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The Banco de Portugal releases its first Sustainability Report

Today, the Banco de Portugal releases its first Sustainability Report relating to the period from 1 January 2019 to 31 December 2020. The report describes the performance of the Banco de Portugal in promoting sustainable development, based on the issues identified as more important by its stakeholders, and was prepared in accordance with the international standards for sustainability reporting established by the Global Reporting Initiative.

Main developments

The Banco de Portugal:

  • strengthened internal governance rules and procedures. Among other initiatives, it (i) completed the implementation of a “non-competition clause”; (ii) adopted a policy on gifts; (iii) approved principles of compliance and ethics and conduct for all entities supplying it with goods or services; (iv) prepared a plan for the management of corruption risks and related offences; and (v) laid down a data protection policy and plan;
  • enhanced information and training initiatives on financial, statistical and economic issues. Particularly important, due to their relevance in the context of the pandemic crisis, were communication initiatives on moratoria and electronic payment services, as well as the protocol signed with the Ministry of Labour, Solidarity and Social Security to promote basic bank accounts;
  • developed social responsibility and volunteering projects, which it redesigned and improved, in the context of the pandemic, to meet new educational and food needs. 
  • implemented exceptional measures to protect its workers and other stakeholders in the context of the pandemic and was awarded a ‘Global Safe Site’ certification by Bureau Veritas;
  • published the Banco de Portugal’s Commitment to Sustainability and Sustainable Finance and joined the Lisbon Green Capital 2020 Commitment, under which it took on the responsibility of implementing ten measures by 2030 in key areas to combat climate change, including a contract to switch to power from 100% renewable sources, which it signed in 2020.  It also took part in the establishment of the first green bond fund by the Bank for International Settlements and invested in units of this fund.