In a world fraught with global warming and the dangers of political and social instability, the need for participation in initiatives advancing the cause of sustainability such as the United Nations Global Compact (UNGC) has become vital to local, regional and global security. As the leading financial services corporation in the region, EFG Hermes is shouldering the responsibility of leadership in this arena and is leading by example by promoting sustainability.
|In 2011, we became members of the United Nations Global Compact
with a commitment to submit a yearly communication on progress. The
yearly report showcases EFG Hermes’ policies and procedures that
uphold the 10 UNGC principles of Human Rights, Labour, Environment
In 2014, we redefined our vision and articulated a set of values that describe the kind of institution EFG Hermes aspires to be in the coming decades. We pledged to become a sustainable business and defined our social purpose
: ‘To leverage our financial expertise and capitalize on our human talent to create sustainable value for our stakeholders and the communities we serve.’
We worked with our employees on engagement programmes that include the enforcement of green policies (such as recycling, regulating energy consumption, and promoting renewable energy usage) and social development policies (such as prioritizing employee turnover, women in management, employee health and safety, and human rights).
Our volunteers committed to support the EFG Hermes Foundation for Social Development’s
project to support the children of Al-Makhzan village, Qena, Upper Egypt. The back-to-school drive involved packing and distributing 1,500 school bags with supplies for the children of Al-Makhzan’s renovated school and had a tremendously positive impact on ensuring the start of a promising new year for the students.
In 2015, we launched the ‘Rethink’ is an initiative that aspires to see sustainability policies implemented across all levels and departments at the firm. The core of the ‘Rethink’ campaign is to reimagine activities, achievements and messages so that they are conducive to sustainable habits that will help further our business practices as well as benefit our society and environment. Our aim is to establish a business model that can strike a balance between responsible economic growth and sustainability-oriented governance. As part of the ‘Rethink’ initiative, the Green Team – a dynamic action group made up of representatives from different divisions – conceived a variety of innovative programmes and methods to galvanise employees, engage stakeholders and lay the groundwork for a transformation in corporate culture.
The Green Team developed five financial literacy tutorial videos. They provide an overview of capital markets, including basic financial definitions and ideas as well as more complicated concepts such as stock market dynamics. The tutorial videos disseminate EFG Hermes’ knowledge and experience to the surrounding communities and benefit those with little to no financial background.
In 2017, we launched an internal campaign to raise awareness on World Cerebral Palsy (CP) Day. Thanks to the compassion and civic responsibility of our employees, we subsequently succeeded in raising EGP 200,000 via a Ramadan wish tree initiative. The donated funds were used to provide children with CP with wheelchairs, books, clothes and vital medical care.
That is when the interesting part of our journey started. We were on our way to becoming the first investment bank in Egypt with a sustainable strategy in place. We have worked diligently to make corporate social responsibility (CSR) an integral component of our culture and strategy. We pledged to become sustainable and we developed our Environmental, Social and Governance ESG Policy.
We launched a dedicated Corporate Social Responsibility Department responsible for policy development, reporting and liaising on all sustainability issues together with EFG Hermes Green Team and its advisor from senior management. The department works on awareness campaigns to align the Firm with the United Nations’ Sustainable Development Goals and highlight how businesses can advance the 2030 Agenda for Sustainable Development through their activities and partnerships.
In 2018, we were the first Egyptian financial services corporation to become a signatory of the United Nations Principles for Responsible Investment (PRI). The six Principles for Responsible Investment are a voluntary set of investment principles developed by investors, under the leadership of the United Nations.
They offer a range of actions to help investors incorporate environmental, social and governance issues into investment practice and to encourage adoption of sustainable investment practices.