We believe that our relationship and interactions with our stakeholders are essential in evolving our sustainable progress and evaluating the impact of our business. Actively listening to our various stakeholder groups and responding to their views and concerns are very important for us. This input helps us balance competing expectations, address issues in an informed way and, crucially, helps us to improve our business.
Retail clients, business clients, employees, investors, NGOs, suppliers, supervisors and regulators are among our most important constituencies. These stakeholders are prioritized as they are most likely to be impacted by our business and operations as well as having the most influence on ING achieving its strategic goals. We are increasingly moving towards stakeholder collaboration: coming up with new ways of driving sustainable progress through a close collaboration with diverse stakeholder groups.
An integrated approach
Rather than having one-off consultations around specific topics, we prefer to take an integrated approach towards stakeholder engagement. This means that we have an ongoing dialogue about our role in society, our products and services, our business performance and other issues. We also collaborate with our stakeholders to further improve. This is done at both the business unit and Group level.
Although our global approach is still being worked on, stakeholder engagement is ongoing and is being integrated by various business units that engage with specific stakeholder groups (e.g. at Retail Banking when it comes to engaging with retail clients, at Commercial Banking when it comes to engaging with business clients, etc).
Balancing stakeholders’ diverse expectations
The way financial institutions account for their way of doing business, remains a subject of debate. Banks are expected to actively involve their stakeholders as they (re-)design their business strategies. However, the expectations of each stakeholder (PDF, 93 KB) can vary widely. Shareholders’ priorities will usually be different than employees’ or regulators’.
In order to give a clear overview and understanding of the diversity of stakeholder views, we asked 'de Argumentenfabriek’ (the Argumentation Factory) , an Amsterdam-based agency, to help us visualise them based on several stakeholder dialogue sessions held during 2011. The results of which have helped support our current interaction with our key constituencies.
Example of 2014 results: engagement on current topics of interest to society at large and NGO’s
We would like to be transparent about specific sustainability related topics that raised questions in society during 2014 and we engaged on with NGO’s during the year. This table was also shared in the Sustainability Annex of ING’s 2014 Annual Report.
Partnerships, memberships & endorsements
ING partners with:
ING endorses (is signatory of):
- The Universal Declaration of Human Rights
- The Core Conventions of the International Labour Organisation (ILO)
- Principles for Responsible Investment (PRI)
- Principles for Sustainable Insurance (PSI)
- Principles for Investors for Inclusive Finance (PIIF)
- CDP (Carbon Disclosure Project)
- Global Reporting Initiative (GRI)
- Children’s Rights and Business Principles (CRBP)
- Global Investor Statement on Climate Change
- Global Education First Initiative
- EU Transparency Register
- Code of Conduct of the Society of European Affairs Professionals (SEAP)
- Lobbying register of the House of Representatives of the Netherlands
- Wolfsburg Group principles.
ING is a member of:
- International Integrated Reporting Council (IIRC)
- United Nations Environmental Programme Finance Initiative (UNEP FI)
- UNEP Finance Initiative Climate Change Working Group (UNEP FI CCWG)
- UNEP Finance Initiative Work Stream Social Issues
- United Nations Global Compact
- the Academy of Business and Society (ABIS)
- Leaders for Nature network
- Equator Principles Association (EP)
- Thun Group of Banks
- Association for Financial Markets in Europe
- Centre for European Policy Studies – European Capital Markets Institute
- European Financial services Round Table
- International Capital Market Association
- Institute of International Finance
- Dutch Social Investment Forum (VB DO)
- International Corporate Governance Network (ICGN)
- the European Fund and Asset Management Association (EFAMA)
- CRO Forum, Sustainability Working Group.