Scotiabank's environmental policy creates a foundation for the work it does and still needs to do to address environmental impacts.
The Bank's 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 Bank's 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.
In 2009, Scotiabank's Environmental Policy was updated and reviewed by the Bank's Board of Directors.
"We have an environmental policy to help us address our environmental impacts," explains Kaz Flinn, Vice President of Corporate Social Responsibility. "It provides a foundation for the work we do and the work we need to do to reduce our impact. Because we are such a diverse, global organization, we have a variety of objectives and targets to help us continuously improve performance."