to increasing scale and effectiveness of impact investing. Triodos Investment Management is a founding member.
www.thegiin.org

Hivos
Hivos-Triodos Fund, one of the four Triodos microfinance funds, is a joint initiative of Triodos Bank and Hivos.
www.hivos.org

NPM
This Dutch Platform for Inclusive Finance promotes inclusive finance as a contribution to poverty alleviation in developing countries. Triodos Investment Management is a member.
www.inclusivefinanceplatform.nl

UNPRI
Triodos Bank is a signatory to the United Nations Principles for Responsible Investment, which provide a framework for investment professionals to incorporate the environmental, social and corporate governance issues into mainstream investment decision-making and ownership.
www.unpri.org

Partnership Biodiversity Accounting Financials (PBAF)
The Partnership for Biodiversity Accounting Financials (PBAF) is a partnership of financial institutions that work together to explore the opportunities and challenges surrounding the assessment and disclosure of the impact on biodiversity associated with their loans and investments.
www.pbafglobal.com

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