Society management

S&P Global Ratings assigns an ESG rating of 78 to the Nationwide Building Society; Adequate preparation

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S&P Global Ratings gave Nationwide Building Society – the world’s largest construction society – an ESG assessment score of 78, with adequate preparation. The main takeaways are copied below:

Nationwide Building Society ESG Score

  • Nationwide’s score of 78 reflects its strong social profile – primarily the result of advanced member, employee and community practices. It aims to increase the representation of people from diverse backgrounds and has goals that go beyond most industry peers.
  • Nationwide’s environmental exposure is lower than many of its financial services peers, as the bulk of its loan portfolio includes retail mortgages, which S&P considers less carbon intensive than many sectors to which banks generally lend.

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  • That said, Nationwide has only implemented a few measures to reduce its exposure to other environmental factors, such as water, waste and land use, beyond these natural limits.
  • NBS’s Adequate Readiness Score reflects its ability to recognize and adapt to the long-term risks and opportunities facing the financial services industry. In addition, its values ​​and purpose are embedded throughout the organization and serve to support a culture of collaboration focused on social issues and meeting members’ needs.

In addition, S&P Global Ratings has issued ESG assessments to the following entities:

Group Brussels Lambert SA (GBL) obtained an ESG assessment score of 82. Its score is the result of an ESG profile score of 75 and strong preparation (+7). This score reflects GBL’s strong integration of ESG factors into its investment policies and processes, as well as its ambitious decarbonization objectives. Additionally, S&P believes that it is well prepared for potential challenges that could affect its investments.

Chilean commercial bank Itau CorpBanca earned an ESG score of 70. The score is the result of an ESG profile of 67 combined with a positive readiness adjustment (+3). This reflects its effective management of exposure to environmental and social issues through its sustainability risk management efforts. However, Itaú CorpBanca still lacks comprehensive targets for reducing the carbon intensity of its funded operations.