sustainable performance and ESG

For us at Itaú Unibanco, business and sustainability move forward together. Both this crosswise approach and relevance are part of the bank’s corporate strategy, which is defined and monitored through a corporate governance structure.

Performance sustentável e ESG

Our ESG agenda is the result of the maturity of our sustainability governance processes and structures. In recent years, we have made firm commitments in the face of today’s great challenges, with targets periodically reviewed, ensuring the transparent and efficient running of the business and approach to the impacts we generate.

ethics in relations and business

We have a set of guidance and practices that drive our conduct in all our relationships. Itaú Unibanco’s Code of Ethics, as approved by the Board of Directors, is the main document in this respect, formalizing our commitment to the topics discussed at major International Labor Organization (ILO) conventions and other international agreements, as well as guiding our internal policies related to integrity and ethics.

Every employee, regardless of their position, must adhere to a statement that comprises the guidelines of the Code of Ethics and other related corporate policies. Compliance with the bank’s Code, and its major principles and values is guaranteed by the Integrity and Ethics Program.

client relations

Our relationships with our clients are based on the principles of ethics, responsibility, transparency, and hard work, always seeking a convergence of interests. All Itaú Unibanco products and services are designed to meet our clients’ needs, interests and goals. We make sure all of them have well-defined target audiences and are sold through contracting channels compatible with their level of complexity.

The Ombudsman’s Office is one of the channels clients can use to solve their problems. The Ombudsman’s Office acts as a reviewer of last resort in cases where the client has had his or her complaint answered by the primary channels and is not satisfied with the response. Additionally, acting together with our other areas, the Ombudsman’s Office contributes to the assessment of the client’s vision in the creation of new retail products and services, ensuring compliance with the Consumer Defense Code and representing the client’s vision, with a focus on transparency and client satisfaction.

relevant topics for us

suitability and quality sales

suitability and quality sales​

client privacy

client privacy

accessibility

accessibility

financial orientation

financial orientation

relations with the sector and society

We have selected sponsorships and memberships that are in line with our work principles, increasing the scale of our impact. We establish internal and external commitments, create partnerships and make direct efforts towards the government and civil society, in addition to exercising our influence on market players.


Through associative contributions:

▪ we help to develop opportunities for discussion and dialogue with agents from the sector

▪ guide the preparation of self-regulation policies

▪ structure joint actions between institutions

relacionamento com fornecedores

relationship with suppliers

In 2020, we launched the Supplier Guide to Environmental and Social Responsibility and Positive Impact.


Also, in 2020 our employees attended training on the guidelines in the Supplier Relationship Code, whose acceptance is mandatory to become a bank supplier, among other requirements.

After registration, we carried out an approval process to assess companies' adherence to our social and environmental responsibility practices, as well as the fulfillment of their corporate obligations and compliance with tax, tax and labor laws. Approved suppliers are monitored periodically, considering the same risks assessed in the approval process.
0
homologated suppliers in Brazil
0
%
of purchases made with local suppliers

government relations

We value having ethical and transparent relationships with all public officials, which respect the laws, rules and regulations in force. We represent institutional interests and the interests of the financial system by monitoring the regulatory framework for the sector issued by the government and by providing technical suggestions and information. The bank’s purpose is to contribute to perfecting the Brazilian regulatory scenario, while complying at all times with legal and ethical precepts.


Our efforts are directed towards the federal, state and local levels. At the federal level, we monitor the progress of legislative proposals pending at the National Congress on topics involving the financial sector, such as issues concerning tax, consumers, labor and regulations regarding new technologies and the like.

communication channels

canais de manifestação

Our manifestation channels investigate incoming communications in a timely manner, with independence, impartiality and confidentiality, and keep a record of the situations identified, investigations and decisions adopted.


Among the sanctions applied in confirmed cases are disciplinary measures for employees; and penalties provided for by law, indemnity actions, scope reduction and contractual termination for suppliers.

sustainability in business

investments at Itaú Asset Management

Itaú Asset Management is in charge of asset management at Itaú Unibanco and is the largest private asset manager in Brazil.


Our Responsible Investment Policy guides our activities related to sustainability in our investments and ESG integration.

investimentos naItaú Asset Management

Arvore smiles
0
%

of ESG coverage for all eligible assets in 2020

Our ESG models for companies are aimed at estimating and integrating the financial impact of E&S issues according to traditional valuation models.


This assessment identifies eight multi-sector dimensions and prioritizes the critical variables to each sector when evaluating companies.

ESG operations in the wholesale banking segment

Itaú BBA has been working with distinction on the structuring of issues of ESG bonds in local and foreign capital markets.


In 2020, we structured our first issue of debentures in the local market, in the amount of R$1 billion, to have its yield tied to compliance with sustainable targets related to the increased consumption of renewable energy and the reuse of solid waste.


Meanwhile, in the foreign market, we participated in important issues, structuring the first issue of green bonds of the logistics sector, amounting to US$500 million, with funds intended for investments in initiatives aimed at reducing greenhouse gas (GHG) emissions and improving the issuing company’s energy efficiency.

we issued Itaú Unibanco’s first proprietary sustainable bond,

in January 2021, amounting to US$500 million.


This was the first Sustainability Bond (which combines green and social aspects) of a Brazilian issuer and the first Latin America’s Tier 2 Sustainability Bond.

The funds from the proprietary issue will be used to finance or refinance green and/or social projects within our loan portfolio, in accordance with our Sustainability Finance Framework and the bank’s Positive Impact Commitments.

allocation of funds by type of financing

We have several types of financing, many of which promote environmental and social benefits. in 2020 we originated R$4.8 billion in financing with these aims.

climate finance

The TCFD, set up by the Financial Stability Board (FSB), a G20-linked body, which we have supported since 2017 – has issued recommendations encouraging organizations from a number of sectors to gather and disclose information about the impact of climate change on their business. Our target is to incorporate the recommendations of the TCFD on climate-related strategy, governance, risk management, targets and metrics by 2022.


We address climate finance management from different perspectives. We use an internal methodology to calculate the percentage of TCFD recommendations implemented, which assigns weightings to the actions required to accomplish the recommendations. Our methodology assigns weightings to the actions required to implement the recommendations, based on the complexities of five dimensions: technical, political, temporal, human capital, and financial capital. Please find below the current project implementation status.

project implementation aligned with TCFD

project implementation aligned with TCFD

did you know?

Plano Amazônia

Amazon Plan

preservation and promotion of sustainable development of the Amazon region

The three largest private banks in the country, Bradesco, Itaú Unibanco and Santander, announced an integrated plan with the objective of contributing effectively to the sustainable development of the Amazon region.


The Amazon Plan comprises ten actions, based on three strategic fronts, identified as priorities for the region: supporting environmental preservation and the development of a bio-economy; Investing in sustainable infrastructure; and helping ensure the population’s basic rights.

also read

risk and capital management

risk and capital management

read more

financial management analysis

financial management analysis

read more

who we are

who we are

read more