Responsibility Overview
- 902,168 tCO2e
- Scope 1, 2 and 3 greenhouse gas emissions between November 1, 2022 - October 31, 2023
- 400,000+
- Canadians pay no monthly fees on everyday banking and earn a competitive savings rate
- 43%
- Percentage of employees who self-identify as an indigenous or racialized person
- 40%
- Percentage of independent members of our Board of Directors that are women
- Environmental
- Social
- Governance
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A low carbon footprint is innately embedded in our digital, paperless business and branchless operating model. Equitable Bank is the only Schedule I Bank that operates that operates entirely without a physical retail presence and the first bank in Canada to host its digital core banking system in the cloud. These important characteristics give us the advantage of scalability, reduced costs in the long run, enhanced security and agility to bring new products and services to market quickly. We invest in the energy efficiency of our operations, product development and integration of fintech and emerging technologies.
We are considering how we embed climate impact in our financing decisions, how we can constructively incent lower carbon emissions for our customers, and how we can contribute to a net zero transition for Canada and the world.
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Our purpose is to drive change in Canadian banking to enrich people’s lives. We prioritize causes and organizations that are important to the long-term health of communities. We do our part to build stronger, more supportive and resilient communities through volunteering, corporate giving and supporting arts and charity events.
We are obsessed with providing a service that is inclusive of all Canadians. Through EQ Bank, we provide free access to finance by constantly striving to provide a simple, intuitive and accessible digital interface. We challenge conventional banking approaches, seeking instead to provide financial solutions to underserved communities, especially seniors, self-employed borrowers and new immigrants to Canada.
We are also deeply committed to inclusion internally: we know that our organization thrives when we honor, nurture and celebrate our employees' diverse experiences and perspectives.
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Our integrity, strong team culture and risk management framework guide all business activities. The philosophy that underpins our approach is that we operate within a strict risk appetite and will not stretch that appetite to achieve our growth objectives.
Our approach starts with our Board of Directors. The members of our Board guide our efforts to assess and address the risks and opportunities inherent in our ecosystem. The Board’s key focus areas include long-term strategy and value creation, risk oversight, management succession, as well as workforce development and retention. We see these area as fundamental to our sustainability and future success. Our Governance and Nominating Committee of the Board oversees our environmental, social and governance initiatives and monitors trends and best practices in ESG practices and reporting.
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This report outlines EQB's progress on social, governance and environmental matters. It reinforces our commitment to investing to improve Canadian society, reduce environmental impact, support employees' evolving and diverse needs and provide Canadians with better, more accessible and enriching financial futures.
The ESG landscape in Canada and around the world is constantly changing and evolving. There exist several rating agencies that look to organize and consolidate material ESG metrics into comparable scores. While there is room for consolidation in this industry, we continue to stay in contact with several ESG rating agencies through surveys, feedback reports and informational events. We work closely with and are scored by the following rating agencies and more.
S&P CSA
In 2023, EQB ranked in the 82nd percentile in the Banks industry in the S&P Global Corporate Sustainability Assessment score, meaning 82% of companies reached an equal or lower score.
