The Principles emerged in response to a growing understanding of the urgency and importance of change. Signatory banks are held to account to their commitments in a robust and meaningful way.
The Banking Board
The Banking Board has 11 representatives of the banking community and one from the UN. It is responsible for ensuring the successful implementation of the Principles.
The UNEP FI Secretariat reviews the progress made by each individual signatory bank annually and informs the Banking Board of any that may not be making sufficient progress. Those that are not meeting their commitments are given support to make the necessary changes. Ultimately, if sufficient progress cannot be demonstrated, the Banking Board may take the decision to de-list the bank as a signatory.
The Banking Board oversees a biennial report presenting the collective progress of the signatories.
Every two years, the Banking Board leads a review of the Principles for Responsible Banking Framework Documents. This is an opportunity to evolve the Principles to keep pace with changing understanding of sustainability.
Civil Society Advisory Body
The Civil Society Advisory Body has 12 members, representing areas of expertise and geography, as well as stakeholders, such as employees and customers. It engages with the Banking Board and collectively with the signatory banks. For example, in the biennial progress report, the Civil Society Advisory Body will offer an independent assessment of the collective progress of the signatory banks.
It will also help maintain the ambition of the Principles, and provide expert support to the working groups.
For more details on the governance of the Principles for Responsible Banking, please refer to the UNEPF FI Banking Governance Framework.