Unveiling efficient organizational models for CSR and sustainability: TBC Bank

TBC Bank in Georgia takes a holistic approach to ESG, interweaving sustainability into every aspect of the bank’s operations. Maka Bochorishvili, Environmental, Social and Governance Coordinator at TBC, sheds light on their unique perspective and strategic organizational structure for addressing sustainability, in this interview with Qorus.

What does sustainability mean for you and your bank?

For us, sustainability encompasses a broader perspective than the narrow definition often associated with it. At our bank, sustainability aligns with the principles of Environmental, Social and Governance (ESG) criteria, making it a guiding concept for our approach to sustainability. This encompasses both internal organizational aspects and external activities, including our products, services, community initiatives and partnerships. In essence, sustainability touches almost every facet of our operations.

When we were formulating our sustainability strategy towards the end of 2021, we realized the need for clarity and direction. We delved into the European Central Bank's strong sustainable accounting standards, the Task Force on Climate-related Financial Disclosures (TCFD), and the Global Reporting Initiative (GRI), each with its own unique components and concepts. Additionally, external rating agencies have their interpretations of what is material in sustainability. Some emphasize environmental aspects, while others focus on resilient business models, reflecting a more holistic perspective.

This complexity led us to adopt a more inclusive approach, primarily using the term ‘sustainability’ in our discourse. For instance, we refer to our reporting as ‘sustainability reporting’ because it covers all dimensions of our sustainability efforts.

While we may use the term ESG in certain contexts, we refrain from using the term Corporate Social Responsibility (CSR), as it tends to limit the scope. At our bank, the ESG department operates under the Chief Risk Officer, emphasizing that sustainability and risk are intricately connected and integral to our core business. This approach differs from treating ESG as a separate or community-focused project, positioning it as an overarching function that interweaves sustainability into every aspect of our operations.

One of our key functions is to bridge the gap between ethical and sustainable principles and the language and concepts of the business world. This translation process enables us to integrate sustainability into business terminology, concepts, products, profitability and opportunities. We believe that this approach is vital, as it allows businesses to embrace sustainability within their established frameworks and metrics, making them more committed and successful in achieving sustainability goals.