National Bank of Oman (NBO) has become the first publicly listed organization in Oman to release its sustainability report, entitled Responsible Banking.
Sustainability management is defined as the combined management of economic, social and environmental performance, with the aim of benefitting all key stakeholders.
NBO’s sustainability report, according to a press release, features the bank’s sustainability strategy and progress, covering its approach and performance, from 2009 to 2011, on the most material issues faced by the bank, with regards to sustainability. It was produced using stakeholder feedback and the disclosure requirements of the Global Reporting Initiative (GRI) guidelines, which is the top international benchmark for sustainability reporting.
GRI Report Services, Amsterdam, has confirmed NBO’s sustainability report fulfils the requirement of Application Level B, and awarded NBO a G3.1 guideline, which ensures a standardized and comparable approach to sustainability reporting.
Omar al Fardan, NBO chairman, said, “NBO is indeed very proud to take the lead to publish the first sustainability report in the Omani banking industry and among listed corporates in the country. The report marks a substantial step towards greater transparency and positive commitment to our stakeholders,” Muscat Daily reported.