Deutsche Bank, a multinational investment banking company is looking to link its top executives’ pay to the lender’s sustainability goals, according to a report by Frankfurter Allgemeine Zeitung, quoting an internal memo by Christian Sewing, Chief Executive Officer.
Measuring the volume of sustainable investment and financing that follows the environmental, social and governance criteria and the bank’s ranking on sustainability, the new policy will start next year. By 2025, the bank also plans wants to convert all its buildings globally to renewable energy, the newspaper stated.
With a sustainability committee headed by Sewing, the lender has set a target for 2025 of achieving $242.8 billion in annual sustainable investment, the newspaper added.
“With efficacy rates at the upper end of expectations, this opens up the possibility of a much more rapid return to normal than had been anticipated only a month ago. By the end of 2021 it may no longer have much impact on day to day life,” Deutsche Bank’s group chief economist David Folkerts-Landau said in a report.
Deutsche Bank is a global investment bank with a private clients franchise. With more than 78,000 employees in over 70 countries worldwide, the bank offers financial services throughout the world. It established its first branch in India in 1980 and currently operates branches in 16 cities.
–AK
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