Sustainability must shape every business function, says Eurobank

Eurobank highlighted the importance of embedding environmental, social and governance (ESG) principles into core business strategy rather than treating them as a communications exercise, during its participation in the 4th Cyprus ESG Forum.

The aim, according to the bank, is to promote accountability and sustainable practices across the business community.

The forum, held in Nicosia earlier this month with the support of Eurobank, focused on the modern challenges and opportunities created by ESG for businesses and the decisive role companies play in shaping a more sustainable economic and entrepreneurial environment.

Discussions centred on the urgent need to integrate sustainability strategies into key business operations, the implementation of effective ESG frameworks and the way artificial intelligence is transforming sustainable development.

As part of the conference programme, Katerina Makridou-Kassoumi, head of Eurobank’s sustainability unit, took part in a panel discussion titled “Leadership & Accountability”.

“ESG must be a real strategic priority and not merely a communication commitment,” she said during the discussion, stressing that leadership has a responsibility to ensure sustainability is embedded across organisations.

She explained that this approach requires the integration of ESG practices into the core pillars of corporate strategy and across the full spectrum of business activities.

She also pointed to the need for appropriate frameworks, policies and monitoring indicators, alongside a strong corporate governance structure that includes all lines of defence, the board of directors and senior management.

During her intervention, Makridou-Kassoumi presented a range of initiatives undertaken by Eurobank to support the transition to a more sustainable operating model.

These include the revision of the bank’s ESG strategy and governance framework in cooperation with the wider Eurobank Group.

She also referred to the development of an ESG risk assessment process for borrowers, aimed at strengthening responsible lending practices.

In addition, she highlighted the signing of an agreement with the European Investment Fund to support small and medium-sized enterprises, as well as the creation of a revised sustainable finance framework offering a broader range of product categories.

What is more, she underlined that “ESG is not an issue only for large corporations”.

She said that “companies of all sizes that integrate sustainability principles into their operations can reduce risks, including reputational risks, while unlocking new opportunities”.

“Eurobank remains a steady partner for its clients as they transition towards a green and sustainable economy,” the bank stated.

It added that it continues to “provide support, guidance and suitable financing products to help businesses adapt to evolving ESG requirements and long-term sustainability goals”.