The objective of the Sustainability Statement is to improve the existing requirements of the European Union’s (EU) Non-Financial Reporting Directive, to better harness the potential of the EU in the transition to a fully sustainable and inclusive economic and financial system, in accordance with the European Green Deal and the United Nations’ Sustainable Development Goals.
The Sustainability Statement introduces new mandatory reporting standards, the European Sustainability Reporting Standards (ESRS), which include two cross cutting and ten topical standards, plus sector specific/SME standards that are being developed for later issue. Materiality determines which of topical standards, or elements within, are applicable to a company and must be disclosed.
During 2024, the Bank completed an exercise in double materiality in line with the expectations set out within the Directive. The exercise assessed both stakeholder impact and financial materiality of identified Impacts, Risks and Opportunities (IROs), to determine those that were most material to our business, and important to our stakeholders.
The findings highlighted E1-Climate Change, S1-Own Workforce, S4- Consumers and End-Users and G1- Business Conduct as topical standards that are material to PTSB. The Bank has disclosed against these four material topics within our Sustainability Statement and have also disclosed against ESRS 2, which is mandatory for all in-scope companies.
To read PTSB’s disclosure, which includes a detailed overview of the Bank’s Double Materiality Assessment process, please visit page 140 of our Annual Report, located here.
In 2021, PTSB became a supporter of the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD is a climate-related financial disclosure framework designed to promote more informed investment, credit, and insurance underwriting decisions and, in turn, enable stakeholders to better understand the concentrations of carbon-related assets in the financial sector and the financial system’s exposures to climate-related risks
The disclosure recommendations are structured around four thematic areas that represent core elements of how an organisation operates, including: governance, strategy, risk management and metrics and targets.
For more on our TCFD Report, please visit page 276 of our Annual Report, located here.
PTSB engaged Sustainalytics, a leading independent ESG and Corporate Governance research ratings and analytics firm, to produce an ESG Risk Rating for the organisation. ESG Risk Ratings measure a company’s exposure to industry-specific material Environmental, Social and Governance (ESG) risks, in order to determine how well a company is managing those risks.
Following the process, the Bank received a ‘low’ rating, recognising that enterprise value is considered to have a low risk of material financial impacts driven by ESG factors. Company ratings are categorised across five levels: negligible, low, medium, high and severe.
More information on Sustainalytics.
Following a comprehensive programme of work, in 2023 the Bank was honoured to recertify to the Business Working Responsibly Mark (The Mark) from Business in the Community Ireland (BITCI). The Mark is an external accreditation recognising best in class Responsible Business Programmes in Ireland and as such, the Bank joins a prestigious group of only 41 other companies who have achieved this accolade.
As part of this accreditation, our CEO, Eamonn Crowley sits alongside the CEOs of other member companies as part of the Leaders Group on Sustainability – a collaborative group who work with key stakeholders to drive Environmental, Social and Governance (ESG) change across the country. The Bank first received the Mark in 2020.
We will continue to work alongside BITCI as we continue to embed our Sustainability Programme in the years that lie ahead.
More information on the Business Working Responsibly Mark.
PTSB deepened our commitment to long-term sustainability and committed to new climate action goals by signing Phase 2 of Business in the Community Ireland’s Low Carbon Pledge. The refreshed Pledge focuses on setting carbon emissions reduction targets based on science and includes measuring and reducing our carbon footprint in line with the Paris Agreement and the latest Intergovernmental Panel on Climate Change (IPCC) findings.
The Science Based Target Initiative (SBTi) provide a structured pathway for companies to reduce greenhouse gas emissions, aiming to mitigate the severe impacts of climate change while ensuring sustainable business growth. Targets are deemed 'science-based' when they align with the latest climate science necessary to limit global warming to 1.5°C above pre-industrial levels, as outlined in the Paris Agreement.
Following a significant programme of work, during 2024 the Bank worked to develop our science-based targets (SBTs) in line with the SBTi’s Version 2 Guidance for Financial institutions. The work included the development of a corresponding Carbon Reduction Plan to support us in achieving our Targets once set. The Targets and Plan will be submitted to the SBTi during 2025 for validation. We will communicate our Targets once the validation process reaches completion.
More information on PTSB’s commitment to Sustainability.
More information on the Science Based Target Initiative.
More information on Low Carbon Pledge.
In 2021, PTSB added our signature to Business in the Community Ireland’s Elevate Pledge, committing to building inclusive workplaces that are representative of all members of our society. Workplaces have become more diverse, incorporating a multiplicity of backgrounds, experiences and identities.
This has brought huge benefits to Irish business. However, diversity alone is not enough. Workplace inclusion is about creating a culture where everyone feels welcome, has access to opportunities and is supported to thrive.
