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FirstRandSouth Africa

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This profile is actively maintained
Last update: 2024-04-19 00:00:00
FirstRand Bank logo. Photo: FirstRand

Active

This profile is actively maintained
Last update: 2024-04-19 00:00:00
Bank info
BankTrack campaigns
All
About
Website https://www.firstrand.co.za/
Headquarters
4 Merchant Place, Cnr. Fredman Drive & Rivonia Road, 4th Floor 2196
Sandton
South Africa
CEO/chair Mary Vilakazi
CEO
Supervisor
South African Reserve Bank
Ownership
listed on JSE Limited & Namibian Stock Exchange

FirstRand's largest shareholder is the South African state-owned Public Investment Corporation (16.1%). The bank's complete shareholder structure can be accessed here.
Subsidiaries
Rand Merchant Bank – South Africa

FirstRand Limited (also referred to as FirstRand Group) was established in April 1998. FirstRand is a financial services group and one of the big four South African retail, commercial and investment banks. FirstRand owns brands like First National Bank (FNB), Rand Merchant Bank (RMB), Ashburton Investments, and Wesbank. The group has representation elsewhere in Africa, including Nigeria, as well as the United Kingdom, Dubai, Australia, China, and India. The bank signed the Equator Principles in 2009.

Sustainability
Commitments
Policies
Voluntary standards

FirstRand's most important sustainability commitments can be found at the website sections listed below.

Links

Contract with society

Policies and practices

ESG approach

Policy on energy and fossil fuels financing

Bank policy
2024-04-08 00:00:00 | FirstRand

Environmental and social risk assessment process

Bank policy
2023-09-07 00:00:00 | FirstRand

Climate change policy

Bank policy
2023-06-30 00:00:00 | FirstRand

Environmental sustainability policy

Bank policy
2022-11-24 00:00:00 | FirstRand

Ashburton responsible investment policy

Bank policy
2022-04-13 00:00:00 | Ashburton Investment (subsidiary of FirstRand)

Human rights framework

Bank policy
2022-01-31 00:00:00 | FirstRand

Policy statements relating to restrictions on the financing of certain sectors/activities

Bank policy
2019-08-31 00:00:00 | FirstRand

Code of ethics

(date listed represents date as accessed on website)
Bank policy
2018-10-23 00:00:00 | FirstRand

Suppliers code of conduct

Bank policy
2017-01-24 00:00:00 | FirstRand

Anti-bribery policy

Bank policy
2015-12-31 00:00:00 | FirstRand
FirstRand has committed itself to the following voluntary standards:
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Partnership for Biodiversity Accounting Financials (PBAF)Tags: biodiversity | corporate social responsibility
Partnership for Carbon Accounting Financials (PCAF)Tags: carbon | corporate social responsibility
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance
UNEP Finance InitiativeTags: United Nations | sustainable development
United Nations Global CompactTags: United Nations | human rights
Dodgy Deals

FirstRand is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of FirstRand's link to these deals.

Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

‘The land belongs to Mozambicans, not to France’

Two week long protest continues against TotalEnergies and its Mozambique LNG gas project for resettlement violations in Afungi Communities, Palma District, Cabo Delgado, Mozambique
2024-11-15 | Justiça Ambiental (JA!)/Friends of the Earth Mozambique
Blog
BankTrack news BankTrack blog Partner news Partner blog

South African banks still score poorly on climate

2024-10-22 | Just Share
Blog
BankTrack news BankTrack blog Partner news Partner blog

As the world chokes in plastic, banks continue to finance plastic production

New research reveals a lack of bank policies dealing with the impact of plastics on climate, nature and humans
2024-10-17 | Amsterdam | BankTrack, Plastic Soup Foundation, Profundo
Blog
BankTrack news BankTrack blog Partner news Partner blog

International NGOs call for immediate official investigation into reports of series of atrocities committed by Mozambican security forces near TotalEnergies’ Mozambique LNG premises

2024-09-27 | BankTrack, Friends of the Earth Europe, Friends of the Earth Japan, Friends of the Earth US, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Les Amis de la Terre France, Milieudefensie, Reclaim Finance, ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

Beggar thy neighbour: South African public financing of Mozambique fossil gas project

2024-02-13 | Fair Finance Coalition Southern Africa (FFCSA)
Blog
BankTrack news BankTrack blog Partner news Partner blog

How cool is your bank?

Just Share has published a new report: How cool is your bank? An analysis of how South Africa’s big five banks understand and manage climate risk
2023-11-20 | Just Share
Blog
BankTrack news BankTrack blog Partner news Partner blog

124 civil society organisations call on financial institutions to withdraw support for TotalEnergies’ Mozambique LNG project

2023-11-17 | BankTrack, and partners, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Les Amis de la Terre France, Milieudefensie, Reclaim Finance, ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Environmental groups urge funding halt for TotalEnergies' Mozambique project

2023-11-17 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financing mining for transition minerals in South Africa: Are banks doing enough on human rights?

New briefing finds banks linked to companies extracting transition minerals are overlooking serious human rights and environmental concerns
2023-04-26 | Business & Human Rights Resource Centre
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?

Two banks made clear they will avoid financing Rovuma LNG, but plenty remain in the frame.
2023-03-20 | BankTrack, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Les Amis de la Terre France, ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

At least $132 billion in finance for fossil fuels is locking Africa out of a Just Transition, shows new report

African countries kept in fossil fuel stranglehold by Overseas money
2022-03-03 | BankTrack, 350.org Africa, AFIEGO, Africa Coal Network, Alerte Congolaise pour l’Environnement et les Droits de l’Homme (ACEDH), Alliance for Empowering Rural Communities (AERC), Centre for Alternative Development (CAD), Environment Governance Institute (EGI), Friends of the Earth Ghana, Friends of the Earth Mozambique, Friends of the Earth Togo, Innovation for the Development and Protection of the Environment (IDPE), Laudato Si, Lumière Synergie pour le Développement (LSD), Milieudefensie, Oil Change International, Save Okavango (SOUL), Solidarité pour la Réflexion et Appui au Développement Communautaire (SORADEC), Synergie de Jeunes pour le Développement et les Droits Humains (SJDDH), Women Environmental Programme Nigeria, WoMin, Zimbabwe Environmental Law Association (ZELA)
BankTrack news BankTrack blog Partner news Partner blog

South African banks opt out of EACOP financing

Four of South Africa’s five major banks have said they will not support the East African Crude Oil Pipeline (EACOP), in Uganda and Tanzania.
BankTrack mentioned
2022-02-08 | Energy Source
BankTrack news BankTrack blog Partner news Partner blog

Fifteen banks now steering clear of East African oil project, says Just Share

BankTrack mentioned
2022-02-08 | Mining Weekly
Blog
BankTrack news BankTrack blog Partner news Partner blog

Standard Bank isolated as other South African banks steer clear of Total’s EACOP oil pipeline

ABSA, FirstRand, Nedbank and Investec all confirm they will not finance EACOP
2022-02-08 | Africa | BankTrack, #StopEACOP, Just Share
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

BankTrack research sheds new light on finance for fossil fuels by Equator banks
2021-10-26 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks and biodiversity: are banks moving towards Kunming?

As China hosts the first part of the UN Biodiversity Conference, banks are called upon to support its goals
2021-10-14 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Some SA banks committed to fossil fuel disinvestment — others aim to keep coal and oil financing furnaces burning

2021-10-04 | Daily Maverick
BankTrack news BankTrack blog Partner news Partner blog

Analysis of FirstRand’s new climate and energy policies

2021-09-17 | JustShare
Blog
BankTrack news BankTrack blog Partner news Partner blog

Victims of Liberian gold mine disaster see groundbreaking complaint against development banks accepted

DEG and Proparco indirectly backed the Liberian mine through investments in FirstRand, a South African commercial bank
2021-08-09 | Inclusive Development International
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming

Civil society organizations urge banks to adopt stringent “No Go” policy for biodiversity rich areas
2021-05-26 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

African banks responsive on human rights but most lack basic policies, finds new benchmark

Nigeria’s Zenith leads after publishing previously unavailable policies; state-owned National Bank of Egypt comes in last place with no points
2021-03-29 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New BankTrack Equator Principles reporting tracking tool launched

2020-09-21 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Covid-19 showing importance of early action in tackling global threats, says NPO

2020-04-08 | Engineeringnews.co.za
BankTrack news BankTrack blog Partner news Partner blog

Is your cash fuelling the climate crisis?

2019-11-25 | Mail & Guardian Online
Blog
BankTrack news BankTrack blog Partner news Partner blog

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
BankTrack news BankTrack blog Partner news Partner blog

FirstRand joins exodus of banks funding new coal-fired power plants

2019-02-03 | Daily Maverick
Blog
BankTrack news BankTrack blog Partner news Partner blog

Principles must bring commitments

Banks endorsing draft Principles for Responsible Banking called upon to urgently act on what they sign
2018-11-26 | Paris | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

What Banking Officials Told South African Corruption Inquiry

2018-09-18 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Fake green hues in big banks’ environment-friendly boasts

2018-03-22 | BusinessDay
BankTrack news BankTrack blog Partner news Partner blog

Equator Principles goes beyond project finance, improves transparency

2012-08-13 | Environmental Finance
BankTrack news BankTrack blog Partner news Partner blog

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

2011-10-25 | Washington | prizmablog.com
BankTrack news BankTrack blog Partner news Partner blog

Time to Improve the Equator Principles, BankTrack Says

BankTrack mentioned
2011-10-24 | Washington | Social Funds
BankTrack news BankTrack blog Partner news Partner blog

BankTrack to Equator Principles banks; ‘get the Outside Job done’

Equator Principles update must lead to new Principles focused on people and planet
2011-10-23 | Washington | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financiers search for sustainable future

BankTrack mentioned
2011-10-20 | Washington | Environmental Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New rules for Equator Principles, but no new commitments from banks

New governance rules represent missed chance for Equator Principles to take bold steps forward on transparency and accountability
2010-07-01 | Nijmegen, the Netherlands | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Principles: Action, not words needed

BankTrack calls upon Citi, new chair of Equator Principles to take bold steps forward
2010-03-15 | Nijmegen, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Civil society groups call for bold steps forward with Equator Principles

Major reforms needed on transparency, accountability, implementation and climate change
2010-01-14 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

First Rand adopts Equator Principles

2009-07-16
BankTrack news BankTrack blog Partner news Partner blog

First Rand adopts Equator Principles

2009-07-16
Resources
Documents

Annual report 2023

Annual report
2024-04-19 00:00:00 | FirstRand

CSR report 2023

Annual report
2024-04-19 00:00:00 | FirstRand

Policy on energy and fossil fuels financing

Bank policy
2024-04-08 00:00:00 | FirstRand

Environmental and social risk assessment process

Bank policy
2023-09-07 00:00:00 | FirstRand

Climate change policy

Bank policy
2023-06-30 00:00:00 | FirstRand

Annual report 2022

Annual report
2023-06-22 00:00:00 | FirstRand

Environmental sustainability policy

Bank policy
2022-11-24 00:00:00 | FirstRand

Who is financing fossil fuel expansion in Africa?

BankTrack publication
2022-11-15 00:00:00 | Urgewald, BankTrack, 350.org Africa, Africa Coal Network & Oilwatch Africa, et al.

CSR report 2021

Annual report
2022-05-18 00:00:00 | FirstRand

TCFD report 2021

Other bank document
2022-05-10 00:00:00 | FirstRand

Annual report 2021

Annual report
2022-05-03 00:00:00 | FirstRand

Ashburton responsible investment policy

Bank policy
2022-04-13 00:00:00 | Ashburton Investment (subsidiary of FirstRand)

Human rights framework

Bank policy
2022-01-31 00:00:00 | FirstRand

Guidance on Biodiversity Target Setting for PRB signatories

Other document
2021-06-24 00:00:00 | UNEPFI

CSR Report 2020

Annual report
2021-06-01 00:00:00 | FirstRand

PBAF Common Ground Paper

Other document
2021-03-21 00:00:00 | Partnership for Biodiversity Accounting Financials

Annual report 2020

Annual report
2021-03-08 00:00:00 | FirstRand

Report to society

Other bank document
2020-11-03 00:00:00 | FirstRand

Annual integrated report 2019

Annual report
2019-11-12 00:00:00 | FirstRand

Letter from FirstRand to BankTrack on PRB implementation

Correspondence
2019-09-11 00:00:00 | FirstRand

Policy statements relating to restrictions on the financing of certain sectors/activities

Bank policy
2019-08-31 00:00:00 | FirstRand

Code of ethics

(date listed represents date as accessed on website)
Bank policy
2018-10-23 00:00:00 | FirstRand

Suppliers code of conduct

Bank policy
2017-01-24 00:00:00 | FirstRand

Anti-bribery policy

Bank policy
2015-12-31 00:00:00 | FirstRand

Environmental and Social Risk Analysis and Equator Principles report

2012
Other bank document
2012-08-01 00:00:00 | FirstRand

2011 Global Investor Statement on Climate Change

Other document
2011-10-19 00:00:00 | IIGCC, INCR, IGCC, UNEP-FI, PRI

FirstRand 2010 Corporate Governance and Sustainability Reporting - Independent Assurance Statement

Other bank document
2011-05-31 00:00:00 | FirstRand

Letter from BankTrack to EPFIs on issues around Equator Principles Review process

Correspondence
2010-12-18 00:00:00 | Banktrack

Carbon Footprint and Carbon Disclosure Project Summary Report

Other bank document
2010-11-22 00:00:00 | Firstrand

United Nations Global Compact Communication on Progress 2009

Other bank document
2009-11-01 00:00:00 | First Rand Bank

Global Reporting Initiative Content Index 2009

Other bank document
2009-06-30 00:00:00 | First Rand Bank

United Nations Global Compact Communication on Progress 2008

Other bank document
2008-11-01 00:00:00 | First Rand Bank
Accountability
Grievances

FirstRand operates a group ethics line reporting facility which can be accessed here.

FirstRand is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.

This page evaluates FirstRand's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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Banks and Climate

Banks and Climate

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of FirstRand’s fossil fuel policy below.

Assessment of FirstRand's coal policy in the Coal Policy Tool
Banks and Human Rights

Banks and Human Rights

BankTrack assessed FirstRand in its 2021 Human Rights Benchmark Africa, where it achieved 1 point out of 14 and was ranked as a 'laggard'. More information is detailed in the "Accountability" section of this profile

The BankTrack Human Rights Benchmark

Human Rights Benchmark Africa 2021

BankLast update
Country
Score
Ranking
Details
FirstRand
ZAF
1
Laggard 1
Explanation
Laggard
Follower
Front runner
Leader
0 - 3.5 points
4 - 5.5 points
6 - 8.5 points
9 - 14 points
For more details see this page.