Banco Bilbao Vizcaya Argentaria

In its report, Banco Bilbao Vizcaya Argentaria states it is progressively aligning its activity with the Paris Agreement. Its sustainable strategy is both internal and external, as the bank expresses its commitment to help clients transition toward a more sustainable future inspired by selected Sustainable Development Goals.

In 2020, BBVA Group established the Global Sustainability Office, responsible for promoting and coordinating the Group’s sustainability initiatives with the support of the senior managers in the Group’s global and local areas. Moreover, in 2019 BBVA USA created a Sustainability Working Group focused on build out processes, products and services aligned to BBVA’s Climate Action and Inclusive Growth ambitions articulated in BBVA’s Pledge 2025. 

BBVA has adopted the following international standards on environmental issues:

• United Nations Global Compact(since 2002)
• UNEP-FI – United Nations Environment Programme – Finance Initiative (since 1998)
• Equator Principles (since 2004)
• CDP (since 2004)
• Paris Agreement on Climate
• Principles for Responsible Investment (since 2008)
• Global Initiative for Sustainability Ratings
• Green Bond Principles (since 2014)
• LMA Green Loan Principles
• LMA Green Bond Principles
• Task force on Climate-related Financial Disclosures (since 2017)
• Thun Group
• Science-Based Targets (since 2018)
• RE 100 (since 2018)

BBVA’s Commitment to Human Rights, published in 2018, is a formal recognition of the bank’s support for human rights. The bank states its commitment to human rights is emphasized in the Group’s CSR policy and is aligned with the BBVA’s Code of Conduct as well as the United Nations Guiding Principles on Business and Human Rights.

An area of particular importance for BBVA is its support for human rights through its suppliers. In particular, the Code of Conduct for Suppliers of the BBVA Group includes standards for hiring, diversity and inclusion, non-discrimination, compliance with occupational health and safety, fair pay and scheduling. The code of conduct also covers respect for the freedom of assocaitioan and avoidance of child labor. 

In 2019, BBVA introduced a global framework for workplace diversity and inclusion, with a focus on gender diversity. The bank has a highly successful Women in Leadership business resource group with chapters in Birmingham, Houston and New York. BBVA states it is also creating a more inclusive process for filling senior leadership positions by ensuring that women are represented at every stage.

BBVA also hosted its annual company Week of Service during the fall of 2019. BBVA’s Week of Service focused on volunteer activities that aligned with the United Nations Sustainable Development Goals. More than 2,500 BBVA volunteers engaged in 227 volunteer events serving 8,276 hours in their communities. Activities included environmental beautification projects, meal distribution services and financial education workshops among others.

In 2019, BBVA USA reached their end of the five-year commitment to invest $11 billion to boost economic development in its communities through lending, investments and services. The bank states it achieved that original financial commitment goal nine months early, surpassing the goal announced in 2014, providing a total of $13.2 billion to communities over five years. 

Finally, BBVA states it is committed to alleviating governance risks. BBVA’s Compliance Unit is responsible for developing and implementing policies and procedures, communication and training, and the identification, assessment and mitigation of potential compliance risks. These activities are guided by the principles set forth by the Bank for International Settlements (BIS) as well as other relevant regulations. The Compliance Unit is focused on:

• Prevention of money laundering and terrorist financing
• Conduct with customers
• Conduct on securities markets
• Conflicts of interest
• Prevention of corruption and bribery

It should be noted that this report is based on information provided from BBVA’s United States office. The bank does not publish a CSR report for Europe or other regions it operates in — although they do provide some information about the group’s ESG performance on the sustainability page of their website.