Following the announcement of its company purpose in June 2021, La Banque Postale enters a new phase of its transformation by becoming a mission-led company. This decision was endorsed during the bank’s General Shareholders’ Meeting held on February 23, 2022. It confirms La Banque Postale’s commitment to ensure a “just transition” by including social and environmental targets at the heart of its governance. This approach is in line with La Poste Group’s commitment, as it also became a mission- led company last June.
Becoming a mission-led company has been made possible thanks to the French PACTE law since May 2019. For a company, this entails setting out the contribution it is willing to make to society, in addition to its economic contribution. It allows a company to include its company purpose in its statutes, coupled with the environmental, social and governance objectives which it is committed to pursuing as part of its activity. This act formally binds executives and shareholders to allocate the necessary resources (financial, human, logistical) to carry on this mission. Its implementation is monitored by a dedicated steering committee, in charge of ensuring that actions introduced by the company are in line with this mission. Moreover, the achievement of these objectives is audited by an independent third party.
In June 2021, during the Citizens' Economy Dialogue, La Banque Postale revealed its company purpose to all its stakeholders with a view to becoming a mission-led company.
During the Extraordinary General Meeting held on February 23, 2022, La Banque Postale ratified its new status as a mission-led company and set up a dedicated steering committee which will reinforce its current governance.
“La Banque Postale wants to make community engagement a key driver of its performance. It has therefore made a long-term commitment to achieve this goal by adopting the status of mission-led company. This new governance model, in support of a just transition, binds us to this commitment. Our aim is to transform our model as a European bancassurer through impact finance, thereby contributing to the overall advancement of the highest international standards in this field,” announced Philippe Heim, Chairman of the Executive Board of La Banque Postale.
“This new step introduces more stringent targets at all levels across the bank and encourage us to move forward with the ongoing transformation of our business model and practices. Setting tangible objectives will help drive the application of our company purpose, which inspires us and provide each our employees with the means to contribute to change” according to Adrienne Horel-Pagès, Chief Sustainability Officer of La Banque Postale.
By becoming a mission-led company, La Banque Postale has chosen to include clear and structuring social and environmental objectives in its statutes (see Appendix 1), which apply to the foundation of its banking model, and to which strict and ambitious performance indicators will be assigned.
A steering committee chaired by the economist Natacha Valla
According to the French PACTE law, a steering committee has been appointed to ensure that actions introduced by La Banque Postale are in line with the social, environmental and regional objectives set by the company. This committee is separate from the company’s corporate bodies and is composed of independent members as well as of internal members of La Banque Postale. It also acts as advisor to the governance bodies.
“There is an urgent need to support the transformation of the banking model, and more broadly of the economy, towards more sustainable new business models, responsible and in line with the challenges of our times. Academic and scientific bodies model conceptual approaches, but it is the responsibility of companies, and in particular banks, to put these ideas into practice and implement them on a large scale. That is why I am extremely proud to be chairing this steering committee which will have the important responsibility of providing a critical external view, to support La Banque Postale in achieving its mission and encourage it to always look for the most innovative and high impact solution” explained Natacha Valla, Chairwoman of La Banque Postale’s steering committee.
