Dialogue on material issues

Our stakeholders help us to develop by providing an external perspective on what and how Triodos Bank does its work. We also partner and co-create to further Triodos Bank's mission and the sustainability agenda.

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 2020, 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 (social inclusion, diversity, digitalisation, and the role of Triodos Bank in the public debate about the green and just recovery from the Covid-19 pandemic) with representatives from all stakeholder groups. 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 2020, 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 are 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 2020, 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.

In the United Kingdom plans to celebrate the 25th year were disrupted by the pandemic with an Annual Meeting and customer event and a visit from a member of the Royal family all called off due to Covid restrictions. A Bristol event with ex-Governor of the Bank of England Mark Carney and a visit to offices by the local regulators were also cancelled. The Colour of Money was still successfully issued to all customers by post.

In Spain, we were involved with several online events which were open to customers. These were often organised with partners, such as B Corp Spain. We also saw a real boost in online communications with our customers and an improvement in digital services.

In Belgium, it was of key importance for our loan clients to receive the payment delays on their loan as agreed upon by the whole sector. Our colleagues in Business banking pro-actively addressed the need of their loan clients. We also asked our customers in Belgium to share their initiatives to cope with the lockdown measures so we could share these with the entire community of Triodos customers. Also, we organised webinars to stay in touch with our customers, with some of these focussing on our Reset the economy vision paper. In Germany, we introduced a climate-neutral investment account.

Depository Receipt Holders
The 2020 edition of the Annual Meeting of Triodos Bank NV was held online. Depository receipt holders received an update on strategy and performance from the Executive Board and were able to ask questions to both the Executive and Supervisory Board about a wide range of topics. We also had frequent communication, including webinars with DR holders, about the trade in depository receipts.

In Spain, we organized a local DR meeting, in a hybrid form (both online and offline) in the Summer. A summary of the event was sent to all DR holders in Spain. In Germany, we also organised a local DR meeting.

Co-workers
The year 2020 has brought major shifts in the way we work and live together. 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, the Black Lives Matter movement added urgency to the calls to address injustices that are still part of modern-day society.

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, regular ‘Food for Thought’ talks were held at lunchtime for co-workers to hear from businesses, entrepreneurs and inspiring guest speakers. These were mostly online. More than 10% of Triodos UK co-workers are now trained as Mental First Aiders providing more support to co-workers in relation to mental health issues. Mindfulness sessions were made available online. Triodos Bank UK continued to promote mental health awareness more broadly and signed the Time to Change Pledge.

In Belgium, Triodos Bank offered tools, tips and coaching to co-workers to cope with the lockdowns. We joined the initiative Women in Finance, a unique non-profit association to improve gender equality in the financial sector. Triodos Bank Spain introduced a new program to improve the well-being of all co-workers and shared practical tips for working from home.

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 2020 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.

We collaborated with WWF on the film ‘Our Planet: Too Big To Fail’ including speaking at the international launch event. Local CEO Bevis Watts was interviewed for the film, which uses stunning footage from the Netflix ‘Our Planet’ series to talk specifically to the topic of Sustainable Finance.

We were also a founding pledge partner of the Make My Money Matter campaign, launched by famous director Richard Curtis, also a Triodos Bank customer. The CEO of Triodos Bank UK joined with over 60 CEOs to sign an open letter to the UK Prime Minister, urging him to create a resilient economy with a green recovery from Covid-19.

In Spain, we launched a specific round of crowdfunding from Triodos Foundation Spain to collaborate with innovation initiatives to address the social consequences of COVID-19. Likewise, the Triodos Foundation Spain organised support for sustainable farming initiatives.

Triodos Bank Belgium became one of the signatories of the Belgian Alliance for Climate Action (BACA). BACA offers a platform and/or community for organisations in Belgium that are serious about their climate ambitions and have chosen – or are willing to choose – the path towards Science Based Targets (SBT’s). We are a partner of Greenlab in Belgium, the accelerator for sustainable start-ups in the Brussels region.

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 signed the Finance for Biodiversity Pledge in 2020. In the pledge, which was signed by 26 financial institutions from around the globe, the signatories call upon world leaders to reverse nature loss this decade and commit to collaborating, engaging, assessing their own biodiversity impact, setting targets and reporting on biodiversity matters by 2024 at the latest.

The Managing Director of Triodos Belgium represented the bank at the European Business & Nature Summit 2020 (EBNS), a virtual event and launchpad to strengthen the growing movement of businesses that consider nature as part of the solution to economic wellbeing.

In Spain, we participated in an event for the financial sector about the carbon accounting methodology of the Partnership Carbon Accounting Financials (PCAF), and we presented the PCAF methodology for the Spanish Banking Association.

In Germany, we were a part of the climate commitment of the financial sector to the Paris climate agreement.

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.

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 ahead of COP26 designed to create a regulatory environment that enables banks to play their part in financing the net-zero transition.

We joined senior members of UK parliament in an event hosted by the All Party Parliamentary Group (APPG) on Fair Business Banking and WWF up to generate discussion on the responsibility of the finance sector in building a sustainable future and what policy makers can do to accelerate the transition. We also launched the UK’s first Nature Based Investment pilot projects in partnership with the UK Department for Environment, Food & Rural Affairs and other partners. And we joined 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.

In Spain, we organised two conferences about sustainable finance, inviting representatives from the sector, regulators and public institutions. We also organised activities to increase awareness about sustainable finance with the Ministry for Ecologic Transition, Central Bank of Spain and Spanish Banking Association. In Germany, we joined the Sustainable Finance Council of the government.

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.

The organisation regularly invites journalists to discuss new innovations and themes that its work addresses, highlighting the potential for a more transparent, diverse and sustainable banking industry. For instance, in the Netherlands our Chief Economist Kees Vendrik was interviewed by the television programme Buitenhof about our vision to reset the economy. CEO Peter Blom was interviewed by international media about sustainable finance, including El Pais in Spain.

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.

In the UK, support continued through the B Corporation network and we are supporting members of the Aldersgate Group and The Climate Coalition. In Belgium we held several presentations in academic circles. In Spain, we collaborated with the UNED university on a course about finance and impact investing.

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 Diversity and inclusion – with support for Black History Month and PRIDE in Bristol, the UK. We are a supporting and board member of the Bristol Green Capital Partnership that brings together organisations that have committed to working towards Bristol becoming a sustainable city with a high quality of life for all.

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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Dialogue on material issues

Networks and partners

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