Maybank receives 'AA' rating by MSCI ESG
Maybank has received an ‘AA’ rating by MSCI ESG Ratings for the second consecutive year, placing it among the top 36% of 189 diversified banks rated globally based on the MSCI All Country World Index.
In a statement, the group said the rating was based on an assessment of Maybank’s sustainability policies and practices covering seven broad areas namely financing environmental impact, consumer financial protection, human capital development, access to finance, privacy and data security, corporate governance and corporate behaviour.
It added that the "AA" score comes on the back of Maybank’s strong consumer protection practices including having a complaint hotline and loan modification options for customers with financial difficulties.
In addition, the group’s customer complaint mechanism's effectiveness ranks one of the best among industry peers, cementing its Customer Financial Protection ranking ahead of even its global top five peers.
Additionally, it highlights that Maybank’s loan book exposure to environmentally intensive industries was low relative to peers with just around 4.9% of Maybank’s loans being exposed to highly environmental-intensive industries (agriculture, metals & mining and utilities) as of May 2021.,
It notes the bank’s commitment to deny financing for blacklisted activities not aligned with its values, as well as new coal activities, while transitioning to a renewable energy mix with existing borrowers over the medium to long term, as well as commitment to mobilise RM50bil in sustainable financing by 2025.
Group president and CEO Datuk Khairussaleh Ramli said Maybank was pleased that its sustainability efforts continue to be recognised globally particularly with this rating by MSCI ESG Ratings for the second consecutive year.
“Our sustainability commitments are part of our journey to realise our ambition of becoming a regional ESG leader, and we are accelerating all efforts through our M25 Plan to help drive positive change in the markets we operate,” he said.
Khairussaleh added that the group was identifying similar REC or Renewable Energy Power purchase opportunities to cover its regional footprint to meet the remaining 60% reduction target from its 2019 baseline.