The first bank in Taiwan to adopt the U.N. Principles for Responsible Banking
After becoming Taiwan’s first signatory of the Equator Principles in 2015, Cathay United Bank (CUB) was also the first bank in Taiwan to announce its voluntary compliance with the United Nations’ Principles for Responsible Banking (PRB) in December, 2018. Upon such commitment, CUB has strived to express its determination and fulfil its obligation by weaving the PRB into its core competencies. CUB has strengthened its sustainability culture as well as its corporate social responsibility. As a leading member in the financial sector, CUB hopes to bring Taiwanese sectors in line with international best practices and standards and achieve sustainable development for companies, the environment and society as a whole.
Alan Lee, President of CUB, indicated that with concerted efforts of all colleagues, CUB has guided financial peers to increase their social/environmental awareness. CUB will continue to carry out its mission to promote the PRB and attain corporate, social and environmental sustainability.
In February 2021, CUB also became the first bank in Taiwan to obtain limited assurance about its PRB implementation from an accounting firm. This PRB Implementation Report is a statement by CUB on its compliance with the PRB and the regular disclosure of its PRB implementation in accordance with Principle 6.
Download 2022 PRB Implementation Report
Download 2021 PRB Implementation Report
Download 2020 PRB Implementation Report
About the Principles for Responsible Banking
The PRB comprise six principles, namely Alignment, Impact and Target Setting, Clients and Customers, Stakeholders, Governance and Culture, and Transparency and Accountability. The PRB provide the framework for a sustainable banking system, and help the industry to demonstrate how it makes a positive contribution to society. They embed sustainability at the strategic, portfolio and transactional levels, and across all business areas.
|Principle 1: Alignment
|We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
|Principle 2: Impact and Target Setting
|We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impacts.
|Principle 3: Clients and Customers
|We will work responsibly with our clients and our customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
|Principle 4: Stakeholders
|We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
|Principle 5: Governance and Culture
|We will implement our commitment to these Principles through effective governance and a culture of responsible banking.
|Principle 6: Transparency and Accountability
|We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.