The Inter-American Development Bank (IDB) announced the winners of its beyondBanking awards. The awards highlight sustainable environmental, social and corporate governance projects implemented by financial intermediaries (FIs) in Latin America and the Caribbean.
“These awards offered an opportunity to highlight unique, cutting-edge ideas which were put into practice and are now making a difference in the lives of clients and communities. We hope these steps are the first on a path to innovate commercially viable, long-term business models and mainstream principles of sustainability in the financial sector,” said Daniela Carrera-Marquis, chief of the IDB’s Financial Markets Division.
The awards are part of the IDB’s beyondBanking program, which encourages FIs in LAC to adopt sustainable social, environmental and governance practices. Through financing, technical assistance and knowledge sharing, beyondBanking recognizes the catalytic role of FIs to promote economic growth and corporate change. It seeks to contribute to the Bank of the Future–a bank business model which balances financial with social returns in order to foster an inclusive, environmentally-friendly and transparent financial sector.
The winners for each of the categories are the following:
- Promoting financial deepening strategies - accessBanking award Banco del Barrio – Banco de Guayaquil (Ecuador)
- Strengthening corporate governance and risk management - clearBanking award SMART Campaign – Acción (Regional)
- Utilizing new information and communication technologies - connectBanking award Porta-MONY-YellowPepper – Banco Pichincha (Ecuador)
- Encouraging gender equality and diversity - equalBanking award Banca Mujer – Banco Nacional (Costa Rica)
- Fostering financial literacy - learnBanking award Adelante con tu futuro – BBVA Bancomer (México)
- Adapting and responding to the effects of climate change - planetBanking award Hipoteca verde – Infonavit (México)
- Strengthening sustainability reporting in LAC financial intermediaries - sustainability reporting award Informe de Responsabilidad Social y Sustentabilidad de la Banca 2009 – Asociación de Bancos de México
- Most socially responsible investment - socially responsible investment award INDI Fund – InTrust Global Investments, LLC (Regional)
- Most popular initiative - beyondBanking people’s choice award Adelante con tu futuro – BBVA Bancomer (México)
The awards were launched in March 2010, and the Call for Proposals received high-levels of public interest and participation. There were over 120 proposals submitted for the 8 award categories. An independent Committee of Experts reviewed all submissions and selected the three best in each category. The winners were decided through public voting which received almost 16,000 online votes.
Program Manager of beyondBanking Gema Sacristan commented, "Sharing these best practices on a regional stage is key to future replication and scaling up. Hopefully other FIs in the region will engage in these sustainability-driven initiatives. We are pleased that participation and public interest far exceeded our expectations this year, and we hope to futher expand these awards in 2011."
- Romina Tan Nicaretta