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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 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.
In addition to being active members of the United Nations Global Compact with a commitment to submitting a yearly communication on progress since 2011, the yearly report showcases EFG Hermes’ policies and procedures that uphold the 10 UNGC principles of Human Rights, Labour, Environment, and Anti-Corruption.
We are the first financial services corporation 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.
Our dedicated CSR Department is responsible for policy development, reporting, and liaising on all sustainability issues together with advisors from senior management and EFG Hermes' Executive Committee. 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.
Our journey started in 2014 when 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 programs 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).
In preparation to becoming who we are today, in 2015, we launched 'Rethink', an initiative which 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 was 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 programs and methods to galvanize 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.
Our volunteers are committed to supporting the EFG Hermes Foundation for Social Development’s projects to support the children of Al-Makhzan village, Qena, and the residents of Naga’ El Fawal and El Deir Village, Luxor.