GABV ANNUAL REPORT 2021
INDEX About us: Who we are and what we stand for
3
Foreword from the Chair
5
Highlights in 2021
7
Introduction from the Executive Director
8
A global network: A map of our members
10
In Memoriam
11
Activity Report 2021:
12
STRENGTHEN
First virtual Annual Meeting
Chapter Meetings and other events
Member Survey: growing optimism
Power of Practitioners: Communities of Practice
Leadership Academy in a virtual world
New GABV Community space
EXPAND
Membership at-a-glance
Leadership transition and network expansion
Supporting partners
LEAD
Climate moves centre stage
PCAF – systemic change in practice
Research and Advocacy - VALoRE
Scorecard developments
Public engagement
Banking on Values Day 2021
GABV new website
Report from the Regions
13
18
21
28
North America Latin America Asia Pacific Africa Europe Governance and Team
33
The Board The Secretariat Financial Overview P&L Balance Sheet
36
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ABOUT US
WHO WE ARE AND WHAT WE STAND FOR The Global Alliance for Banking on Values (GABV) is a network of banking leaders and practitioners from the world’s most progressive banks. We work together to strengthen and increase the
credit unions, to microfinance institutions and
impact of our members while proactively promoting
community development banks. Read more about
a banking system that is more just, sustainable and
our history.
resilient. Our network is composed of a diverse range of banking institutions that serve the real
We have developed, and deliver our work, by
economy, from banks, banking cooperatives and
upholding the Principles of Values-based Banking. 3
Our aspirations have been highlighted in the Berlin
social, cultural, environmental and economic
Declaration (2013) and Kathmandu Pledge (2017).
transformation. It has helped its members to increase their impact, helping to build profitable
The GABV is a leadership network; a space for
banks who serve people and the environment.
leaders and practitioners in sustainable finance to
During this time many millions of clients have
learn from each other, deliver targeted initiatives
chosen to bank with values-based banks, confident
that further the values-based banking agenda
that their money will be invested in ways that help
and argue effectively for banking practices that
to build more inclusive communities and improve
prioritise people and the environment. We achieve
their quality of life and the well-being for people
our goals through fora for CEOs, Governing Boards
everywhere on Earth.
and senior executives, as well as communities of practice where experts in human development,
At the end of 2021, there were 61 full member
metrics and sustainability, strategy development
banks and five associate banks, each profitable
and marketing and communications, among others,
and growing, from 44 countries in Asia, Africa, Asia
convene. Learn more about what we do.
Pacific, Latin America, North America and Europe. Together, we serve to 60 million clients with
Since its foundation in 2009, the GABV has
combined assets of over USD 200 billion, including
strengthened the collective and individual voice
third party funds under management.
of banks that are committed to accelerated
4
FOREWORD FROM THE CHAIR
THE WORLD NEEDS OUR MOVEMENT I am delighted to present the Global Alliance for Banking on Values’ (GABV) 2021 annual report. In this, my first year as Chair of the GABV, I look
warmly thank my predecessor, Peter Blom, and
back on another memorable year, one in which our
celebrate his extraordinary contribution to values-
movement has proved itself to be more relevant
based banking and the GABV. As co-founder and
and resilient than ever. From safeguarding our
Chair since the GABV began in 2009, we owe Peter a
communities during the continuing pandemic to
great deal. I, and we, look forward to continuing to
providing financial support for vulnerable people
see him within the GABV family in the future.
in the face of extreme weather events and conflict,
I was delighted and encouraged to see how quickly
it has been inspiring to see how our members have
our network was able to adapt to the new reality
risen to challenges that are unprecedented in our
presented by the pandemic by switching from
lifetimes.
an off to an online way of working. This radical change was embraced by members across our
As both CEO of Sunrise Banks and as the incoming
community, leading to some challenges but many
Chair of the GABV, I was delighted to be able to
more opportunities. We were able to radically and
host ‘Shaping the Future of Finance’, the 2021
successfully change how we connect.
Annual Meeting. This special event brought together leading voices from around the world, from futurologists to progressive economists, climate
Racial justice was one crucial movement for change during 2021.
scientists and conservationists to diversity and inclusion specialists. It was a genuinely unique meeting positioning values-based banking where it needs to be, as a critical actor in the development of a more just, inclusive and sustainable banking system. And it provided the perfect backdrop to
DAVID REILING CHAIR, GLOBAL ALLIANCE FOR BANKING ON VALUES CEO, SUNRISE BANKS
5
We embraced virtual meeting technology, convened effectively to discuss topics that matter to us most and deepened our relationships
I look forward to another year of change; a year to build on the achievements of the values-based banking movement
while reducing our environmental footprint. As a network we continued to build our role leading the
After almost a year as Chair, I am convinced that
values-based banking
the world needs our movement now more than
industry during the year. The COP26 meeting in
ever. While there are some encouraging signs
Glasgow provided an important backdrop for the
of transformation in the conventional banking
release of a climate finance position paper which
system, there is an enormous distance to travel.
I urge all our stakeholders to read. It sets out our
I am delighted to be sharing that journey with
longstanding contribution to tackling the climate
our members, supporting partners and wider
emergency. It describes where we see we need
stakeholders.
to develop in the future as leading progressive banks. And it issues a challenge to the mainstream
I look forward to another year of change; a year
banking industry to move further, faster and in a
to build on the achievements of the values-
more coherent way.
based banking movement in the past, offering a powerful, positive vision for a fairer, greener and
I was also delighted to see Diversity, Equity and
more inclusive banking system in the future. The
Inclusion discussed and acted upon throughout
COP26 meeting in Glasgow provided an important
the year.
backdrop for the release of a climate finance position paper which I urge all our stakeholders to
Racial justice was one crucial movement for
read. It sets out our longstanding contribution to
change during 2021 and one that resonates with
tackling the climate emergency. It describes where
a network like ours whose members are squarely
we see we need to develop in the future as leading
focused on building inclusive communities
progressive banks. And it issues a challenge to the
embracing the rights of everyone, so they can live
mainstream banking industry to move further, faster
dignified and fulfilling lives.
and in a more coherent way.
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HIGHLIGHTS IN 2021 Record numbers (39) participate in the GABV Leadership Academy
2 new members join: Finca DRC (Democratic Republic of Congo) and Credo Bank (Georgia)
Annual Meeting goes virtual for first time, reaching more people than ever
2020 Real EconomyReal Returns report: 10 years of annual research released
Five CEOs from the GABV speak at major Financial Times conference
Change of guard: Fireside chat event with Peter Blom and his successor as GABV Chair, David Reiling
‘Social Impact Model of ValuesBased Banking’ report published
First Member Spotlight takes place, with Banco Mundo Mujer
Vancity, Amalgamated Bank and Triodos Bank make sector-leading net zero commitments
7
New online GABV Community space launches
8th Banking on Values Day delivers highest engagement rates to date
GABV Position Paper on Climate Finance published
INTRODUCTION FROM THE EXECUTIVE DIRECTOR
WE MUST STAND TOGETHER AS A COMMUNITY In 2021, the world remained firmly in the grip of
Afghanistan had to adapt its business and operating
the Covid-19 pandemic, characterised by spikes in
model, virtually overnight, so it could continue to
infections and new Corona variants. As effective and
serve the most vulnerable, in line with Sharia rules.
affordable vaccines are increasingly available at a global scale and a less dangerous variant is on the
For all its shortcomings, the UK-hosted COP26
rise, there is hope that we may largely overcome
climate summit in Glasgow, produced a collective
the crisis in the new year to the point where we can
commitment to curb methane emissions, halt and
focus our attention back to more mid and longer-
reverse forest loss, replace the internal combustion
term social and environmental issues.
engine with electric propulsion, accelerate the phase-out of coal and end international finance
There were other, more immediate challenges to
for fossil fuels. We are at the beginning of an
their work for some of our members during 2021.
unprecedented transformation of our economy to
In the spring, conflict flared up in the Middle
save our planet and all of us who depend on it.
East, challenging our member, Bank of Palestine,
While we are still only at the beginning and there
to respond and provide emergency support for
is much, much more to do, the momentum can no
the community it serves. Extreme weather events
longer be stopped. Importantly, these developments
including both heatwaves and flooding in Canada
reflect the changing values of a younger, more
and the Northwest of the USA, catastrophic
socially and environmentally conscious generation
floods in Europe and China, and forest fires
committed to a more sustainable future.
in the Mediterranean were grim reminders of global warming. And following regime change in Afghanistan, our member First Microfinance Bank
MARTIN ROHNER EXECUTIVE DIRECTOR, GLOBAL ALLIANCE FOR BANKING ON VALUES
8
Our movement can make sure that futureoriented projects and initiatives happen by financing them directly. The economic opportunities that this transformation brings, are enormous. It’s also clear
milestones and results of our work in the past year in this annual report.
I am very pleased that our network has continued to grow gaining two new members.
that finance must play a fundamental role to make these deep-seated changes a reality. Values-based
Highlights included the GABV’s first-ever virtual
banks will be at the vanguard of this effort.
annual meeting in March 2021, which Sunrise Banks generously hosted.
Our movement can make sure that future-oriented projects and initiatives happen by financing
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I am very pleased that our network has continued
them directly and it can help ensure that the
to grow gaining two new members, Finca DRC
transformation progresses with the urgency
(Democratic Republic of Congo) and Credo Bank,
required and commitments are fulfilled by
Georgia; both from regions where the GABV intends
collectively, constructively and convincingly arguing
to expand its footprint. For their part, the well-
for change.
attended Regional Chapter Meetings produced rich content and thought-provoking discussions. Finally,
More than ever, we must stand together as a
our new Community Space launched at the end of
community, learn from each other, and show the
the year will usher in a new era of collaboration
way. This is the raison d’être of our movement and
among our members. In short, we have made
one of the core tasks of the GABV.
substantial progress in implementing our 2023
Against this backdrop we are delighted to share the
Strategy as you will see across this report.
A GLOBAL NETWORK A map of our members Europe
7.
Decorah Bank & Trust
10. The First MicroFinance Bank
1.
3Bank
2.
Alternative Bank
8.
Kindred Credit Union
Switzerland
9.
Lead Bank
3.
Banca Etica
10. National Cooperative Bank
12. NMB Bank Limited
4.
Center-invest Bank
11. Southern Bancorp
13. North East Small Finance
5.
Charity Bank
12. Sunrise Banks
6.
Cooperative Bank of Karditsa
13. Vancity
(CBK)
14. Verity Credit Union
7.
Crédit Coopératif
15. VSECU (Vermont State
8.
Credo Bank
9.
Cultura Bank
Company
Employees Credit Union)
10. Ecology Building Society
Africa
11. Ekobanken
1.
12. Freie Gemeinschaftsbank Genossenschaft 13. GLS Bank
16. Merkur
11. Muktinath Bikas Bank Limited (MNBBL)
Bank 14. The First MicroFinance BankAfghanistan (FMFB-A) 15. XacBank
Latin America 1.
Banco Ademi
Centenary Bank
2.
Banco Codesarrollo
2.
Grooming Microfinance Bank
3.
Banco Mundo Mujer
3.
LAPO Microfinance Bank
4.
Banco Popular
4.
Opportunity International
5.
Banco Solidario
Savings and Loans Ghana
6.
Banco de Antigua
Finca DRC
7.
Mibanco Colombia
8.
BancoSol
9.
BANFONDESA
14. MagNet Bank 15. Megabank
– Tajikistan
5.
17. Triodos Bank
Asia Pacific
18. UmweltBank
1.
Bank Australia
10. Caja Arequipa
2.
Bank Muamalat
11. Cooperativa Abaco
3.
Bank of Palestine
12. SAC Apoyo Integral 13. Vision Banco
North America 1.
Amalgamated Bank
4.
BRAC Bank
2.
Beneficial State Bank
5.
Dai-Ichi Kangyo Credit
3.
Caisse d’économie solidaire
Cooperative (DKC)
Desjardins
6.
ESAF Small Finance Bank
4.
City First Bank
7.
G&C Mutual Bank
5.
Civic Federal Credit Union
8.
Sanasa Development Bank
6.
Clearwater Credit Union
9.
Teachers Mutual Bank
10
IN MEMORIAM Kurt Koenigsfest, long-standing GABV Board member from Latin America, passed away at the start of 2021. Kurt was the CEO of BancoSol in Bolivia and President of the GABV Latin America Chapter, and a leading light in the development of inclusive finance in Latin America. He was very much appreciated by the banking on values community as a pioneer of using microfinance to fight poverty. While he is already greatly missed, Kurt’s legacy will endure as a powerful example for others to follow.
Chuck Snyder, CEO of National Cooperative Bank (NCB), tragically and unexpectedly passed away in November 2021. Chuck was a strong and vocal advocate for cooperative values and principles in the United States, consistently looking for opportunities to advance the cooperative sector. He was a long-time member of the GABV and his commitment to values-based banking was evident in the mission and actions of NCB.
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2021 IN REVIEW GABV Activity Report We highlighted the GABV’s 2023 Strategic Goals in last year’s report: to Strengthen, Lead and Expand. They are at the heart of the GABV’s work and 2021 was a crucial year in taking all three forward. We invested significantly in strengthening our members and our network infrastructure during the year, took meaningful steps to bolster our position as the leading body for the values-based banking movement, and expanded with the addition of two new member banks. This work provides strong foundations to focus more closely on leading our movement and expanding its positive influence, while continuing to strengthen the members who are at the heart of our network. Attracting new, progressive members who meet the high bar for GABV membership remains important, but we will continue to emphasize greater diversity and engage with banks and financial institutions beyond our network.
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ACTIVITY REPORT:
STRENGTHEN First virtual Annual Meeting The 2021 annual meeting, Shaping the Future of
The meeting was the last with Peter Blom as the
Finance, was the first in the GABV’s history to be
GABV’s Chair. Now the former CEO of the European
held virtually. Forced by the pandemic to convene
values-based banking pioneer, Triodos Bank,
online, this created an opportunity to deliver a
Peter served as the network’s Chair since it began.
genuinely unique event in a new way.
His contribution to developing the values-based banking movement is unparalleled, including co-
Graciously hosted by Minnesota-based Sunrise
creating the GABV itself. A special session was held
Banks, the event plotted a path forward for a
in Peter’s honour during the Annual Meeting. At
fairer, greener financial future. It was host to our
its conclusion the Chair was passed to the Annual
largest ever audience and a rich diversity of voices
Meeting’s host and CEO of Sunrise Banks, David
from conservationist Gladys Kalema-Zikusoka, to
Reiling.
leading climate scientist Johan Rockström and Doughnut Economics’ pioneer Kate Raworth. Over almost 50 hours of programming diversity and inclusion experts, futurists and GABV members explored key emerging themes in the financial world and the crucial role of values-based banking in building healthy, resilient communities in the face of growing inequality, conflict and the climate emergency.
13
Regional Chapter Meetings and other meetings Due to the pandemic, all Regional Chapter Meetings
In September, the GABV hosted its first virtual
took place virtually in October and November,
Member Spotlight, an interview with one of our
except for the Europe Chapter Meeting which was
GABV CEOs that provides an opportunity to learn
held in-person in Brussels. Topics in the meetings
more about leaders within the network. Leonor
ranged from climate finance and the importance
Melo de Velasco, Founder and President of Banco
of digital products and services for values-based
Mundo Mujer, in Colombia shared a personal
banks across the world, to how financial inclusion
journey of over 35 years to establish the largest
is empowering women and institutions to become
microfinance institution in Colombia to focus on
‘gender strategic’ in Africa and Latin America in
providing women with access to financial services.
particular. The importance of new regulatory capital requirements and a new Social Taxonomy in Europe
The Secretariat hosted two Primer Focal Point
were also discussed in depth.
meetings in May and December to onboard new focal points, who provide a key role sharing
Each meeting was hosted by a member bank: Visión
information to benefit members and the movement
Banco in Paraguay (Latin America), Beneficial State
and introduce them to the GABV and its various
Bank in the US (North America), Triodos Bank in
programmes. The meetings explored how to
Belgium (Europe), SDB Bank in Sri Lanka (Asia
facilitate engagement between focal points and
Pacific) and Opportunity International Savings and
empower them to be ambassadors for the GABV
Loans in Ghana (Africa).
within their organizations. This was done by informing them about key initiatives including a
New Chair, David Reiling led a special Fireside chat
position paper on climate finance, research and
in April to mark Peter Blom’s departure as the
advocacy work, launch of the GABV Community
GABV Chair. Peter reflected on how he started out
space, activities of the communities of practice and
as a values-based banker and why he founded the
key insights from the Annual Meeting and Regional
GABV as well as his views on the challenges and the
Chapter Meetings.
opportunities of the future.
The Europe Chapter Regional Meeting was held in person in Brussels in October 2021, hosted by Triodos Bank Belgium
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Member Survey: growing optimism
banking, credit or debit card and mobile wallets were the primary three services and solutions
For a second year, the GABV conducted a Member
offered by members at the time of the survey. 50%
Survey in the Fall of 2021 to explore:
have implemented digital on-boarding and 33%
1.
members’ overall performance and priorities
have implemented digital loan processing. Future
with regard to values-based banking issues
digitalization services are expected to focus on
and their approach to digitalization and fintech.
loans and investments.
2.
A total of 52 CEOs responded with results presented at the Regional Chapter Meetings. These insights will be used to inform the development of the 2022 Annual Meeting programme.
Leadership Academy in a virtual world The GABV Leadership Academy (LA) held its second annual virtual programme following an initial pilot
According to the survey, members expected
in 2020. The 2021 LA group was the largest cohort
to perform better than in 2020, especially in
to date with 39 participants from 15 member banks
customer and loans growth. While in 2020, 33% of
and supporting partners, representing 13 countries
respondents reported an expected decline in the
across all five regions of the GABV.
number of clients, less than 6% said the same in 2021. In 2020, 25% of members expected no loan
In response to growing enrolment and feedback
growth or a decline, compared to only 7.7% in 2021.
from participants, the 2022 Leadership Academy
In deposits the growth is slightly higher: 44% report
programme has been redesigned specifically for
an increase of more than 10%, compared to 33%
senior leaders. It will be shorter and more intense
in 2020. Although recovery from the Covid-19 is at
with the option for a hybrid (virtual and in-person)
different stages across the network, members are
programme. In addition, a short introductory course
more confident than in 2020 regarding profitability,
to values-based banking has been designed for
asset quality, and general businesses.
co-workers who are new to values-based banking for launch in 2022. The Leadership Academy Alumni
GABV members are moving from basic digital
programme was also established in 2021 to continue
services to more sophisticated digital offerings,
ongoing learning and engagement with the GABV.
in part due to the pandemic. The key drivers for
For this first time, the GABV will run a Leadership
digitalisation are customer convenience, the ability
Academy in Spanish in 2022. The course was fully
to scale up and operational efficiency. Internet
subscribed before the end of 2021.
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Practitioner Power: Communities of Practice The Global Alliance for Banking on Values convenes
Quarterly webinars offered additional opportunities
communities of practice to help strengthen our
to connect.
members and increase their positive impact. Together these communities address relevant
The Human Development Community of Practice
topics, harnessing the knowledge of experts working
focused its work in 2021 on Diversity, Equity and
on challenges and developing opportunities that
Inclusion (DEI). During its bi-monthly meetings and
are often unique to values-based banking.
at the annual meeting in November, the community explored how DEI is addressed in different
The Governing Board Forum is made up of
institutions, regions and contexts. Key to this was
participants from senior governance boards. The
the insight that to embed DEI principles within
group explores what’s required to make values-
the culture of an organisation requires time and
based banks positive, proactive and profitable
intentionality at all levels of leadership.
agents of change. 2021 saw the rejuvenation of the Governing Board Forum of non-executive GABV
The Marketing and Communications Community
directors. The group met four times to discuss
of Practice met twice around the issue of climate
governance aspects of values-based banking,
change and how to further develop impactful
challenges around digital transformation and
communities. In June, and with insights from James
leadership development.
Vaccaro (CEO of the Climate Safe Lending Network), the group explored ideas around how values-
One important initiative presented during
based banks can act individually, regionally, and
these meetings was the Governance Academy,
collectively at the COP26 in November, an event
a programme for non-executive directors of
attended by the GABV and four of its members.
values-based companies. This new course is being developed in close collaboration between the GABV
In September, Daniel Truran (ebbf.org, B Lab
and Marcos Eguiguren (former Executive Director
Europe) and Tatiana Glad (Impact Hub), spoke
of the GABV) in his capacity at the UPF Barcelona
about purposeful communities, engaged in fruitful
School of Management. The intention is to launch a
discussions and lead a co-creation exercise with
course pilot during the first half of 2022.
participants around offers and the needs within the GABV Community. Some of the learnings have been
The Metrics Community of Practice held its
applied in developing the new GABV community
virtual annual meetings in November. Close to
space.
50 participants from around the world engaged actively with the Community’s core themes. They
At the initiative of one of our members, we are
discussed how best to roll out the redesigned
experimenting with the development of a small
Scorecard. In addition, they exchanged best
group of senior co-workers working on strategy
practices and expertise in greenhouse gas (GHG)
development in their institutions. The Strategy
emissions accounting and target setting. Finally,
Community of Practice group will explore relevant
they reflected on how current practices to advance
issues identified by its participants, and share
social impact can inform approaches to support the
examples of best practice and learning.
transformation of clients for a 1.5-degree future.
16
New GABV Community space We have developed a new community space for members to strengthen the network, engage our members, and foster meaningful discussions and collaboration. The GABV Community space will become the backbone of communications within our community. This online space allows our members to find their peers, join relevant groups, learn about other banks and our supporting partners and share updates and best practices. Among other things we will use it to make announcements, invite members to events and manage our communities of practice. Launched at the end of November, there were more than 150 active users by the end of 2021. We expect to increase this number substantially during 2022.
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ACTIVITY REPORT:
EXPAND Membership at-a-glance During 2021, the Global Alliance for Banking on Values welcomed two new full members and saw the departure of one member and the merger of another with a bigger institution. One bank moved from associate to full membership. The total number of members is 66, including five associate members.
YEAR
EUROPE
NORTH AMERICA
LATAM
ASIAPACIFIC
AFRICA
TOTAL
2009
5
2
1
2
0
10
2010
6
3
2
2
0
13
2011
7
7
3
4
0
21
2012
8
7
5
4
1
25
2013
8
7
5
4
1
25
2014
8
7
5
4
1
25
2015
9
9
4
4
1
27
2016
11
11
8
7
2
39
2017
11
15
9
9
2
46
2018
15
14
12
12
2
55
2019
18
14
13
14
4
63
2020
18
15
13
16
4
66
2021
18
15
13
15
5
66
(*) These numbers include five associate members: 1 in Europe, 1 each in North America and Asia-Pacific and 2 in Africa
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Leadership transition and network expansion Finca DRC from the Democratic Republic of Congo
There were a number of CEO transitions at GABV
and its CEO, Mamie Kalonda, and Credo Bank from
member banks during the year. We were pleased
Georgia and its CEO, Zaza Pirtskhelava joined
to welcome many new colleagues into the network,
the network in 2021. Finca DRC is the leading
including:
microfinance institution in the country and plays
- Christine Bergeron, CEO Vancity
a critical role providing financial services to the
- Tonita Webb, CEO Verity Credit Union
bottom of the pyramid in the DRC. Credo Bank is
- Jamike Østervold, CEO Cultura Sparebank
a strong player in the underserved rural areas of
- Jeroen Rijpkema, CEO Triodos Bank
Georgia using innovative financial technology and
- César Barahona, CEO SAC Integral
digital literacy approaches.
- Priscilla Sims Brown, CEO of Amalgamated Bank - Marcelo Escobar, interim CEO BancoSol
The global finance industry continued to see
- Nazzareno Gabrielli, CEO Banca Etica
consolidation last year including within the
- Michael Jongeneel, CEO of FMO (supporting partner)
GABV network. GABV member City First Bank of Washington DC merged with Broadway Federal in
Thos Gieskes, CEO of our supporting partner
Los Angeles, California, to create the largest Black-
Oikocredit International and Ramiro Postigo, CEO of
owned bank in the US with Brian Argett, CEO of City
Peruvian member Caja Arequipa, stepped down from
First, as the new CEO of the merged entity.
their organisations during the year and we wish them well for the future.
In Europe, Danish member bank Folkesparekassen
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merged with Middelfart Sparekasse during the
Casey Fannon was announced as Acting Chief
year. As a result, we bade farewell to CEO Martha
Executive Officer of National Cooperative Bank,
Petersen and Folkesparekassen as the merged
following the sudden passing of Chuck Snyder, NCB’s
entity will not be part of the GABV network.
long-time CEO on November, 2021.
Supporting partners Supporting partners are a valuable part of the
3.
Non-profit, civil society and other networks:
Global Alliance for Banking on Values network
impact networks, advocacy groups,
and play a significant role in supporting our
humanitarian agencies and foundations
programmes, growing our member base and
that are focused on large-scale change and
amplifying the importance of the values-based
the transformation of business, society and
banking movement. Our 16 supporting partners
economic systems to become more equitable,
are a diverse mix of organisations that share a
inclusive and sustainable.
common vision to create greater economic, social
- B Lab (Europe)
and environmental impact through innovative,
- CARE International
inclusive and sustainable solutions. There are three
- Finance Watch
categories of supporting partners:
- Fundación Avina - ProMujer
1.
Banking and Finance: including development
- Wellbeing Economy Alliance
banks and international investment organisations providing financial support and
Examples of support from these groups in 2021
services to developing countries.
included identifying and introducing new members
- Aga Khan Microfinance Agency
as well as providing knowledge sharing through the
- CDC Group plc
participation as guest speakers at Regional Chapter
- FMO
Meetings.
- Oikocredit - Opportunity International - SME Finance Forum - Solidarité Internationale Pour Le Développement et l’investissement (SIDI) 2.
Education and Research: academic institutions and network organisations that provide education, networking and research opportunities related to business management, banking, and finance. - Asociación de Universidades Confiadas a la Compañía de Jesús en América Latina (AUSJAL) - CEMS - Institute for Social Banking
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ACTIVITY REPORT:
LEAD Climate moves centre stage On 12 November the COP26 climate summit in Glasgow came to a close. Ministers agreed to return next year to submit stronger 2030 emissions reduction targets to limit global warming to 1.5°C. Over 400 financial firms, controlling over USD 130 trillion in assets, committed to align their portfolios with net-zero targets by 2050, recognizing the risks of investing in a high-carbon, polluting economy. All this is encouraging – but it’s not nearly enough. Together COP26’s initiatives leave the world well short of ‘keeping 1.5 alive’, the safe limit to a global temperature increase from pre-industrial levels. If we want to successfully tackle the climate crisis, the financial sector needs to act faster, go further and be more coherent. This is the message we highlighted in our Position Paper on Climate Finance published on the eve of COP26. The paper shows how climate change and social inequity are inextricably linked, and how any solutions will have to take people and the planet into account. Ultimately, we want to support our members so they can act quickly and effectively to tackle the climate emergency.
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PCAF – systemic change in practice The Global Alliance for Banking on Values’ Climate
banks, from outside the GABV network, joined PCAF.
Change Commitment is a member-led initiative
By the year’s end close to 200 financial institutions,
committing its signatories to assess and report
including some of the biggest and best-known brands
the greenhouse gas emissions of their loans and
in the financial industry with combined assets of
investments as a key step to aligning with the Paris
more than USD 50 trillion, had committed to assess
Climate Goals. 34 members of the GABV have made
and disclose their greenhouse gas emissions using
this Commitment, including Charity Bank and Freie
the methodology.
Gemeinschaftsbank Genossenschaft who signed up during the year.
By assessing and reporting transparently, a financial institution is equipped with the information it
Almost all the signatories are participants in The
needs to start to take actions to address the climate
Partnership for Carbon Accounting Financials
emergency; because knowing your greenhouse gas
(PCAF); a global programme that uses PCAF’s
emissions provides an important first step to setting
credible, open-source greenhouse gas accounting
meaningful targets. During a year which saw much of
methodology. During 2021 the PCAF Global Standard
the financial industry focus on the climate emergency,
was increasingly seen as the standard for the
particularly during the COP26 climate conference in
financial industry.
Glasgow, GABV members, Triodos Bank in Europe, Vancity in Canada and Amalgamated Bank in the
The GABV is represented on the global steering
USA, used the PCAF methodology to help set credible
committee of the PCAF programme and supported
net zero targets of 2035, 2040 and 2045 respectively,
PCAF’s expansion during the year, including
providing important leadership for the banking
contributing to the development of a Japanese
industry to follow.
PCAF Chapter and helping to ensure two Nepalese
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Research and Advocacy The Global Alliance for Banking on Values conducts
the capacity of the European financial sector to
research and advocacy on selected topics that are
deliver a just transition to a low carbon, socially
relevant to values-based banking and where it can
inclusive future. More specifically, the project aims
contribute with its rich experience and practical
to influence the development of the Taxonomy of
examples.
the EU Green Deal. The initiative is possible with the support of the Open Society Foundations.
Since 2012 the GABV has published research
VALoRE consists of three workstreams:
comparing the results of values-based financial
1.
The collection of best practices of GABV banks
institutions (VBBs), all of whom are members of
to advance social impact that sheds light on a
the GABV, with the largest banks in the world, the
definition, design, implementation, monitoring
Global Systemically Important Banks (Real Economy
and scaling-up of social sustainability and
– Real Returns: The Business Case for Values-based
impact frontrunning approach.
Banking). The research has now been updated
2.
The development of deep dive case studies to
through year-end 2019. It is striking that the
pinpoint areas of opportunity and pathways for
conclusions fundamentally remain the same: VBBs
transformation, as well as define interventions
continue to demonstrate steady financial returns
to incentivize changes in their banking models
and growth with a strong focus on the real economy
and practices given specific market actors and
built on solid capital positions.
institutions. 3.
The dissemination and advocacy of this
VALoRE (the Values Regulation – Europe Project) is
information to high-level experts and officials
an example of a high impact research and advocacy
in the EU and selected member countries.
initiative. Its overall objective is to strengthen
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The project represents a new opportunity to inform
DESIGN a comprehensive approach to achieving that
the future of banking. We are taking important steps
impact; IMPLEMENT the design in practice; MONITOR
to meet our commitment to lead the transformation
the result to evaluate the initiative’s success; and
of the financial system through this European
ultimately allow for the possibility of SCALING UP
initiative, which is expected to have significant
these efforts in the future.
global implications. These recommendations are being shared with As part of VALoRE, an exploratory study by, amongst
EU officials and experts to particularly inform the
others, the Metrics and Research Senior Manager of
development of a Social Taxonomy for the financial
the Global Alliance for Banking on Values and the
sector.
Chair in Sustainable Finance at the UPF Barcelona School of Management was published in the
Together with Nyenrode University in The
academic journal Sustainability. The paper ‘Social
Netherlands, the GABV published a case study
Impact of Value-Based Banking: Best Practises and
on Magnet Bank (Hungary). In addition, two more
a Continuity Framework’ shows how values-based
case studies about Banca Etica (Italy) and GLS
banks advance positive social impact in practice in
Bank (Germany) are in development and will be
various contexts.
published in 2022. Based on these case studies, the GABV and Nyenrode University will develop
The paper’s authors have identified five stages
a system mapping for the transformation of the
of the Social Impact Virtuous Circular Model: an
financial sector in Europe with a focus on banking
institution must DEFINE social impact objectives;
on values.
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Scorecard developments The GABV Scorecard is a critical instrument to
In 2021, we embarked on a redesign of elements
underline our movement’s credibility and difference
of the Scorecard to make its application by our
to conventional banks. At the Secretariat, we use
members easier, ensure greater comparability
it to assess members, monitor their progress
and allow faster and better feedback to members.
and advise them on gaps and potential areas to
At the core of this redesign is the evolution of a
improve. Members use it as a strategic learning tool
Qualitative Element section into a comprehensive
to understand values-based banking, to share the
questionnaire with closed questions. This will
concept within their organisation and to inform
improve the quality of the Scorecard allowing us
business strategy.
to track and compare members’ progress more systematically over time and across our movement,
The Scorecard was developed by practitioners and
while making completing it quicker and easier for
takes a holistic approach looking at the entire
members. The redesign is due to conclude in early
business model, including its strategy, policies,
2022 and will be an important precondition to roll
business activities and the organisation and culture
out the Scorecard across the whole membership.
of the bank.
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Public engagement As well as working closely with our 16 supporting
Commission to be more ambitious and prioritise
partners, and in close collaboration on funded
public interest in its important Sustainable Finance
programmes like VALoRE and Partnership for Carbon
Strategy.
Accounting Financials (PCAF), the Global Alliance for Banking on Values engages with a number of
Experts from the GABV also participate in working
different organisations as part of its efforts to
groups developing activity that it believes will lead
lead the development of the just transition in the
to a financial system that serves people before
financial sector.
profit. In 2021 that included joining the Taskforce for Nature-Related Financial Disclosures, a body which
In 2021 this included working closely with partners
aims to deliver a risk management and disclosure
such as the World Wildlife Fund. Its powerful film,
framework for organisations to report and act on
‘Our Planet: Too Big to Fail’, was the centre-piece for
nature-related risks.
a number of events designed to promote systemic change in the financial system during the year. This
We are also seeing increasing interest in values-
included screenings during the COP26 meeting in
based banking from beyond our movement. For
Glasgow together with panel discussions including
example, in May, the GABV was represented in two
GABV member, Triodos Bank.
panels of the Roundtable Meeting on Sustainability Guide for Islamic Banking Industry organised by
The GABV and some of its members were signatories
our partner, the General Council for Islamic Banks
to campaigns aimed at promoting a fairer, greener
and Financial Institutions (CIBAFI). In addition,
financial system during the year. This included
the Financial Times invited five speakers from the
partnering with a diverse coalition of voluntary
GABV community to participate as speakers and
sector and financial sector practitioners to jointly
panelists at its Autumn Banking Revolution Digital
sign an open letter challenging the European
Conference.
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Banking on Values Day 2021
New GABV website
#BankingOnValues Day is an annual campaign
A new website was prepared during 2021 for launch
to actively encourage GABV members, partners,
early in 2022. The new website aims to communicate
customers, policy makers, regulators, and the
better, primarily, with external stakeholders. It
public to celebrate the growing global values-based
highlights what values-based banking is and our
banking movement. It showcases the positive
difference from conventional banking. The site will
economic, social and environmental impact of the
create a professional and credible basis from which
values-based banking movement.
to lead the conversation on green and inclusive banking.
The 2021 Banking on Values Day took place on 3 November 2021 – coinciding with the COP26
This project required clarifying GABV messaging and
summit’s ‘finance day’. This year’s campaign,
audiences: defining who we are, how we add value,
‘Close the loop with Banking on Values’, showed
and who are in dialogue with. As a result, we have
how money can be used to promote a circular,
refreshed how we tell our story and positioned the
sustainable economy that supports a healthy
GABV better to deliver on its strategic goal to ‘Lead’,
climate and diverse society. Over 40 member banks
in particular.
and three supporting partners from 28 countries participated, creating 9.5 million social media impressions, more than double that of 2020. The videos have been viewed over 237,000 times. 27
REPORT FROM THE REGIONS The Global Alliance for Banking on Values is a genuinely international network. For that reason, the network has established five regions where Chief Executive Officers and senior colleagues, convene to address topics that matter most to them. These groups are supported by a network of regional representatives, all of whom are senior bankers with extensive experience of the regions they serve.
North America 2021 was a year of transition for the North America
United States. Southern Bank expanded into the St.
Chapter. Many members shifted from all virtual
Louis market with the acquisition of Fortune Bank.
work to hybrid models as the virus became more
While Amalgamated Bank of New York announced
manageable retaining the digital improvements
its acquisition of Amalgamated Bank of Chicago.
that made remote banking more convenient for customers and employees.
Seven of the North America Chapter members took significant action on climate change including
Chuck Snyder, CEO of National Cooperative Bank
through the adoption of the Partnership for Carbon
(NCB), tragically and unexpectedly passed away
Accounting Financials (PCAF) Global Greenhouse
on November 2021. Chuck was a strong and vocal
Gas (GHG) Accounting and Reporting Standard. The
advocate for cooperative values and principles
Standard provides financial institutions with the
in the United States, consistently looking for
tools to assess and disclose their GHG emissions
opportunities to advance the cooperative sector.
as a prerequisite to setting targets to decarbonize
He was a long-time member of the GABV and his
their portfolios and align with the Paris Climate
commitment to values-based banking was evident
Agreement. They include Amalgamated Bank; Caisse
in the mission and actions of NCB. He is succeeded
d’economie solidaire Desjardins; Clearwater Credit
by Casey Fannon, Acting Chief Executive Officer of
Union; Sunrise Banks; Vancity Credit Union; Verity
National Cooperative Bank.
Credit Union and VSECU.
Many North American members grew in 2021,
Both Vancity and Amalgamated Bank went even
including through mergers and acquisitions
further setting ambitious commitments to net-zero
which have driven sustainable economic growth
targets by 2040 and 2045 respectively.
and the opportunity to increase their social and environmental impact. For example, City First
The North America Chapter remains strongly
completed its merger with Broadway Bank creating
committed to values-based banking, economically
a publicly traded, bi-coastal institution and the
resilience and a focus on delivering increased
largest African American-owned and run bank in the
positive impact in 2022.
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Latin America 2021 proved to be another challenging year for
region and on their work. This virtual meeting was
member banks in Latin America. Despite the need
an opportunity to reconnect and share the context
to adjust to the impact of the Covid-19 pandemic,
for their work and impact they have made, as well
members proved to be resilient precisely because
as the values-based strategies they have used to
they put their customers’ needs first. They made
progress. Pablo Vagliente, director of Sustainable
tremendous progress in digital transformation,
Business and Finance at the Fundación Avina, a
improving efficiency and providing better service for
supporting partner of the GABV, shared a global
their customers.
perspective on the evolution of the pandemic in Latin America and the impact on the economy.
The year started in the worst possible way with news of the sudden passing away of Kurt
Visión Banco sponsored the Regional Chapter
Koenigsfest, the long-standing GABV Board member
Meeting during the year; this working meeting was a
from Latin America. Kurt was the CEO of BancoSol
well-attended, two-day virtual event covering topics
in Bolivia and President of the GABV Latin America
including digital transformation, sustainability and
Chapter and a leading light in the development
green finance, best practices in inclusive finance
of inclusive finance in Latin America. He was
and empowering women in the region.
very much appreciated by the banking on values
The launch of the first ever Leadership Academy
community as a pioneer of using microfinance to
in Spanish for senior values-based bankers was
fight poverty. While he is already greatly missed,
announced during the meeting. The programme
Kurt’s legacy will endure as a powerful example.
is already full subscribed, takes place during 2022
Beltrán Macchi, from Visión Banco in Paraguay,
and will host 35 participants from 10 member
succeeded Kurt as the GABV Board member and
institutions.
Chair of the Latin America Chapter. After a year without any new members from the In June, Latin American CEOs met to discuss the
region, in part due to the pandemic, we expect to
status and impact of the Covid-19 pandemic in the
expand the network in Latin America in 2022.
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Asia Pacific Members in the Asia Pacific (APAC) region have
from across the region, once again virtually. The
proved to be successful and effective at delivering
meeting, expertly co-hosted by SDB Bank in Sri
on their values-based banking mission during a
Lanka, has helped the members remain connected
year heavily impacted by the Covid-19 pandemic;
and strengthened them in the face of an uncertain
challenges that were exacerbated by conflict and
emerging future.
political change in some parts of the region. Members have been recognised both at regional Across the region, a survey conducted during
as well as global levels during the year. Examples
the year showed there has been a steady growth
include NMB Bank, Nepal, awarded the 2021 Best
in deposits and good growth in lending and
Bank in Asia, from The Banker magazine. BRAC Bank
investments. Asset quality, while deteriorating
Bangladesh won the SME Finance Award for Best
slightly compared to the pre-pandemic period,
Bank for Women Entrepreneurs in the 2021 Global
remains at reasonable levels. Much of these positive
SME Finance Forum Awards; ESAF and Muktinath
developments have been linked to investments
Development Bank also received honourable
in digital transformation in member banks, some
mentions in SME Finance and Product Innovation
of it accelerated by the impact of the pandemic,
categories, respectively. While XacBank, Mongolia,
helping to increase digital literacy for some of the
was recognised as the first carbon trading bank in
communities our members serve. Resilience has
the country.
not just been financial. First Microfinance Bank in Afghanistan, for example, has continued to provide
The region will be prominent across the network in
financial services for the underserved despite
2022 because Global Alliance for Banking on Values
profound changes in the country during the year.
founding member BRAC Bank will host the 2022 Annual Meeting in March with the prospect of an
The 2021 APAC Chapter Meeting brought together
in-person follow-up meeting for all CEOs in Dhaka
members, supporting partners and leading speakers
in November, if it’s safe to do so.
30
Africa The Africa Chapter is still in its early stages. It
The Regional Chapter Meeting was held virtually
was established at the 2020 Annual Meeting in
in November 2021 and hosted expertly by
Bern, Switzerland, shortly after the outbreak of
Opportunity International Savings & Loans Ghana.
the Covid-19 pandemic and African member banks
The meeting was well attended by member banks,
have not had an opportunity to meet in person
supporting partners and several guests from expert
since. Africa is one of the regions where financial
organisations and other values-based financial
institutions have been most affected by the
institutions. Topics included current market trends,
pandemic in 2021, impacting on asset quality and
financial inclusion, women empowerment, climate
profitability. The diversity of the region and the
adaptation as well as an update on the GABV
structure of the African financial sector, which is
including the Leadership Academy.
dominated by large, mostly foreign-owned banks, brings another set of challenges to building a
Triodos Investment Management presented a
coherent regional presence.
successful example of a capacity-building exchange with Enda, a pioneering microfinance institution
The region remains a key priority for the Global
in Tunisia; an example that could be repeated
Alliance for Banking on Values however. In 2021 a
as a pilot within the GABV. The National Stokvel
new and important member joined our movement:
Association of South Africa, NASASA, provided a
Finca DRC, the largest microfinance bank in the
fascinating account of the history and future of
Democratic Republic of Congo, becomes the
small group finance in South Africa. The Chapter
Chapter’s fifth member. Of these, two are associated
agreed to collaborate more closely to develop
members and three full members.
the membership in Africa. A follow-up meeting is planned for the second quarter of 2022.
The GABV’s supporting partners play a significant role at this stage in the Chapter’s development. We are grateful to FMO, CDC, SIDI, Oikocredit, and Triodos Investment Management for their continued advice in helping us develop the Africa Chapter and its agenda.
31
Europe European banks were strongly represented at the
GABV and the redesign of the Leadership Academy
Global Alliance for Banking on Values’ founding in
as well as an exchange with senior management of
2009. Five of the initial ten member banks were
Triodos Bank Belgium rounded off a rich and inspiring
from the region. While the share of European banks
meeting.
in the GABV has reduced thanks to significant expansion in other regions, growth continues to be
With mainstream banks increasingly adopting
important across Europe. At the end of 2021, there
language and to some degree the practices of values-
were 18 member banks in the Europe Chapter (of
based banks, European CEOs felt a need to explore
which eight are in the European Union - EU). We
the future perspectives for values-based banking.
welcomed Credo Bank (Georgia) as a new member,
They agreed to set-up a CEO-level strategic working
while Folkesparekassen (Denmark) resigned after
group led by Max Ruhri, Freie Gemeinschaftsbank
merging with another bank.
Switzerland, for this purpose. The central question is: We are a movement, but what is moving us? The
Since 2013 the GABV has organised annual Europe
process is shaped open ended and will be adaptive
Chapter Meetings in France, Italy, Denmark,
to the group’s learning desires. First feedback is
Switzerland, Spain, Serbia and Sweden. Because of
expected at the end of 2022.
the Covid-19 pandemic, the 2020 meeting took place virtually. Fortunately, in 2021 a valuable in-person
The expansion of the network increases the diversity
meeting could be organised in Brussels, hosted by
of members banks and brings new perspective from
Triodos Bank Belgium.
different parts of Europe. The banks participate on several programmes including the Partnership for
This year’s thematic focus was on the challenges of
Carbon Accounting Financials (PCAF) programme, a
raising regulatory capital and the GABV’s advocacy
Global Standard to assess and disclose greenhouse
work relating to the EU Taxonomy on Sustainable
gas emissions across the financial sector. UK-based
Finance, and social practices and policies in
members were actively involved in the creation of a
particular. CEOs heard about ESG banking in Russia
UK PCAF Coalition during the year, aiming to promote
from Center Invest Bank about rural digitalization
greenhouse gas accounting across the country.
in Georgia from Credo Bank. An update on the
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GOVERNANCE AND TEAM The Global Alliance for Banking on Values was
Values’ foundation in 2009. Peter was instrumental
established in 2009 as a Dutch not-for-profit
in co-founding the network and has been a key and
foundation. The network is governed by a Board
positive force in its development ever since. The
of Directors which has a strategic leadership role
Board thanks Peter, who was made Chair Emeritus on
and monitors organisational activities. Operational
his departure from the Board, for his leadership and
responsibilities and the execution of the strategy
the legacy he leaves for the members of the GABV.
are delegated through the Chair of the Board to a Secretariat, led by Executive Director, Martin
Peter’s successor as Chair of the GABV Board is David
Rohner.
Reiling, CEO of Sunrise Banks in the United States. David was appointed during the Annual General
Given its strategic role in defining priorities for the
Meeting in March of 2021. The vacancy this left for the
movement, the Board consists of CEOs or other
North American Regional Board Member was filled by
top management representatives of the GABV’s
Darrin Williams, CEO of Southern Bancorp.
member institutions. It has a regional composition that ensures regional membership representation
With the untimely death of Kurt Koenigsfest in
in decision making. Two Members At Large add to
February of 2021 (see page 11), Beltrán Macchi,
the diversity of the Board. Members of the Board
Director of Visión Banco in Paraguay, was appointed
are appointed by direct election from the members
as the Latin American Regional Board Member.
during the Annual General Meeting. In Fall 2020, the Board adopted a gender policy
Changes in the Board
according to which no gender may have more than 70% of the votes. The requirement must be implemented within two years. Therefore, the Board
Dado sAt its 2021 Annual Meeting in March Peter
actively sought senior female colleagues during the
Blom, CEO of Triodos Bank until May 2021, stepped
year with an interest in serving on the Board. The
down from the Board where he had served as
Board expects to reach this target by the Spring 2023
Chair since the Global Alliance for Banking on
Annual General Meeting.
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The Board The Board has a regional structure with the Chair and Vice-Chair selected on a global basis. Current members are:
David Reiling CEO Sunrise Banks (USA), Chair
Beltrán Macchi Salín CEO Visión Banco (Paraguay), Latin American
CEO Bank Australia,
Darrin L. Williams
(Australia),
CEO Southern Ban-
At Large
corp, Inc (USA),
Damien Walsh
North American
Region
Region
Fabian Kasi
Shameran Abed
Ugo Biggeri
CEO Centenary Bank
Executive Director
President Etica Sgr
(Uganda),
BRAC International
(Italy),
African Region
(Bangladesh),
European Region
Asia Pacific Region
The Secretariat The GABV Secretariat organises and facilitates
the GABV as Human Development Programme
the network’s activities. The core team is based in
Coordinator. Juan Pablo Meza, former SAC Integral
Amsterdam, the Netherlands. A network of advisors
(El Salvador) CEO and Leadership Academy Alumni,
operates remotely, ensuring closer connections
replaced Rafael Llosa as Regional Representative
with members and partners. The Secretariat meets
for the Latin America Chapter. In May, Sonia Felipe
in person twice a year and operates on the basis
Larios joined the Secretariat as Communications
of its Team Charter. You can find updated roles and
and Marketing Manager.
profiles on the dedicated page on our website. We would also like to thank Kush Saluja, Adam At the start of the year, Sonia Reinhardt, who
Kurowski and Jamie Hollywood, who worked as
has been part of the facilitation team of the
interns at the GABV Secretariat to support our
GABV Leadership Academy since 2017, also joined
research and metrics activity during the year.
34
The GABV Team Secretariat:
Martin Rohner
James Niven
Executive Director
Chief Operations and Programme Officer
Dr Adriana Kocornik-Mina Metrics and Research
Karla Pastor Operations and Finance Officer
Senior Manager
Alice Khounta Knowledge and Network Manager
Sonia Felipe Larios Communications and
Jesica Cooray Communications Officer
Marketing Manager
35
Regional Representatives:
Jean Pogge
Juan Pablo Meza
North America
Latin America Regional
Regional
Representative
Representative
Upendra Poudyal Asia Pacific Regional Representative
Consultants:
Tom Cummings
Dr Katrin Käufer
Annual Meeting
Leadership Academy
Design and Senior
Director and Human
Adviser to the
Development Senior
Executive Director
Adviser
Sonia Reinhardt Leadership Academy and Human Development Coordinator
Pierre Aeby Europe Regional Representative
FINANCIAL OVERVIEW At the year end the Global Alliance for Banking
Open Society Foundations and to the expansion
on Values had delivered a surplus of EUR 61,549,
of Greenhouse Gas assessment and disclosures
compared to a small, budgeted deficit.
in the financial industry, via funding to the Partnership for Carbon Accounting Financials
The final position was largely due to higher than
(PCAF) programme. A proportion of this funding
budgeted membership fees because of growth
will continue into 2022.
in assets size of existing members, lower than expected operational costs because of lower than
Two investment projects also took place in 2021.
anticipated co-worker costs, and the impact of the
EUR 100K was allocated to substantially improve
Covid-19 pandemic on travel and events. There was
the GABV’s data infrastructure and to revamp
also a reduction in premises costs as the Secretariat
our online presence. These projects delivered to
worked remotely for most of the year.
plan. Most of this sum will be deferred for the conclusion of these projects in 2022. For that
Co-worker costs were lower than expected due to
reason, the appropriation reserve on 31 December,
not employing a temporary co-worker to project
2021 will amount to EUR 53,165).
manage the 2021 Annual Meeting, lower than expected travel costs due to the pandemic, as well
While a number of uncertainties remain, given
as reduced professional development costs and a
difficulties in accurately predicting membership
slightly later than expected appointment of a new
growth and the impact of the ongoing pandemic,
Latin American Regional Representative.
the GABV network anticipates a small deficit in 2022.
Grant Related Income continued to make an important contribution to the delivery of the
Find the full report of the 2021 Annual Accounts
GABV’s mission. We are grateful for the significant
published on our website.
contributions to the VALoRE project, from the
36
1. Statement of activities for the year 2021
2021
2020
EUR
EUR
EUR
Benefits Membership fees
Budget
2021
1,071,840
996,611
982,755
Supporting partners fees
33,000
38,500
38,500
IP fees
26,017
27,000
25,450
Other income
110,422
227,731
138,607
1,241,279
1,289,842
1,185,312
Expenses Staff costs
953,200
972,050
886,592
23,516
20,000
27,497
-
5,000
-
Travel costs
4,102
20,000
9,913
Meeting and conference costs
6,428
30,000
31,872
Marketing and communication Knowledge and Services
ICT
10,753
15,000
14,572
Administration and other costs
58,425
50,000
50,985
Rental costs
9,496
27,000
24,249
HD Group
6,213
20,000
27,707
Investment projects
41,034
94,000
-
Special projects
66,563
73,400
-
1,179,730
1,326,450
1,073,387
-36,608
111,925
Total of sum of expenses
Total of net result
61,549
Appropriation of result Appropriation reserve
-46,835
100,000
General reserve
108,384
11,925
61,549
111,925
37
Balance sheet as at 31 December 2021
(After proposal distribution of result)
12/31/2021
EUR
EUR
12/31/2020 EUR
EUR
Assets Current assets Receivables Accounts receivables
1
7,625
56,692
Other receivables
2
13,969
5,190
Accruals and prepaid expenses
3
49,338
17,472
70,932
79,354
Cash and cash equivalents
38
816,733
4
765,830
887,665
845,184
Liabilities Equity Appropriation reserves General reserves
53,165
100,000
648,039
539,655
701,204 639,655
Short-term liabilities Accounts payable
36,940
4,542
21,647
20,322
127,874
180,665
Payables relating to taxes and social security contributions Other liabilities and accrues expenses
186,461
205,529
887,665 845,184