our strategy
Environmental (E), Social (S) and Governance (G) aspects are an integral part of mBank Group’s business strategy for 2021–2025.
our ESG actions
By 2025, we want to make progress on the ESG agenda and gain the position of a distinguished market player. We have set out strategic directions for the coming years in three dimensions: environmental, social and corporate governance. We have defined objectives and key indicators for each pillar.
environment (E)
Our role: actively engaging with clients to shape the future of green financing and energy transition. At the same time, we are fully committed to implementing sustainable practices in our day-to-day operations.
| our goals | targets and indicators | 2023 progress |
| Reducing greenhouse gases (GHG) emissions of our loan portfolio, steered by SBTi as the most prominent driver to become net-zero. | Transform our loan portfolio to reach net-zero by 2050. | The Management Board of mBank approved the scope of the portfolio to be covered by SBTi targets, the SBTi methods applied for each asset category falling within this scope, the base year and the short-term target horizon. The version of the SBTi standard to be used was also selected. |
| Make a decision regarding portfolios covered by SBTi and their decarbonization methods. | ||
| Submit an application with decarbonization targets to SBTi for validation till 30.09.2024. | ||
| Partnering with our clients by offering products and services to stimulate their sustainable and green activities. | Provide PLN 10 billion of green financing (for renewable energy sources, decarbonization, circular economy, e-mobility, etc.) by the end of 2025, including PLN 5 bilion from mBank and PLN 5 billion from other sources such as consortia and green bonds issues arranged for clients. (for renewable energy sources, decarbonization, circular economy, e-mobility, etc.) by the end of 2025, including PLN 5 bilion from mBank and PLN 5 billion from other sources such as consortia and green bonds issues arranged for clients. | As at 31 December 2023, the total of “green” financing granted by mBank and mobilised capital stood at PLN 9.7 billion. |
| Increase the yearly sale of mortgage loans for real estates compliant with the NZEB-10% (Nearly Zero Energy Building) standard to 14% in 2024 and 18% in 2025 of total mBank’s mortgage loan production (by volume). | The share of mortgages for energy-efficient houses and apartments accounted for 10% of total sales, which complies with the mid-term goal set for 2023. | |
| Offer at least 50% of investment solutions manager within mBank Group promoting environmental or social characteristics (“light green” in line with Art. 8 of SFDR) by 2025. | 10% of all investment solutions offered by the Group met the criteria of sustainable products (Article 8 of the SFDR). | |
| Issue green bonds as defined in the mBank S.A. Green Bond Framework in the amount of PLN 5 billion until the end of 2025. | mBank issued “green’” bonds with the nominal value of EUR 750 million (i.e. equivalent to PLN 3,261 million at the exchange rate of 31 December 2023). | |
| Limiting own GHG emissions by decarbonizing our operations. | Become net zero in own operations by 2040. |
At the end of 2023, as much as 99% of the energy used by mBank was derived from renewable sources thanks to the purchase of “green” energy directly by the bank and Guarantees of Origin. |
| Use clean energy, with minimum 80% of the electric energy purchased for the needs of the bank coming from renewable sources from 2023 onwards. | ||
| our goals | targets and indicators | 2023 progress |
| Reducing greenhouse gases (GHG) emissions of our loan portfolio, steered by SBTi as the most prominent driver to become net-zero. | Transform our loan portfolio to reach net-zero by 2050. | The Management Board of mBank approved the scope of the portfolio to be covered by SBTi targets, the SBTi methods applied for each asset category falling within this scope, the base year and the short-term target horizon. The version of the SBTi standard to be used was also selected. |
| Make a decision regarding portfolios covered by SBTi and their decarbonization methods. | ||
| Submit an application with decarbonization targets to SBTi for validation till 30.09.2024. | ||
| Partnering with our clients by offering products and services to stimulate their sustainable and green activities. | Provide PLN 10 billion of green financing (for renewable energy sources, decarbonization, circular economy, e-mobility, etc.) by the end of 2025, including PLN 5 bilion from mBank and PLN 5 billion from other sources such as consortia and green bonds issues arranged for clients. (for renewable energy sources, decarbonization, circular economy, e-mobility, etc.) by the end of 2025, including PLN 5 bilion from mBank and PLN 5 billion from other sources such as consortia and green bonds issues arranged for clients. | As at 31 December 2023, the total of “green” financing granted by mBank and mobilised capital stood at PLN 9.7 billion. |
| Increase the yearly sale of mortgage loans for real estates compliant with the NZEB-10% (Nearly Zero Energy Building) standard to 14% in 2024 and 18% in 2025 of total mBank’s mortgage loan production (by volume). | The share of mortgages for energy-efficient houses and apartments accounted for 10% of total sales, which complies with the mid-term goal set for 2023. | |
| Offer at least 50% of investment solutions manager within mBank Group promoting environmental or social characteristics (“light green” in line with Art. 8 of SFDR) by 2025. | 10% of all investment solutions offered by the Group met the criteria of sustainable products (Article 8 of the SFDR). | |
| Issue green bonds as defined in the mBank S.A. Green Bond Framework in the amount of PLN 5 billion until the end of 2025. | mBank issued “green’” bonds with the nominal value of EUR 750 million (i.e. equivalent to PLN 3,261 million at the exchange rate of 31 December 2023). | |
| Limiting own GHG emissions by decarbonizing our operations. | Become net zero in own operations by 2040. |
At the end of 2023, as much as 99% of the energy used by mBank was derived from renewable sources thanks to the purchase of “green” energy directly by the bank and Guarantees of Origin. |
| Use clean energy, with minimum 80% of the electric energy purchased for the needs of the bank coming from renewable sources from 2023 onwards. | ||
society (S)
Our role: we support customers' financial health and conduct inclusive banking, while building an organizational culture rooted in ESG values.
| our goals | targets and indicators | 2023 progress |
| Providing an attractive work environment that ensures diversity, equity and inclusion. | Ensure gender balance in the succession program (at minimum 45% of a given gender) and reduce the pay gap (keeping it below 5%). |
52% of people recruited or promoted to managerial positions at mBank were women. The wage gap at the end of the year was 3.9%. |
| Ensuring balanced gender representation at mBank Group. | Increase the level of gender representation in managerial bodies of mBank’s main subsidiaries (including mLeasing, mFaktoring, mBank Hipoteczny, mTFI, mFinanse) to 40% by the end of 2026. | At the end of 2023, the share of women in management bodies was 23%. |
| Making social impact through fostering financial health and education of our clients. |
Continue financial education and promote responsible management of personal finance among clients by growing the number of users of dedicated functionalities in mBank's mobile and internet services. |
The average numer of unique users of the Finance Manager (PFM) was 1.46 million in Q4 2023. |
| our goals | targets and indicators | 2023 progress |
| Providing an attractive work environment that ensures diversity, equity and inclusion. | Ensure gender balance in the succession program (at minimum 45% of a given gender) and reduce the pay gap (keeping it below 5%). |
52% of people recruited or promoted to managerial positions at mBank were women. The wage gap at the end of the year was 3.9%. |
| Ensuring balanced gender representation at mBank Group. | Increase the level of gender representation in managerial bodies of mBank’s main subsidiaries (including mLeasing, mFaktoring, mBank Hipoteczny, mTFI, mFinanse) to 40% by the end of 2026. | At the end of 2023, the share of women in management bodies was 23%. |
| Making social impact through fostering financial health and education of our clients. |
Continue financial education and promote responsible management of personal finance among clients by growing the number of users of dedicated functionalities in mBank's mobile and internet services. |
The average numer of unique users of the Finance Manager (PFM) was 1.46 million in Q4 2023. |
governance (G)
Our role: we are developing internal solutions to facilitate the transition towards sustainability, with particular emphasis on resilience of the risk management system and transparency.
| strategic goals | targets and measures | 2023 progress |
| Integrating environmental, social and governance risks with mBank’s risk management. | Incorporate ESG into credit and Internal Capital Adequacy Assessment Process documentation, and perform materiality assessment of ESG risk each year. | The ESG risk was included in the ICAAP documentation. We conducted the first ESG risk materiality assessment. When granting mortgages in the retail segment, we collect energy performance certificates. |
| Enhancing our corporate governance by ESG aspects. | Have all TOP 100 managers (at mBank and main subsidiaries) with goals related to ESG at a 10% weight in their Objective and Key Results. |
All TOP 100 managers working in mBank Group had ESG objectives set in their OKRs. |
| Promoting transparency and ESG standards among our business partners. | Have 70% of eligible partners and suppliers (under central purchasing process) to be compliant with the 10 Principles of the UN Global Compact by 2025. | mBank received 600 statements from our partners and suppliers confirming that they abide by the Ten Principles of the UN Global Compact, which accounted for nearly 70% of agreements concluded as part of the central procurement process. |
| strategic goals | targets and measures | 2023 progress |
| Integrating environmental, social and governance risks with mBank’s risk management. | Incorporate ESG into credit and Internal Capital Adequacy Assessment Process documentation, and perform materiality assessment of ESG risk each year. | The ESG risk was included in the ICAAP documentation. We conducted the first ESG risk materiality assessment. When granting mortgages in the retail segment, we collect energy performance certificates. |
| Enhancing our corporate governance by ESG aspects. | Have all TOP 100 managers (at mBank and main subsidiaries) with goals related to ESG at a 10% weight in their Objective and Key Results. |
All TOP 100 managers working in mBank Group had ESG objectives set in their OKRs. |
| Promoting transparency and ESG standards among our business partners. | Have 70% of eligible partners and suppliers (under central purchasing process) to be compliant with the 10 Principles of the UN Global Compact by 2025. | mBank received 600 statements from our partners and suppliers confirming that they abide by the Ten Principles of the UN Global Compact, which accounted for nearly 70% of agreements concluded as part of the central procurement process. |