Engaging stakeholders to strengthen strategy at UnionBank
UnionBank sought meaningful engagement with stakeholders to better understand key issues, and enhance their approach to sustainability
Challenge
As a leading financial institution in the Philippines, UnionBank sought validation on their sustainability approach initiated in 2016. This required further understanding and insights from internal and external stakeholders to better understand key issues and support the bank’s approach.
A refreshed framework of UnionBank’s focus areas would further improve their sustainability agenda. Additionally, the bank was preparing to publish their first standalone sustainability report according to the newly launched Global Reporting Initiative (GRI) Standards.
Solution
The Purpose Business was invited to work with UnionBank’s sustainability team to undertake a series of steps towards validating the sustainability agenda – the first being to develop a stakeholder engagement plan. This gauged understanding of how the approach, ‘Elevating Communities through Smart Banking’ resonated with the bank’s stakeholders.
Based on the findings from the SE plan, TPB validated UnionBank’s material issues that helped to shape their sustainability focus areas. Furthermore, a sustainability governance structure was mapped out with key performance indicators outlining clear roles and expectations.
Insights from the SE plan findings were also included in the GRI Standards report, which served as the basis for a continued stakeholder engagement beyond 2016.
Impact
The work between TPB and UnionBank’s sustainability team saw four major accomplishments:
A clearer understanding of “Elevating Communities” and “Smart Banking” from stakeholders
A more focused sustainability strategy by articulating a three pillar approach: Purpose, Planet and People – which guided content for “Driven by a Higher Purpose” sustainability report
Development of the sustainability framework that brought together the bank’s most material economic, environmental and social issues
The sustainability governance framework allowed for better alignment on targeting KPIs and future goals
TPB also ensured that the report encompassed the evolved messaging as well as complied with GRI Standards.
“We need purpose to build a bank of enduring greatness. The reason we get to live beyond 35 years is because we innovate, reinvent ourselves, and work for a purpose greater than profit.”
