Making an Impact

SICO is committed to responsible investing and integrating ESG into all levels of its operations

As a regional investment bank, SICO strives to be ahead of the curve by aligning its ESG policies with international best practices from leading independent global organizations including the UNPRI, the world’s leading proponent of responsible investing, and the UNSDGs.

SICO takes pride in being an ethical organization that prioritizes diversity, environmental sustainability, and sound governance throughout its operations. Accordingly, the bank is working to integrate ESG considerations into the fabric of its operations which allows the Bank to create long-term value for all stakeholders, including clients, partners, employees, and the community at large.

Environmental Social, Governance (ESG)

Supporting Our People

SICO prides itself on being an equal opportunity employer with a diverse workforce, and a culture that promotes the empowerment of women. The bank has been led by its first female CEO, Najla Al-Shirawi, since 2014, and 41% of managerial positions are currently held by women. SICO is proud to have a diverse Board of Directors that includes 30% women.

Overall, 37% of SICO’s total workforce is made up of women, with eight currently in leadership positions. The bank’s equality initiatives are led by an Equal Opportunity committee created in 2017, that works to ensure equal employment opportunities and an ongoing enhancement of policies, procedures, and practices to promote gender inclusion and diversity.

A key operational milestone in 2022 was the relocation of SICO’s offices to the Bahrain World Trade Center (BWTC). All three floors include communal areas where colleagues can sit, talk, eat, and bond in a comfortable relaxed setting. The layout of the departments and offices also includes collaborative spaces that provide the ideal environment for brainstorming, connecting, and teamwork with phone booths and meeting rooms available for more private and quiet assemblies. Prayer rooms are also adequately provided to allow employees to practice their faith, and wellness rooms have been introduced for the first time as lactation spaces for new moms, and as quiet spaces for employees and guests in need of a boost of energy.

SICO’s HR department implements an open-door policy to encourage employees to voice their opinions and to promote a culture of transparency, develop trust, and facilitate with the implementation of changes that positively impact workplace efficiency and productivity.

Developing talent within the organization through mentoring and training is a top priority at SICO. Training courses covering everything from banking and finance to soft skills, leadership and management, risk, anti-money laundering, and diversity and inclusion were conducted over the course of the year in cooperation with leading global and local experts such as the Bahrain Institute of Banking and Finance (BIBF), Roshcomm, Bloomberg, Berkeley Law, and Thomson Reuters Compliance Learning, among others.

During the year, SICO employees continued to participate in the CFA Society Bahrain’s Qodwa Mentorship Program, which pairs candidates with experienced charter holders as mentors to help them work towards their academic and professional goals. The program, which is currently in its fifth round, has successfully paired over 70 mentors and mentees, trained more than 100 participants, and expanded across four countries.

The official work from home (WFH) policy that was adopted in 2021, allowing employees, on a caseby- case basis, to work 50% of the time from home, continued for another year. All employees are given the opportunity to work from home, especially those with chronic conditions, mothers, and pregnant women. All employees working from home are supported with the required equipment and/or technical support from IT to ensure uninterrupted workflows.

SICO constantly strives to introduce new benefits to support its employees. The bank’s new employee saving scheme (ESS) allows employees to opt into a savings plan by designating a portion of their monthly base pay with a guarantee that SICO will match the amount with a cash contribution of a similar amount, subject to a maximum cap and a vesting period. Employees will be able to select one of three global options (aggressive, moderate, conservative) according to their personal investment needs. SICO’s Global Markets team will invest the savings in diversified, low-cost liquid investments that are ring-fenced according to international best practice. The ESS, which is expected to officially launch in Q1 2023, was designed in consultation with multinational insurance company, Aon. The bank additionally introduced Female Spouse Medical Insurance as an added benefit to employees in 2022.

controlled equipment and assets (scope 1), emissions from purchased electricity (scope 2), and selected categories that constitute indirect emissions that occur within the bank’s value chain, such as business travel, commuting, and the impact of staff working from home during the pandemic (scope 3). SICO is proud to be one of the first financial institutions in Bahrain to publish a GHG report, and to have offset its emissions to become carbon neutral.

Building on sustaining its transparency in terms of climate-related disclosures, SICO is releasing its second GHG Report covering the fiscal year of 2022. SICO’s carbon emissions have witnessed a 17% increase from last year, reaching 669.336 Mt CO2e. This is mainly due to the extension of its disclosure boundaries to cover Saudi operations, compared to only Bahrain and UAE operations the previous year, in addition to increasing business travels and employees’ commuting as a result of relaxed measures post COVID-19.

It is worth noting that the latest GHG report included enhanced disclosures to encourage further transparency. This was reflected in reporting Saudi office figures, in addition to documenting district cooling value, actual figures of paper consumed, and partial release of purchased goods and services data. The figures also include the emissions from the new offices, as the relocation took place during the reporting period.

The breakdown of the total GHG emissions for 2022 showed that scope 1 emissions were relatively stagnant compared to last year, at 210.796 Mt CO2e. Scope 2’s share increased from 28% to 47% of total emissions with a value of 317.38 Mt CO2e, while scope 3 showed a 7% increase in its share of total emissions, reaching 141.16 Mt CO2e. The bank’s emissions per employee, representing 62% of employees, is 7.44 Mt, well below Bahrain’s GHG intensity rate per capita. Its scope 1 and 2 emissions per employee came below the GCC’s financial sector’s figures, recording 3.62 Mt CO2e.

As part of an ongoing partnership with The National Initiative for Agricultural Development (NIAD)’s ‘Forever Green’ campaign, held under the patronage of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, SICO provided 1,194 trees to be planted along Bahrain’s 16th of December Avenue. SICO initiated the first tree planting campaign in 2019 and made its third contribution to the project in 2022. Forever Green aims to preserve national resources, expand green spaces and reduce the Kingdom’s carbon footprint in support of the national goal to reach net zero by 2060.

Thousands of species of marine animals are affected by waste that is dumped into the sea. SICO employees did their part to help preserve the marine ecosystem by participating in a beach clean-up event to mitigate the negative impact of waste and plastic pollution. As a means of raising environmental awareness within the organization as a whole, SICO conducted a session with Dr. Reem AlMealla, a highly distinguished marine ecologist who specializes in coral reef ecology, on Bahrain’s biodiversity and environmental challenges. The session shed light on the importance of biodiversity in the fight against climate change and the prevention of diseases. It also tackled waste management issues and the role we can each play as individuals in building a more sustainable future.

To further embed sustainability within its operations, SICO implemented a “No Plastic, No Printing” policy and initiated the digitization of business cards. SICO will no longer be using or supplying plastic bottles, cutlery, or cups anywhere on its premises and reusable bottles have been issued to all employees. SICO has also begun recycling paper, plastic bottles, and metal cans in its offices, in addition to working with a local supplier to recycle any electronic waste generated.

SICO lent its support to Bahrain’s flagship educational programs, including the Al Mabarrah Al Khalifia Foundation and the Crown Prince’s International Scholarship Program (CPISP), which it has contributed to for the past 17 years. The CPISP is a program established by Bahrain’s Prime Minister and Crown Prince, HRH Prince Salman bin Hamad Al Khalifa, and operated through funding by the Crown Prince, as well as a number of local and international sponsors. The program seeks to support talented individuals in their academic journey. Since it first began working with CPISP, SICO has supported more than 150 scholars in pursuing higher education degrees at some of the world’s leading educational institutions.

SICO renewed its sponsorship for the 9th edition of the Ibn Khuldoon National School’s Annual Model United Nations Conference which brings together students to roleplay as UN delegates and simulate UN committees. MUN participants significantly improve their leadership, public speaking, teamwork, and negotiation skills, while also expanding their knowledge of current global issues. This year’s conference was hailed as a great success, with 341 students from 20 different schools across the Kingdom of Bahrain.

Healthcare and Social Services

SICO has partnered with various organizations over the years to participate in initiatives that aim to improve healthcare and the general standard of living across its communities through social impact initiatives. The Bank regularly extends support to a number of organizations and initiatives. Among the organizations SICO supports are:

• Think Pink
• Smile Bahrain
• Shamsaha
• Good Word Society

Throughout the years, SICO’s employees have organized and executed a number of initiatives, including blood drives, animal shelter support, book and clothing donations, Movember activities, diabetes support for children, and breast cancer awareness campaigns.

In 2022, members of the SICO team arranged a Ramadan food drive in coordination with the Capital Governorate to help feed underprivileged communities, donating a total of 265 food boxes. SICO also met with the Deputy Capital Governorate Hassan Abdulla Al-Madani to discuss the Governorate’s sustainability programs and future collaboration plans. Also during Ramadan, SICO sponsored the efforts of Shamsaha, a crisis response center for women in search of empowerment, independence, and safety,

As part of its commitment to minimize waste, SICO supported Alwane Bahrain Society in their ‘No Food Waste’ campaign during the year. The campaign focuses on shifting consumption habits toward smart food purchases, reusing and recycling food, turning excess food into fertilizer, purchasing environmentally friendly products, establishing food banks, supporting charity societies, and following sustainable green circular economy methodology.

SICO also donated all of its old furniture from its previous offices to nine different societies around the country, including Uco Elderly Care, Batelco for Childcare, and Al Hidd Charity. It also donated some of the furniture to families in need in various areas around Bahrain. This contribution comes as part of SICO’s efforts to give back to its communities through acts of kindness and charity.

During 2022, the Bank continued to support the Shaikh Ebrahim Center, which was established in 2002 as a forum for dialogue on philosophy, literature, poetry, culture, and the arts. Since its inauguration, it has hosted over 400 speakers, philosophers, poets, and thinkers, who have presented their thoughts in the center’s weekly lecture program. The center has also restored traditional Bahraini houses in Muharraq and Manama.

SICO Financial Brokerage launched an initiative in 2022 granting people with special needs a 50% discount on the company’s trading fees for all types of transactions. The discount aimed to create awareness of capital markets and engage an underserved segment of society in productive financial activities, helping them plan ahead and strengthen their financial independence. This step is one of many initiatives that SICO Financial Brokerage plans on undertaking to fulfill its social responsibility towards fostering financial inclusion in the country.