Reporting on sustainability topics
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To the LLB Group, sustainability means that it creates long-term added value for its clients, shareholders, employees and other stakeholder groups. In order to provide the best possible transparency, our sustainability reporting is prepared in accordance with the internationally established Global Reporting Initiative (GRI) Standards. The thematic focus is based on a comprehensive materiality analysis.
Multi-step analysis process
LLB carried out a materiality analysis again in 2022 to meet the increasing regulatory requirements – from the EU and Switzerland. In the process, it also adapted the analysis to reflect the new ACT-26 corporate strategy.
To identify material topics, LLB adopted a strategic approach and created a materiality matrix based on the double-materiality concept, in accordance with legal requirements. Identified were those topics which are material for LLB’s business activities and have the greatest impact on the economy, the environment and society on the one hand, and on the company’s own success on the other. In an initial context analysis, we reviewed our value creation and supply chains again for any relevant influencing factors and identified our key stakeholder groups. Next, we compiled a detailed list of possible material topics that can have both positive and negative impacts and then evaluated and condensed it. The topics that resulted from this process were then ranked by relevance by our key stakeholder groups and the management using an online survey. After consolidating the results from the survey, we created a draft materiality matrix which was discussed, evaluated and, where necessary, adapted in a workshop attended by representatives from various departments at LLB. The materiality matrix and material topics are presented and discussed in the latest sustainability report. The topics which are material for LLB are listed in the matrix. The Board of Directors was informed about changes to the material topics as part of sustainability reporting. It subsequently reviewed and approved the sustainability report including the materiality matrix.
In accordance with the content requirement for a non-financial declaration requirement set out in Liechtenstein’s Persons and Companies Act (PGR), at a minimum those topics from the areas of environmental, social and employee matters, anti-corruption and bribery matters as well as respect for human rights were identified in the analysis as report content that is material in the sense of having “double materiality”. These are topics that have relevant impacts on society, the environment or the economy and are relevant for an understanding of LLB’s development and performance.
In dialogue with stakeholder groups
For the LLB Group, sustainability as a corporate responsibility also means meeting the expectations of the different internal and external stakeholder groups. We are in regular dialogue – personally, by electronic media, or at information meetings, working sessions or conferences – with the different stakeholders who affect the course of our business and over whom we have influence.
An important instrument is the LLB Group’s annual report, which has contained a sustainability report since 2015. Through it, we highlight our proactive focus on sustainability and social responsibility. For sustainability reasons, we do not print our annual report.
The most significant stakeholder groups are in particular:
- Clients: Their needs are uppermost at every point of contact. Using various channels, we determine the needs and level of satisfaction of our clients.
- Principality of Liechtenstein: The Principality of Liechtenstein is our majority shareholder. We exchange views with representatives of the Landtag (Parliament) and the Government on a regular basis (see chapter “Corporate governance”).
- The public: All our branding and communication measures are high-profile. A key trust-building element in this regard is an intensive exchange with media representatives (see sections “Public relations” and “Media relations”).
- Partners and non-governmental organisations (NGOs): Through our membership of associations and organisations, we maintain a dialogue with partners and NGOs (see chapters “International Wealth Management” and “Responsibilities for the economy, society and environment”).
- Employees: We reach our employees over our intranet, which is continuously updated, and through our “InSight” staff magazine. There are also various events where employees have the opportunity to personally meet and discuss with members of the Group Executive Board (see chapter “Employees”).
As a publicly listed company, we are obliged to publish share-price-relevant facts by means of media communiqués. We inform shareholders, clients, employees and the public simultaneously, comprehensively and regularly about our business performance, value drivers as well as the implementation of our strategy and provide them with an overview of our key financial and operating figures. We maintain an open dialogue with analysts and investors in order to be able to report on the course of business on an ongoing basis. The aim is to ensure that the price of the LLB share represents the fair value of the company (see chapter “Economic value creation”).
Irrespective of the ad hoc information and the annual media and analyst conference, we are in constant contact with the media and business journalists in our market regions. We make every effort to answer their questions in a transparent and timely manner. The LLB Group was the subject of around 860 media articles in 2022 (2021: 820).
Only by constantly seeking dialogue with different decision makers are we able to voice our opinion and be heard. LLB is therefore in regular contact with opinion leaders and selected representatives from the world of politics and economics. We are a member, too, of the key industry associations and organisations such as the Liechtenstein Chamber of Commerce and Industry and the Bankers Association (see chapter “International Wealth Management”). We exchange views with the Liechtenstein Financial Market Authority (FMA) on a regular basis. LLB is obliged to report to its majority shareholder, the Principality of Liechtenstein, on the course of business. Against this backdrop, there is a meeting twice a year of the senior management of the LLB Group and the Liechtenstein Head of Government. Once a year, the Group Board of Directors and the Group Executive Board invite the entire Government to a roundtable discussion.
We use various channels to engage with the general public. With regular market commentaries and reports in local print media, we prove our expertise in financial matters. We strengthen our relationship with the local population by organising or sponsoring various events – and these became increasingly possible again after the coronavirus pandemic.
Digital communication channels
The LLB Group has been consistently investing in the expansion of its digital communication channels for a number of years now. It operates a total of eleven different web portals and microsites that are centrally managed through the same content management system and are in conformity with the brand. We also reach our clients with selected information through mobile and online banking. We are also in direct contact with clients over social media.