📋 Tender Overview
As part of its ongoing commitment to sustainability and in accordance with global standards and guidelines to enhance transparency and disclosure related to key environmental societal and governance ESG principles Gulf Bank has launched its first Sustainability Report. The report was issued in keeping with the Global Reporting Initiative GRI principles the Kuwait stock exchanges sustainability disclosure guide the United Nation Sustainable Development Goals SDGs Kuwait Vision 2035 and Gulf Banks 2025 Strategy.During a presentation of the most important highlights of the 2020 Sustainability Report Gulf Banks Deputy General Manager of Corporate Communications at Gulf Bank Ahmad Al-Amir commented At Gulf Bank we recognize the importance of our role and our active contribution to establishing a more sustainable society by adopting responsible practices with a proactive and sustainable approach in addition to demonstrating effective leadership and governance. As part of our plan we are actively providing enhanced financial and banking services and innovative digital solutions as well as ensuring more talent acquisition empowerment of local youth in society and other practices that ensure the inclusion of environmental social and governance elements within the work pillars of Gulf Bank.He added We are constantly striving to meet the needs of customers and investors and provide services of long-term value financially environmentally socially and ethically. By applying sustainability practices effectively we are proud to contribute to our societys development and enhance economic leadership in global markets.Furthermore he noted that this report focuses on communication transparency within global frameworks enabling Gulf Bank to identify stakeholder interests requirements and priorities in essential sustainability decisions while increasing transparency and disclosure of the Banks performance.Social ResponsibilityAl-Amir pointed out that the Bank continues to successfully navigate the challenges of the pandemic in spite of what has been a globally challenging year. With a clear and steadfast strategy in place Gulf Bank has proven itself especially well-equipped to handle local and global crises especially with the resilient and consistent efforts demonstrated by its employees over the last year.In addition Al-Amir noted that Gulf Bank was quick to contribute to the Central Bank of Kuwaits KD 10 million fund designed to allow local banks to support national efforts in combating the spread of the pandemic. Gulf Bank donated KD 1 Million to the banks fund and distributed preventive materials to frontline workers and testing centers.Gulf Bank also responded to the Kuwait Banking Association initiative to postpone customer loan installments for six months which cost the banking sector KD 380 million. The Bank also postponed loan installments for another six months offering customers the option to defer payment of their loans without interest on the deferral period.In addition more employees keep volunteering with Gulf Bank as part of the Banks Sawaed Al Khaleej volunteer program. The program which aims to strengthen the Banks role in social responsibility grew from 116 volunteers in 2019 to 120 volunteers in 2020.As part of its commitment to educate customers about their rights and various cyber security tips Gulf Bank also participated in Diraya an awareness campaign initiated by the Central Bank of Kuwait and the Kuwait Banking Association to educate the general public about all matters related to banking and finance.GovernanceAl-Amir noted that the Bank is implementing the best governance practices in accordance with the instructions of the Central Bank of Kuwait and the Capital Markets Authority. Gulf Bank maintains the strictest levels of governance through its board of directors and various committees while adhering to the highest standards of disclosure and transparency and activating the role of internal and external audits.Women and Youth EmpowermentRegarding the Banks efforts to support gender parity Al-Amir noted that women represent 42.3 of the Banks employees with 38 of women also holding a senior management position. Al-Amir underscored the Banks eagerness to support gender equality as part of its commitment to respect and support human rights and implement the United Nations Principles of Womens Empowerment.He indicated that the Bank also pays considerable attention to local youth which renders the Bank an attractive employer for graduates seeking employment. The employment rate of new graduates also increased by 57.5 with the number of employees under 30 jumping from 25.5 in 2019 to 28.6 in 2020. In contrast the proportion of employees between the ages of 30 and 50 decreased from 69.2 in 2019 to 67.4 in 2020.Al-Amir also mentioned that the Bank has recruited six people with special needs over the past year and has equipped its branches across the six local governorates with ATMs that cater to all needs.TrainingAl-Amir noted that training courses targeting Gulf Bank employees increased by 26 to include 1800 employees in 2020 compared to only 1429 in 2019. The new training opportunities come as part of Gulf Banks commitment to keeping up with global banking developments and ensure continuous human capital development in spite of the pandemic. As part of their precautionary measures last years training courses were all conducted remotely.KuwaitizationAl-Amir also announced that Gulf Banks Kuwaitization rate increased by 2.1 to reach 75.3 in 2020 while the percentage of Kuwaitization of senior-level jobs increased by 3.4 rising from 49.8 in 2019 to 53.2 in 2020.
