News Releases
- World Benchmarking Alliance's 2022 Financial System Benchmark assessed 400 financial institutions around the globe
- Focus on governance, planetary boundaries and human rights and social issues
TORONTO, Nov. 22, 2022 /CNW/ - BMO has been recognized as the world's top ranked financial institution by the World Benchmarking Alliance's new global benchmark (WBA) for helping make progress in support of a just and sustainable economy.
The WBA, whose mission is to advance the UN sustainable development goals, ranks 2,000 of the world's most influential companies on their performance against several industry benchmarks. The 2022 Financial System Benchmark, announced at COP27, independently assesses 400 financial institutions from around the globe in three areas: governance, planetary boundaries and human rights and social issues.
"As a purpose-driven organization, BMO is committed to helping to build a thriving economy and a sustainable future and eliminate barriers to inclusion," said Michael Torrance, Chief Sustainability Officer, BMO. "We're honoured that the progress we are making in these areas – which includes our climate ambition to be our clients' lead partner in the transition to a net zero world – is being recognized. We know there is still much work to be done, and we remain committed to our purpose to Boldly Grow the Good in business and life."
The WBA noted BMO's strong performance across all three measurement areas, noting it is one of the few financial institutions that has set targets for both environmental and social impact of its financing activities and tracks progress against them. Additionally, BMO has many offerings and programs that are supporting progress for a more just and sustainable economy, including:
- Committing $5 billion over five years to address key barriers faced by minority businesses, communities and families in the United States
- Supporting women business owners in Canada with a $5-billion commitment
- Acting as a joint-lead manager for the Government of Canada's inaugural Green Bond transaction
- Being the first financial institution in the world to implement the Mastercard True Name feature, enabling people to use their true first name on their personal debit and ATM cards without the requirement of a legal name change
BMO announced its Climate Ambition in March 2021, including the launch of the BMO Climate Institute, with a focus on being their clients' lead partner in the transition to a net-zero world. This goal built on a previous commitment to mobilize $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025. In 2021 BMO established a dedicated Energy Transition Group, to support clients' pursuit of opportunities driven by the increasing momentum of the global economy's shift in production and consumption of energy.
BMO's sustainability leadership has been recognized on a number of global rankings, including the Corporate Knights' Global 100 Most Sustainable Corporations, Dow Jones Sustainability Indices World Index, and Ethisphere Institute's list of the World's Most Ethical Companies.
For more information on BMO's commitment to a sustainable future, please see the bank's Sustainability Report. To learn more about sustainable finance at BMO click here. For BMO's climate ambition, visit its Climate page.
For more on BMO's ranking on the Financial System Benchmark, visit the World Benchmarking Alliance's website.
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
