Our policies and standards

The Transition Acceleration Policy (TAP) is the ESG sector-specific policy adopted by Belfius in 2021. Through this policy, Belfius aims to encourage and support companies as they move towards more sustainable activities. Belfius also seeks to reduce the negative effects of its activities by ceasing to support non-sustainable activities or by limiting the support it can provide.

This policy covers all commercial activities (lending, insurance, investment, etc.) and is aimed at all counterparties (customer, supplier, company in which an investment is made as part of the management of an investment fund, etc.).

As part of TAP, Belfius specifies which activities it will not finance, or only under certain conditions, and the reasons for these choices. In particular, restrictions are placed on non-sustainable sectors and areas of business (tobacco, arms, mining, energy, soya, palm oil, etc.).

To find out more, see our ESG sector-specific policy. 

We regard respect for human rights as a duty and a matter of course for us as a bank-insurer and a public interest enterprise. It is also a fundamental condition for respecting our motto of being Meaningful & Inspiring – whether for our customers, our employees and society as a whole. Our policy on human rights is inextricably linked to our ambition to strengthen our position as a sustainable and ethical bank and insurance company.

We only wish to work with people and companies who share our level of vigilance with regard to human rights and employment law. We also respect the human rights of our employees and expect each and every one of them to adhere strictly to this policy. This policy applies to all subsidiaries and business lines within the Belfius Group, as well as to our partners and suppliers. 

This policy is designed to inform our customers, suppliers, partners, employees, investors and other stakeholders about Belfius’ ambition and commitment to address the climate crisis and harm being caused to the environment in a manner that is socially inclusive.

With its sights set on a sustainable future, Belfius is doing everything in its power to achieve its commitments for 2025-2030. Belfius is fully aware of the need to develop its activities as a sustainable and responsible bank and insurance company and to meet the demands of its customers in doing so. Belfius is also taking a further step in its commitment by adhering to several United Nations sustainability principles.

In May 2020, Belfius Bank & Insurance signed the UN Global Compact.

The Global Compact is a United Nations initiative that encourages companies to voluntarily apply universal principles of sustainable development and to implement 10 principles relating to human rights, labour, the environment and the fight against corruption, and to communicate on these issues in a fully transparent manner.

The mission and vision that Belfius has of corporate social responsibility fully coincide with these 10 principles of the United Nations Global Compact. We are committed to pursuing their implementation and to reporting annually to our stakeholders on the progress made.

The Principles for Responsible Banking (PRB) were established in September 2019 and provide the banking sector with a single framework for establishing a sustainable and responsible banking system in which sustainable development is deeply embedded at the strategic, portfolio and transaction levels, as well as in all aspects of business management. As a result, the PRB are helping to speed up the achievement of the Sustainable Development Goals and the objectives of the Paris Climate Agreement.

Belfius is committed to respecting the 6 principles for responsible banking. 

The Principles for Sustainable Insurance (PSI) offer the insurance industry a global, step-by-step plan for innovative risk management and the development of insurance solutions capable of responding to the risks and opportunities associated with environmental, social and governance (ESG) issues: renewable energies, water quality, food security, sustainable cities and disaster-resilient communities, etc.

By signing the 4 PSI in June 2020, Belfius Bank & Insurance aims to integrate sustainable development criteria into all of its activities. Climate change, the ageing population, healthcare and the fair distribution of wealth are at the heart of this approach.

The Principles for Responsible Investment (PRI) are a list of 6 ambitious voluntary principles that contain a series of possible measures for integrating environmental, social and governance aspects into investments. The PRI serve the long-term interests of the signatories, the financial markets and the economies in which they operate, and ultimately the environment and society as well.

In February 2019, Belfius Asset Management, a subsidiary of Belfius, adopted the 6 principles. By introducing these principles, Belfius Asset Management is making a practical contribution to a more sustainable global financial system.

In 2019, Belfius signed the Gender Diversity Charter in the financial sector, which is part of “Women in Finance”. This charter aims to offer fairness and equal opportunities to men and women in the Belgian financial sector by taking initiatives to ensure gender equality at all levels and by promoting an inclusive culture.

By signing this charter, Belfius undertakes to seek to achieve a balance between men and women at all levels. We are therefore committed to setting targets, taking practical measures, setting positive numerical targets and reporting publicly on our progress each year.

Belfius undertakes to participate actively in the “Women in Finance” initiative, which aims to improve gender diversity in the financial sector.