Scotiabank’s Environmental Policy creates a foundation for the work it does and still needs to do to address environmental impacts.
The Bankʼs approach to managing its environmental impacts is guided by the following principles:
- Comply with all environmental legal requirements in the countries where the Bank operates;
- Operate consistently with environmental protection and the principles of sustainable development, with due regard for associated benefits and costs;
- Incorporate environmental risk assessment criteria in risk management procedures;
- Consider the environmental performance of suppliers and contractors, as well as the environmental impact of products and services, in the context of the procurement process;
- Promote an environmentally responsible workplace by educating and motivating employees to become more involved in resource conservation;
- Pursue product and service opportunities that support environmentally friendly customer choices;
- Contribute to an ongoing dialogue with government, non-governmental organizations, industry and other relevant stakeholder groups with respect to environmental sustainability in business;
- Support environmental initiatives undertaken by external groups through donations and sponsorships;
- Report publicly on the Bankʼs environmental performance annually; and
- Monitor adherence to these environmental principles through ongoing assessments and periodic independent internal and/or external audits of internal control processes.
Scotiabankʼs Environmental Policy is reviewed and approved by the Board of Directors every five years, with the next review taking place in 2014.