The ESG award is usually a hotly contested one as banks continue ramping up their focus on the sustainability agenda. This year was no different, but among all the pitches, Standard Chartered impressed Asiamoney the most.
The bank rolled out a host of ESG-focused efforts for its private banking clients in the past year, including the use of ESG scores for its equity and fixed-income trade notes. It also unveiled its “ESG Select” methodology in January 2020, in a bid to address impact washing concerns among clients and provide more due diligence on third-party ESG funds. Standard Chartered launched an Impact Matters monthly publication to provide clients with further insight on various aspects of ESG, including sustainable development goals and empowerment of women.
That has driven some big developments at the private bank. Standard Chartered saw a five-fold increase in focused sustainable investment assets under management in the lead up to 2021.
The bank’s ESG focus started a few years ago, when the market was still in its infancy, as a way of future-proofing the business. Driven by Eugenia Koh, head of sustainable investing and engagement strategy, one of the core pillars of the bank’s strategy was to get its frontline bankers comfortable with ESG so they are able to offer clients sound advice on portfolio management from a sustainable angle.