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Itaú Unibanco is one of the largest financial institutions in Latin America. Headquartered in Brazil, it is here that some of the bank’s most striking CSR work is being done.
In 2014 the Central Bank of Brazil issued resolution 4327. This decreed for the first time that banks and all other firms governed by the bank must put in place social and environmental responsibility policies.
“It’s a very interesting development here in Brazil, we want full transparency on these matters,” says Denise Hills, head of sustainability at Itaú Unibanco. “This had more impact on small and mid-sized banks who were not prepared. But it has influenced the whole market; for clients it’s not the case that is nice to have a focus on this area anymore, it’s a must have.”
Itaú Asset Management signed the Principles for Responsible Investment in 2008. Since then, the bank has developed action strategies to study impacts for investors, as well as supporting signatories to incorporate these issues into decision-making. The bank developed a methodology to integrate environmental, social and corporate governance in the valuation process of companies that belong to equity funds.