Gulf Bank affirms its transparency in communicating its sustainability performance and outlining its business activities’ impacts, risks, and opportunities with respect to Environmental, Social, and Governance (ESG) elements within their business pillars. At Gulf Bank, they adopt responsible practices with a proactive sustainable approach, using effective leadership and governance through the provision of financial and banking services, innovative digital solutions, talent acquisition, youth empowerment, woman inclusion and diversity. This approach reinforces their contribution to the national and international sustainability agendas including the New Kuwait Vision 2035, UN Women Empowerment Principles (WEPs), the United Nations Sustainable Development Goals (SDGs) and the Global Reporting Initiative (GRI), ESG criteria, and more.
Environment
Today, the banking sector is heading towards a new era of digital transformation, and they have demonstrated a proven dynamism in responding swiftly to emerging digital demands. With the latest digital-driven strategy, Gulf Bank aims to transform and digitize banking operations and services in a way that will meet the aspirations of future generations. As part of the bank’s strategy, they have launched the new Gulf Bank smartphone application, which allows clients to conduct money transfers, manage online on-boarding, shop online, and take advantage of other innovative online banking features. Since the launch of the new app, more than 17,000 accounts have opened, and 44% of customers are currently using the app. Gulf Bank’s new smartphone application is characterized by smart design, ease, and simplicity of use. As part of Gulf Bank’s contribution to the implementation of the New Kuwait Vision 2035, specifically to the sustainable living environment pillar, a range of environmental concerns have been identified, including climate change and resource conservation. HR, Procurement and CSR departments have developed clear internal plans to address these issues and have shown incredible efforts in that area. Key achievements in this area include a 100% reduction in the bank’s Scope I Greenhouse Gas (GHG) emissions, a reduction in paper consumption due to digitization and printers’ consolidation, environmental clean-ups, and waste reduction initiatives.
Social
At the social level, Gulf Bank continues to support youth empowerment, community wellness, and social engagement through impactful initiatives. The Gulf Bank 642 Marathon, the only certified and accredited local marathon and one of the main community wellness initiatives, is the biggest local sports event that takes place at the heart of Kuwait City, taking runners through beautiful landmarks in Kuwait. Over 11,000 people participated in this year’s Gulf Bank’s 642 Marathon. Participants from over 100 nationalities joined this year’s marathon, and over 2,000 international participants.
Gulf Bank plays a key role in supporting youth through programs aimed at achieving one of the most important pillars of Gulf Bank’s 2025 strategy and Kuwait’s 2035 vision: youth empowerment. In keeping with its ongoing support for Kuwaiti youth both inside and outside of the country, Gulf Bank also continued its strategic partnership with the National Union of Kuwait Students – USA Chapter in sponsoring its 38th annual conference. In addition, Gulf Bank also provided its ongoing support and partnership to INJAZ Kuwait, a non-profit, non-governmental organization which aims to support youth empowerment and their education. Gulf Bank helped impact around 7,350 students by training them in workforce readiness, financial literacy, and entrepreneurship.
In addition, 2022 was a year of a data-driven transformation for Gulf Bank, with the recent establishment of the Data unit in 2021, the Bank was ready to take on major initiatives to capitalize on data as an asset that enables optimization of work efforts and improved capabilities in all business units. The focus was on ensuring that the people in Gulf Bank are ready for transformations and are equipped with the right knowledge and tools to enable sustainable economic growth of the Bank. In May 2022, Gulf Bank established the innovation unit as well, to ensure that Gulf Bank stays ahead of the curve when it comes to disruptive transformations happening in the financial industry as well as the local market. Accordingly, two programs were established, including the Data Ambassador and the Bank wide data literacy.
During Ramadan, Gulf Bank also launched a variety of humanitarian initiatives designed to support the local community. The Bank renewed its partnership with the Kuwait Red Crescent Society (KRCS) to distribute appliances to local families in need. As part of its commitment towards social sustainability, Gulf Bank also supported the United Nations High Commissioner for Refugees (UNHCR) in covering costs for refugee needs, including rent for housing, food, health services, and more. During the holy month, Gulf Bank also distributed Iftar meals with the Kuwait Food Bank for the fifth year in a row, and collaborated with local non-profit organization, Altakaful, as part of their campaign to relieve debts.
As part of its ongoing commitment to social responsibility and its continuous support of local youth, Gulf Bank also launched an Off-roading Challenge, the first sports event of its kind in Kuwait that Gulf Bank spearheaded as part of its role in advocating for local youth’s mental and physical health, and social wellbeing.
In recognition of every employee’s role in delivering customer excellence and serving the community at large, the Bank is constantly engaging and empowering its employees as part of an inclusive and diversified workplace. Gulf Bank continues to hire fresh graduates at a steady and healthy pace and support the development of fresh young talent. The bank has also increased the female employee percentage to 44%, aiming to reach an equal gender ratio in the near future.
Gulf Bank prides themselves on contributing to a more sustainable national economy through the development of local skills, particularly through employee training and internships. 1,252 employees participated in the conducted training programs, accounting to 72% of the total workforce. Similarly, the number of interns participating in the Annual Internship Program are 20. The bank also continues to support the national economy by opting for local supplies. In 2022, they sourced 95% of the supplies locally, and increased the Kuwaitization rate at managerial positions and above to 60%.
Governance
Gulf Bank’s Corporate Governance is the guiding force that determines how the Bank is directed and controlled. Effective Corporate Governance, which is appropriately aligned with relevant local regulations and international best practices, is the basic tenet of Gulf Bank’s business philosophy. As such, the bank has developed policies that build a sustainable foundation for ethical business conduct and compliance.
Gulf Bank’s Board of Directors members comprises of diverse backgrounds, knowledge, professional skills and wide experience in areas including insurance, finance, legal, compliance and regulatory affairs, audit, research and risk management – who can bring value to the Board discussions and decision-making process.
During 2022, Ms. Reem Abdullah Alsaleh was elected as an Independent Director on the Board of Directors during the Bank’s 63rd Ordinary General Assembly, bringing the total number of independent members in the Board of Directors to four out of the eleven in total, representing 36% of non-majority independent board member which is an improvement when compared to previous periods. Furthermore, Ms. Al Saleh is the first woman to become an Independent Board Member on Gulf Bank’s Board of Directors. This is a major milestone in the history of the Bank as women empowerment and inclusion is essential at Gulf Bank when it comes to setting future strategies or designing diversity and inclusion policies.
In conclusion, Gulf Bank is proud to mark 2022 as a year of tremendous headway and impressive milestones on the ESG front, with sustainability efforts that have been ongoing and unwavering year-round. With multiple ongoing initiatives both internally and in collaboration with the local community, Gulf Bank is proud to be continuing its ESG efforts that will benefit the Bank, the community and Kuwait at large.
For more information, please visit e-gulfbank.com.
