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News16.11.2022

ESG — A New Megatrend in Kazakhstan

Adhering to global social and economic principles in its business, Jusan Bank presented its Sustainable Development and ESG Report.

Commitment to corporate ESG vision (Environmental, Social, and Corporate Governance) among advanced economies is no longer unique and is perceived as part and parcel of business scenario development in response to rising competition and regulatory requirements.

A new way of thinking is driven by a completely distinct business culture. Sustainability and maturity of any company are not merely its profit or other financial performance metrics, but its growth quality and capability of creating long-term value for the stakeholders. Social welfare is about collective responsibility to be shared by everyone.

Investment Policy Concept by 2026 and Financial Sector Development Concept by 2030 ratified in Kazakhstan and giving long-term strategic priority to ESG speak for mainstreaming the sustainable development for the Kazakhstani companies and banks. Sustainable business in tune with the best global practices becomes mainstream in our country. This requires a hard work to be done and investments to be raised, as well as the private and public players to cooperate in an efficient fashion. ESG is rooted in openness and accountability by disclosing corporate non-financial information.

Any non-financial reporting should never be underpinned by indigenous selective approach, but rather by international criteria, such as Global Reporting Initiative (GRI) standards, the most common to the world and employed by majority of companies reporting on non-financial aspects.
 

Jusan Bank and ESG Transformation

Powerful stride to ensure openness was taken by Jusan Bank, one of the largest Kazakhstani banks, by publishing the Sustainable Development Report in alignment with the GRI standards.

The document captures landmark corporate ESG events and processes. The sixth Kazakhstani bank in terms of loan portfolio reported on sustainable environmental, social, and governance practices enabling to supplement its financial statements with complete corporate information disclosure.

Jusan Bank seeks to make non-financial corporate reporting a regular annual practice.

‘ESG is not a mere pop narrative for Jusan Bank, but rather a sophisticated mindset defining strategic vision and philosophy of the corporate business in the long run. Financial sector is at the forefront of sustainable development. Jusan Bank views ESG as a new growth potential, while the matters of society and bank development are interlinked. We shall keep leveraging the corporate governance arrangements, ensuring employees' welfare, paying more attention to the environment and giving support to social life. Being a sustainable business, the bank is geared to high-level non-financial reporting for the stakeholders, revealing the ESG outcomes and contribution to the UN Sustainable Development Goals across the board,’ says Nurdaulet Aidossov, CEO at Jusan Bank.

Reckoning the ESG transformation and closely coupled business digitalisation as an essential corporate priority, Jusan reaffirms its commitment to the sustainable development agenda. The bank has a specialist task force coordinating internal processes aimed at introducing the sustainable development principles and integrating the ESG into its business model.
 

ESG Priorities

The Report emphasises beneficial effect of Jusan Bank on the national economy and society by interacting and communicating with key stakeholders: clients, shareholders, employees, and vendors.

Nurdaulet Aidossov:

‘Societal demands for openness, commitment to the UN Sustainable Development Goals and international ESG criteria shall keep growing. This is no more a matter of PR for a business. It is about competitive ability and marketability over a long-term horizon. Staying on the sidelines of ESG is to make a strategic mistake. The Sustainable Development Report not only allows for making all stakeholders aware of non-financial performance, but also serves as a good practising tool in realising your current shortcomings and further development priorities.’

As highlighted in the non-financial reporting, Jusan is focused on strengthening the human capital, building a motivated team and establishing an inclusive environment, business integrity and corporate culture, making high-quality financial services available to clients within the footprint and promoting financial literacy along with digitalising and developing high-tech platforms.

Small and medium enterprises are given a particular emphasis by Jusan Bank that foster their development by offering usable and available solutions. As of December 31, 2021, SME lending exceeded KZT 463 bln. — a vital contribution to sustainable development of Kazakhstan. Again, the bank plays a prominent role in supporting domestic education, channelling a good deal of money for the development of leading educational institutions in the country.

Climate change control and the need to meet objectives of the Paris Agreement become more critical, specifically factoring in toughening of the international climate reporting requirements and sustainable supply chain. Contrasted with one-off disclosures of corporate climate data in Kazakhstan, Jusan Bank was one of the first financial entities to pay earnest heed to the climate agenda as the ESG environmental centrepiece.

In particular, Jusan Bank estimated and verified Scope 1 and 2 greenhouse gas emissions as per the GHG Protocol international methodology. This data is publicly available via the bank's reporting and is critical both to understand emerging climate opportunities and risks and implement further ESG initiatives, including green funding and social and environmental assessment of borrowers.

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