CASE STUDY
Česká Spořitelna: Putting Financial Health at the Heart of Sustainability
Česká Spořitelna (ČS) is the largest bank in the Czech Republic and a member of the Erste Group, serving over 4.5 million clients. With more than 10,000 employees, it plays a key role in the country’s financial sector. As part of its commitment to sustainability, the bank integrates ESG principles into its operations, driving responsible finance and supporting the transition to a greener economy.
Partnering since 2022
Partnering since 2022
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"Thanks to the sustainability report prepared by Flagship, we were recognized in the Top Responsible Company in Reporting 2023. Their deep expertise, strategic approach, and commitment to excellence made them an invaluable partner in our ESG journey. We appreciate their collaboration and ongoing support."
Challenge & Activities Snapshot
Česká spořitelna sought Flagship’s expertise to streamline and strengthen its ESG strategy within a unified framework and to develop its sustainability report. While the bank had already established an ESG team, a foundational strategy, and initial targets, it needed support in ensuring comprehensive coverage of all material sustainability topics. Additionally, they required a clear roadmap for conducting a materiality assessment, finalizing its strategy, and preparing for CSRD compliance. Their objective was to create a cohesive ESG strategy that aligned sustainability efforts across the organization while ensuring consistency with their parent company, Erste Bank.
Recognizing the need for a robust foundation, we guided Česká spořitelna through a comprehensive double materiality assessment aligned with CSRD/ESRS requirements. This process ensured the identification of financial and impact-material sustainability topics, forming the basis of their ESG strategy and future reporting.
Flagship designed and executed a stakeholder engagement process involving key stakeholder groups through surveys and interviews. The insights gathered were systematically analyzed to inform the materiality assessment and strategic decision-making.
Leveraging the materiality assessment findings, we structured a cohesive ESG strategy framework that consolidated all sustainability efforts across the bank, ensuring alignment with both regulatory expectations and Erste Group’s sustainability priorities.
Beyond defining material topics, we supported Česká spořitelna in setting measurable ESG targets and developing a clear roadmap to drive progress on sustainability commitments.
To validate the ESG strategy framework and materiality assessment outcomes, we facilitated a series of workshops with the Board, securing leadership buy-in and strategic alignment at the highest level.
Flagship prepared Česká spořitelna’s 2023 Sustainability Report, ensuring compliance with the latest ESG reporting standards and effectively communicating their sustainability journey. The report was later awarded a medal in the Top Responsible Company in Reporting rating.
Our Approach
Our collaboration with Česká spořitelna was built on continuous engagement with their core ESG team, complemented by strategic validation with the Board. Given the rapidly evolving regulatory landscape -particularly the finalization and ongoing updates to CSRD requirements - open and transparent communication was essential. By maintaining a dynamic and adaptive approach, we ensured that Česká spořitelna’s ESG strategy remained aligned with the latest regulatory developments.
Business Impact
Integration into the Bank’s Strategy: In collaboration with Česká spořitelna’s Sustainability team, we developed an ESG framework designed to embed sustainability into the bank’s core business strategy while reinforcing its commitment to financial health. This framework consolidated initiatives from across the organization, aligning them under a unified and strategic approach.
Identification of Business Opportunities: Beyond assessing impacts and risks, the materiality assessment uncovered key opportunities for Česká spořitelna to support its clients in their sustainable transformation. By leveraging its financial expertise, the bank can play an active role in driving ESG progress across industries while enhancing long-term business resilience.
Regulatory Readiness & CSRD Compliance: Through our structured roadmap and materiality assessment process, we helped Česká spořitelna navigate the evolving CSRD landscape, ensuring their ESG strategy and reporting framework met upcoming regulatory requirements.
Enhanced Stakeholder Engagement: Through targeted surveys and interviews, we strengthened the bank’s connection with key stakeholders, ensuring their ESG strategy was informed by diverse perspectives and aligned with market expectations.
Recognition for ESG Leadership: The sustainability report, developed as part of this collaboration, earned recognition in the Top Responsible Company in Reporting rating, reinforcing Česká spořitelna’s position as an ESG leader in the financial sector.
Curious to see how Česká Spořitelna is continuing in their sustainability journey? Discover more about their journey and initiatives at csas.cz/en/about-us/esg.
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