Deloitte NZ makes diversity and climate commitments with industry-first Sustainability Linked Loan
Auckland, 30 June 2022 – Deloitte New Zealand announced today that it has established a Sustainability Linked Loan with the Bank of New Zealand (BNZ), the first of its kind to be established by a professional services organisation in Aotearoa and only the second loan with a Big 4 firm in the world.
Deloitte CEO Mike Horne described the move as another step in the firm’s sustainability maturity. “The loan is a visible representation of our long-standing commitment to equity and inclusion as well as social and environmental goals. This has been part of our DNA for many years.
“The targets we have set are among the most material issues for the business and are measurable and ambitious. The financial incentives (and disincentives) ensure an extra level of attention by all our leaders and will help to drive discussions with our people and our clients on these issues,” he said.
The term of the loan is three years, to June 2025. The targets attached to the loan demonstrate Deloitte’s commitment to:
- Increase the percentage of females in the Partner group by at least 22% compared to 2021
- Deloitte sets and publishes a target focused on diversity attributes beyond gender during the life of the loan
- Increase the percentage of females across all leadership positions by at least 27%, again compared to 2021 and,
- Reduce absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 70%, and to reduce Scope 3 GHG emissions by 50% per FTE
Deloitte Head of Corporate Responsibility and Sustainability Deborah Lucas said “The integration of key, science-based sustainability targets into our funding shows that we’re not afraid to walk the talk. We’re proud to hold ourselves accountable to our commitments and further embed inclusion and sustainability into our organisation.”
The targets have been through a second party opinion, undergoing a robust process to ensure the credibility of the loan structure and that the targets align with the Sustainability Linked Loan Principles.
Louise Tong, GM Sustainable Finance at BNZ, said,” Deloitte is a long-standing customer of BNZ, and we are proud to partner with them on this sustainable finance transaction. Deloitte is demonstrating commitment to sustainability by aligning its capital with the issues that matter to the business and society as a whole – diversity and emissions reduction.”
Concluding, Mr Horne said, “One of Deloitte’s roles as a professional services provider is to help New Zealand businesses understand their own exposures to issues and challenges such as climate change, and to use our global network and local professionals to develop solutions with our clients. We cannot do that authentically unless we have our own house in order.”
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organisation”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide make an impact that matters at www.deloitte.com.
Deloitte New Zealand brings together more than 1600 specialist professionals providing audit, tax, technology and systems, strategy and performance improvement, risk management, corporate finance, business recovery, forensic and accounting services. Our people are based in Auckland, Hamilton, Rotorua, Wellington, Christchurch, Queenstown and Dunedin, serving clients that range from New Zealand’s largest companies and public sector organisations to smaller businesses with ambition to grow. For more information about Deloitte in New Zealand, look to our website www.deloitte.co.nz.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organisation”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
© 2022. For information, contact Deloitte Global.