PTSB has a long banking history in Irish communities, with roots that stretch back over 200 years to the building society and Trustee Savings Bank movements. Throughout this time, our focus has been on delivering exceptional customer service and connecting with our local communities.
Our Ambition is to be Ireland’s best personal and small business bank. Best doesn’t necessarily mean the biggest, but it does mean the being the best at what we do. This Ambition is supported by our five core values: Customer Focus, United, Straightforward, Courageous and Open.
Our Values provide us a framework for leadership and offer a set of guidelines for the mind-set and behaviours required to achieve our Vision. They drive our decision making, support the strategic priorities of our business, and inspire our organisational culture.
Our experiences over two centuries shape our culture and influence how we do things today and we are committed to continuing this long tradition through our Responsible and Sustainable Business Strategy.
This Strategy is built around four pillars: Customers, Colleagues, Community and Environment – for which the following overarching objectives have been set:
As we move into the next phase of our journey, our focus is on long term sustainability, the role that the Bank will play in tackling climate change and supporting the transition to a low carbon economy.
Given the increased focus on sustainability not only in Ireland, but around the world, the Bank commissioned Ernst and Young (EY) to conduct a comprehensive sustainability assessment of PTSB in 2020.
The comprehensive assessment covered a number of topics, including; climate risk; carbon impact and supporting the transition to a low carbon economy; setting science based targets; green products and services; sustainable procurement; developments in the regulatory landscape, reporting and alignment with disclosure frameworks; and, everything in between.
It highlighted the things we are doing well across the organisation, but more importantly, provided insight into our areas of opportunity – the places where we can focus our attention to drive change and deliver lasting impact.
Following the EY assessment, the Bank mobilised a Sustainability Committee with representation from Senior Leaders from every area of our business. The Sustainability Committee operates as a sub-committee of the Executive Committee and reports progress into the Nominations, Culture and Ethics Board Committee at regular intervals throughout the year.
Led by the Board, the Sustainability Committee has commenced work on turning the findings of the EY Report into an action plan for the organisation. This work will continue through 2021.
Following a comprehensive programme of work, in 2020 the Bank was honored to receive the ‘Business Working Responsibly Mark’ (The Mark) from Business in the Community Ireland (BITCI).
The Mark is an external accreditation recognising best in class Responsible Business Programmes in Ireland and as such, the Bank now joins a prestigious group of only 40 other companies who have achieved this accolade.
As part of this accreditation, our CEO Eamonn Crowley will sit alongside the CEOs of other member companies as part of the Leaders Group on Sustainability – a collaborative group who work with key stakeholders to drive environmental, social and governance (ESG) change across the country.
We will continue to work alongside BITCI to develop our Responsible and Sustainable Business Programme the years that lie ahead.
PTSB takes a number of factors into consideration when assessing materiality and, thereby, where to prioritise resources for its Responsible Business activity. These include, but are not limited to: our business model and strategy; principal risks; sectorial issues; public policy and regulation; and, the impact of our activities on wider society.
In 2021, we will engage with stakeholders to complete a comprehensive materiality assessment of our Responsible and Sustainable Business Programme.
This assessment will offer insights on the relative importance of specific environmental, social and governance (ESG) issues and will assist us as we build out our Sustainability Strategy.
The Board of Directors approved the Responsible and Sustainable Business Strategy and ensures Management have comprehensive plans in place for achievement of the Bank’s Responsible and Sustainable Business objectives. PTSB’s Chief Executive receives regular updates regarding the implementation of the strategy, and progress against KPIs is reported upward to both the Executive Committee and the Nominations, Culture and Ethics Board Committee on a quarterly basis.
In 2020 the Bank enhanced its approach to Responsible and Sustainable Business Governance and now has in place a Sustainability Committee. The Sustainability Committee is an evolution of the previously established Responsible Business Committee, and operates as a Sub-Committee of the Executive Committee.
The Sustainability Committee is chaired by the Corporate Development and HR Director and includes representation from both Executive Committee members, and Senior Leaders representing business units across the organisation. The Committee meets at regular intervals throughout the year to review and direct the development of programming, with a clear focus on the Environmental, Social and Governance (ESG) factors that are core to operating our business in a responsible and sustainable way.
A dedicated resource is in place to provide leadership and coordinate activities, with the support of the Sustainability Committee.
