Focus on sustainability
An unpredictable world
The world we live in is and will remain unpredictable. The bar is being set constantly higher for the financial sector: more legal requirements, more need for transparency and higher expectations on the part of customers, employees, investors and the regulator. Changing climatic conditions are posing major challenges for financial institutions, constantly increasing the need for an adequate sustainability and climate policy.
For our customers, too, the transition to a climate-neutral society is associated with many challenges. The world around us is becoming less and less predictable. The importance of a socially equitable transition and support for our customers will therefore be central to the sustainability action plan in the coming years. Simplicity is the key to realising our ambitions here.
Our sustainability ambitions
In an unpredictable world, Argenta is following a course of action that is rare in the financial sector: together with the shareholders, it is looking after customers, employees, branches and society in a thoroughly responsible manner, putting them in a stronger position to take on the financial challenges of this unpredictable world.
- Argenta aims to make a contribution to the larger whole, dealing with the world in a meaningful, sustainable and worthwhile way. To achieve this, we commit totally to the three pillars or ESG dimensions of sustainability: ecology (E), society (S) and good management and responsible entrepreneurship (G for governance).
- The Sustainability Action Plan sets forth our concrete steps towards making a targeted impact.
- Argenta is focusing on the five SDGs with which we can achieve the greatest impact. We are combining our aspirations in the three pillars or ESG dimensions of sustainability.
Banking and insurance should not cost the earth
Argenta wants to contribute to a climate-neutral society by exercising awareness when dealing with capital flows and business activities. We are committed to a smaller footprint for our headquarters’ activities.
We also want to reduce our impact systematically by 2050 in line with the Paris climate objectives.
This is why we opt for a sustainable housing supply for our customers, for example, and choose to make a positive impact through our investments and investment portfolios. (SDG 13)
Close by and simple
Argenta wants to be financially and digitally inclusive. We focus on social issues such as equality, inclusion, accessibility and security.
- We make banking and insurance accessible to our customers with a simple offering.
- We want to be able to reach more customers every year and further encourage the use of the mobile app.
- We are committed to simple and secure service delivery. (SDG 12)
Argenta also wants to be close by - near to employees and customers. Because their commitment makes our organisation strong. By taking care of them we build long-term relationships. Consequently, we aim for a minimum NPS of 50 and want at least 80% of our employees to be engaged. (SDG 8)
Ethics and integrity as our guide
Sustainability is a fundamental part of what Argenta stands for, what it does and how. It is inextricably linked with ethics and integrity. We apply these principles in the way we act towards our customers, employees and society:
- As a financial institution, we can make a difference through the cash flows that we manage for our customers. Argenta therefore offers customers sustainable investments in compliance with the legal requirements. For example, we invest our customers’ money responsibly and generate a positive impact for society.
- Argenta expects all its partners and suppliers to endorse the same sustainability principles. (SDG 11, 12)
- Argenta is also strongly committed to integrity among its employees and cybersecurity for customers and employees. (SDG 16)
Environment
Banking and insurance should not cost the earth
We live in an unpredictable world. Global warming is a fact of life. Argenta wants to be part of the solution for turning the tide. We want to contribute to the transition to a climate-neutral society by exercising awareness when dealing with the impact of our business activities and our capital flows.
To do so, we need to systematically reduce our operational and business activities’ ecological footprint by 2050. This is in line with the Paris climate objectives to limit global warming to 1.5ºC.
A good climate policy starts with ourselves
By 2023, Argenta wants to reduce the ecological footprint of its Belgian headquarters’ operational activities and that of the branches in the Netherlands and Luxembourg by 50% compared to the initial measurements in 2017. Argenta wants to be climate-neutral by 2030. This ambition is supported by the management and the Board of Directors.
However, the 2023 target was not met, due to an increase in scope 2 emissions, and more specifically, a temporary increase in emissions from electricity consumption in 2023. This increase occurred because green electricity was not purchased in 2023, due to a contractual error.
Argenta has since taken action and entered into a new energy contract for all 100% green power for the period 2024-2026. The emissions for electricity consumption will again be carbon-free from 2024.
Nonetheless, we have seen positive developments in the other emission items.
In the past years, we have taken significant action to reduce our emissions:
- Our head office was subjected to major renovation to make it a sustainable, energy-efficient office building. We generate our own energy by geothermal heat and solar panels.
- We go for sustainable mobility with absolute conviction. We think first and foremost here about Argenta employees’ commute to work, but also about ways to limit travel during the working day and about accessibility for visitors. For example, we give compensation to employees who come to work by public transport, bicycle or on foot. Thanks to the new pay policy, a large group of our employees is entitled to a company car. From now on, anyone who orders a company car can only choose an electric one. And Argenta subsidises the purchase of a number of sustainable travel solutions such as a bicycle or a Velo subscription through the cafeteria plan.
- Argenta also launched its mobility budget in 2023. Employees can use it to purchase a bicycle (an ordinary bike, folding bike, mountain bike, cargo bike or electric bike). Or they can make use of all kinds of sustainable means of transport (public transport, shared solutions etc.) that are offered via the Olympus mobility app. Those who live close to their work or spend a minimum of 60% of their working hours at home can also finance their rent or mortgage capital repayments or interest with the mobility budget. This sustainable measure has not failed to take effect: no fewer than 91.7% of employees entitled to a company car have opted for the mobility budget.
- We systematically economise on the use of paper and reduce waste.
- As part of an exercise relating to the efficient use of our buildings, we closed an outdated part of the headquarters in Belgium, accounting for about 9% of the total area used.
In 2023, the total ecological footprint came to 2,033 tonnes. This was a drop of 20% compared with 2017. The ecological footprint per employee is 1.69 tonnes. This is a drop of 30% compared with 2017.
What we do for our customers
We make efforts to reduce the ecological footprint of our operational activities, but we are aware that our impact as a service company is relatively limited. If we really want to make a difference, we therefore have to focus on the impact we make through our business activities. The CO2 emissions that we generate indirectly via the projects that we invest in and finance are also known as ‘financed emissions’.
We have the aspiration to restrict our negative impact in this area as much as possible and to generate a positive impact. By charting our financed emissions, we gain a better picture of our impact.
From 2025 onwards, Argenta will publish its financed emissions annually as part of the sustainability report.
Sustainable living
The mortgage lending activities in Belgium and the Netherlands represent the largest part of our business activities. We are therefore charting the impact of our mortgage activities as the first category in 2023. We can determine the transition path to decarbonisation using the baseline measurement
We can make the greatest impact for our customers, the environment and our society by systematically making the loan and insurance offer more sustainable for our customers. A strategic exercise was launched in 2023 to outline the new strategy on sustainable living for the coming years. The transition path for decarbonisation forms the starting point for ensuring that our actions are a targeted and effective way to reduce the negative impact on the environment.
This is also associated with a social dimension, which is even more important to Argenta:
- How do we make sure that every customer can live in a sustainable, energy-efficient home by 2050?
- How do we ensure that sustainable living and renovation is affordable for everyone?
- How do we protect our customers from the consequences of climate change?
The coming years will be crucial if we are to be on schedule with the transition to decarbonisation by 2050. Argenta is focusing primarily on sustainable renovation projects in order to systematically grow the share of sustainable mortgages on its balance sheet.
Sustainable investment
In 2024, we also aim to add the impact of the bank’s and insurance company’s investment portfolios to the scope of our reporting. The intention is to publish these figures on 30 June 2024 via the Pillar 3 reporting.
For some years now, we have applied a policy by which we exclude carbon-intensive sectors in order to reduce the negative impact of our investment portfolios and investment funds. For example, no investments are made in companies which mine coal, oil and gas as their main business.
Climate risk policy
Our ambition to make the transition to a climate-neutral society is supported by the top management and the Board of Directors. In 2024, we - together with the top management and the Board of Directors - will translate this ambition into targets, KPIs and actions for all our business activities. The result will form an integral part of Argenta’s strategy.
Climate change is having an impact on our customers and on our business model. It is important for us to have a good understanding of the risks and to take the right measures to control them. This is the only way for us to be armed against climate change to the best possible effect. In our climate report, we explain how Argenta works to limit the effects of climate change for our customers and society. We are both realistic and ambitious in that.
Employees
Close to our employees
Argenta can only grow by letting its people – its talents – grow. Conversely, the talents can grow only if we grow as an organisation. This is why we invest in committed employees who are ambassadors for Argenta. We call them Argentans. It is our ambition to support, strengthen, involve and inspire all Argentans.
That way, we will deliver strong results and create added value together. We promote Argenta actively and are proud of what we achieve for our customers. Sound growth, that is our focus. Argenta takes steps every year to deepen, widen and establish this vision under the leadership of the Organisation & Talent department. We also implemented important innovations in 2023.
A healthy mix
For Argenta, every employee is a talent. By attracting the right people, Argenta can grow and realise its strategic ambitions. We give in-house employees as many opportunities as possible to enhance their career within Argenta.
Argenta strives to maintain an inclusive environment, and makes no distinction in recruitment or in-house advancement on the basis of age, religion or beliefs, marital status, gender, financial status, political or trade union affiliation, language, health status, sexual orientation, social, cultural or ethnic origin or any disabilities. Argenta’s workforce therefore consists of a healthy mix of all kinds of people.
Number of Argenta-employees in 2023:
In Belgium:
In the Netherlands:
In Luxembourg:
New employees in 2023:
209 new Argentans, of whom 17% are aged over 50
Churn rate in 2023:
- 20 employees moved to a job with an independent Argenta branch
- 12 employees retired
- 33 employees left Argenta voluntarily (2.74%)
Distribution full-time/ part-time per country in 2023:
In Belgium:
Full-time
899
Part-time
212
In the Netherland:
Full-time
50
Part-time
24
In Luxembourg:
Full-time
8
Part-time
11
Distribution male/ woman and full-time/part-time in 2023:
- 46% women and 54% men
- Management positions: 12 women and 25 men
- Management committee: 3 women and 4 men
- Argenta signed the ‘Women in Finance’ charter, which strives for greater gender equality in the financial sector.
Men
Full-time
596
Part-time
60
Women
Full-time
361
Part-time
187
Distribution for (in)definite duration in 2023
- The vast majority of our employees have a contract of indefinite duration.
In Belgium:
Certain duration
2
Indefinitely
1.109
In the Netherlands:
Certain duration
7
Indefinitely
67
In Luxembourg:
Certain duration
0
Indefinitely
19
Age distribution in 2023
- The group of 30 to 50 year olds remains the largest group in the age pyramid.
- The average age of Argenta employees is 42 years.
In Belgium:
< 30 years of age
134
30 < 50 years of age
668
>= 50 years of age
309
In the Netherlands:
< 30 years of age
6
30 < 50 years of age
51
>= 50 years of age
17
In Luxembourg:
< 30 years of age
1
30 < 50 years of age
9
>= 50 years of age
9
Commitment: from employee to ambassador
Our employees have faith in Argenta and identify strongly with Argenta’s purpose. Their commitment makes us strong. The Employee Opinion Survey (EOS) in early 2023 resulted in an engagement score of no less than 96% and a Net Promoter Score (NPS) of 54. These impressive figures confirm the upward trend of the past years. We attained the highest scores ever for engagement and ambassadorship. Motivation and welfare obtained outstanding scores and are on a rising curve. The four company values (close to customers, enterprising, pragmatic and simple) have also risen compared to the survey in 2022.
‘Since 2015, we have focused on expanding our HR vision: sustainable development of engagement and ambassadorship. Every year we measure our progress with a broad survey of all employees. We broke all records in 2023 and we celebrated that.’
Veronique Michiels (Director Organisation & Talent)
Pay policy with cafeteria plan and mobility budget
In 2023, we introduced important innovations in the pay policy for our employees in Belgium:
- The cafeteria plan was expanded with some attractive benefits: - Pension savings - Outpatient treatment - Personal contribution to hospitalisation insurance for family members
- We introduced the mobility budget which attracted a huge take-up.
In the past few years, employees have had the opportunity to participate in the Argenta cafeteria plan and thereby personalise part of their salary package. In many cases, they also optimise their pay by that means. Almost 90% of Argentans have joined the cafeteria plan. The principle is simple:
- With an annual option budget, you can select attractive benefits all year round in the cafeteria plan.
- You select one or more benefits that meet your personal situation. You decide for yourself how many and which benefits to select.
- The options are structured around four basic pillars: mobility, technology, social protection and variables. Sustainable benefits such as a new bicycle are additionally subsidised by Argenta.
‘Our cafeteria plan remains a great success. It is an important part of our policy and our aspiration to guarantee excellent employment conditions – including on the financial side. In 2023, we took a new major step forward with the introduction of the mobility budget. Employees who waive the right to a company car can spend the corresponding mobility budget on sustainable alternatives or choose to have the money paid out in cash. A large majority of employees who had the choice opted for the mobility budget last year’.
Hilde Willekens (Manager of Employment Conditions, Remuneration and Organisational Management)
Feedback and motivation
We focus on the fundamentals in interactions between managers and employees. We discontinued the classic annual cycle with evaluation and appraisal interviews at fixed times in 2023. We prefer a meaningful discussion in which employees, managers and teams really enter into dialogue with each other at the most appropriate time for them. That way, we arrive at continuous, clear feedback in which we deal with each other respectfully and stimulate each other. We attach importance to achieving team goals together and make it clear to every employee what his tasks and responsibilities are. We monitor performance closely and also zoom in explicitly on motivation and specific individual needs in our discussions.
Learning and development
Argenta is strongly committed to a wide-ranging and up-to-date training offer which is updated annually and is available via a future-proof learning platform. By this means, we contribute to Argenta's long-term growth and address our employees’ development and growth potential.
- We offer courses, e-learning, coaching, exchanges of knowledge and experience among colleagues, and interactions with senior managers.
- We provide courses which boost professional and personal skills and relevant knowledge.
- Argenta invests in digital training platforms with strong content, such as GoodHabitz, LinkedIn Learning and Headspace. This enables the pursuit of learning outside of working hours and even outside the immediate demands of a current job.
- In addition, every department has its own training budget so that it can take targeted initiatives to build professional expertise. Employees are also invited to take part in relevant external conferences and seminars.
On the basis of our strategic priorities, the training offer is built on the following aspects:
- The art of responsible banking and insurance: - Financial literacy - Operational excellence - Risk awareness (including legally required training)
- Future-proofing for our employees (the Argenta Passport): - Digital enthusiasm - Flexibility in change - Focus on results - Customer-oriented thinking and action
- Combining organisation and talent: - Diversity & inclusion - Sustainability & ESG - Leadership - Careers - Motivation & meaningfulness - Team development - Well-being
Every employee can consult an individual training account to find out the number of hours he has spent on learning initiatives. The training entitlement (4 days in 2023, 5 days from 2004 onwards) is a minimum and Argenta encourages more learning.
Total training hours
Men
28.096
Women
23.457
Total
51.552
Number of employees
Men
656
Women
548
Total
1.204
Well-being
Argenta continues to focus on initiatives relating to well-being and vitality. We have introduced measures at various levels to detect and reduce the risks of excessive stress, burnout and other psychosocial risks.
- Argenta has been offering courses about welfare and vitality and a unique training programme entitled ‘Gezonde Gewoonten @ Argenta’ since 2019. Employees can train together, mostly during the lunch break: yoga, mindfulness meditation, walking, healthy eating, support in stopping smoking and in sleeping properly, ergonomics and a real boot camp.
- Prevention Advice, Organisation & Talent, external experts and the social partners work together to closely monitor a focused approach relating to absenteeism and returning to work. We concentrate on training for our managers, analysis of sickness rates, clear communication, focused support and contact. Sickness absence at Argenta is below the sector average.
- Employees and managers struggling with an individual problem find an accessible point of contact through a well-being coach.
‘‘We want to increase our employees’ resilience with all kinds of initiatives on well-being. We strive for healthy and sustainable growth. Your career is a marathon, not a sprint’
Jan Pelemans (Prevention Advisor)
Working flexibly and safely
Since 2022, Argenta has been housed in completely renovated headquarters at the address where it all started on Belgiëlei, Antwerp. Its interior design was foremost based on a new way of working. The building is more than a collection of workplaces.
For example, there is a professional training centre where our many growth and development initiatives are brought together under one roof. Our head office is above all a meeting place, with its ‘village square’, many terraces and seating areas, cosy company restaurant and a coffee bar with healthy snacks.
Head office employees work alternately at home and in the office. This has led to a hybrid form of working with plenty of flexibility for employees and teams:
- The rule is that all meetings take place in hybrid form. Important team consultation meetings, personal consultations and training courses naturally take place at head office.
- In concrete structural terms, from 2023 onwards we have spent 60% of our effective working time at home. This comes to an average of three days per week for a full-time employee.
Society
Ethics and integrity
We want to look after our stakeholders in a thoroughly responsible manner by taking our responsibility in every part of our organisation. As a financial institution, we can make a difference through the cash flows that we manage for our customers. Argenta has opted to use these funds responsibly and thereby generate a positive impact for society.
Every euro is valuable. We take sustainable principles into account for every one we use.
Whether the issue is our investments or the choice of our partners and suppliers, we are conscious of the impact we can make. In addition, we also have to be in sound financial health for the long term as a company, and we commit to good causes together with our employees.
Sustainable investment
We want to support the transition to a climate-neutral and socially equitable society. And we want to support our customers in doing so too. We therefore give priority to sustainability with total conviction.
Since January 2023, Argenta has been offering only sustainable investment funds in line with the European rules about sustainable investment: the Sustainable Finance Disclosure Regulation, or SFDR. And in doing so we satisfy the conditions with regard to articles 8 and 9. Our pension savings offer also satisfies these conditions (article 8).
Positive impact
We want to generate as much of a positive impact as possible:
- We focus on ecological and social characteristics, or we aim for specific sustainable investment objectives. For example, by investing in green bonds we finance projects that are aimed at energy efficiency, pollution prevention, ecosystems, clean transport, clean water and sustainable water management.
- We make our voice heard in the companies we invest in. Through a proxy voting partner, we voted in 2023 for the first time at 1,664 General Meetings (GM) at a total of 575 companies. We make an impact on decisions about ecological topics and good management by this means.
The result of our positive impact is significant:
- In 2023, no less than EUR 6.6 billion was invested in corporate and government instruments which make a positive contribution to the sustainable objectives which we set in our Article 8 funds.
- We manage no less than EUR 947 billion through our Article 9 funds.
- We have invested EUR 100 million in green bonds through our investment funds.
Exclusion list
For many years now there has been no place for unethical investments in our policy. The investment funds and our own investment portfolios are subject to a strict exclusion list of controversial and unethical companies in which no investments may be made. We try to limit the negative impact of our investments as much as possible by this means.
Social impact
As a locally anchored family bank, we also consider it important to make a social impact within our immediate environment. We therefore invest, figuratively, in our customers’ back yard. A large share of the money from our customers’ savings and payment accounts is invested in loans to and bonds issued by local government institutions, such as towns and municipalities, or in local infrastructure projects.
Argenta has already invested more than EUR 1 billion in the local economy through the bank’s and insurance company’s investment portfolios. These investments help to breathe financial life into projects in public welfare, social housing, water treatment, care for the elderly, student housing, facilities for people with disabilities, green energy projects and more.
Sustainable bonds
Argenta also applies sustainability principles in its purchasing policy, with a view to long-term relationships with suppliers and partners. Factors such as service quality and safety play a role in the choice of suppliers. Suppliers are asked about their policy on GDPR, data security, audit etc. Sustainability is also incorporated in the purchasing process.
In 2023, Argenta focussed on its partners’ ecological impact and on selecting environmentally friendly solutions, in green ICT and the circular economy, for example. Simplicity and cost awareness remain important principles.
Sustainable partners
Argenta also applies sustainability principles in its purchasing policy, with a view to long-term relationships with suppliers and partners. Factors such as service quality and safety play a role in the choice of suppliers. Suppliers are asked about their policy on GDPR, data security, audit etc. Sustainability is also incorporated in the purchasing process.
In 2023, Argenta focussed on its partners’ ecological impact and on selecting environmentally friendly solutions, in green ICT and the circular economy, for example. Simplicity and cost awareness remain important principles.
As a bank Argenta has a social responsibility. That is why we continued our collaboration with Passwerk as a way of supporting corporate social responsibility. Passwerk is an organization that uses the qualities of people with autism spectrum disorders (ASD) to test software and perform other quality tasks.
Suppliers sign sustainability charter
All suppliers are asked to sign Argenta’s sustainability charter, thereby declaring that they respect the most important principles relating to human rights, employment conditions, the prohibition of child labour, anti-discrimination, anti-corruption, environmental awareness and environmentally friendly technologies. The principles of the UN Global Compact serve as a general guideline here, because these principles are supported worldwide and are based on international treaties and conventions. Argenta requests suppliers to subscribe to them and apply them.
The sustainability charter is appended to new contracts as standard practice. It is included in the general terms and conditions and on the order form.
A safe and healthy bank-insurer
Handling our customers’ funds responsibly means that we ourselves also have to be financially healthy and safe. That way, we offer stability to our customers, who know that their money is being managed safely, and to our employees, who can have peace of mind about their job.
Argenta is an unlisted bank-insurer owned by the Van Rompuy family and the recognised cooperative company Argen-Co. Long-term growth is the top priority for the shareholders. Every year a large part of the profit is reinvested in the company. This gives Argenta a strong equity base and we are among the best capitalised banks in Europe.
Warm Argenta
‘Warm Argenta’ is the warm heart of all our employees. We realise that many people in society could do with extra support and we are pleased to join together in committing to this cause. Activities are carried out for and by colleagues throughout the year. The proceeds go to a variety of associations. Very often, Argenta employees engage in these associations on a voluntary basis.
The ‘Warm Argenta’ initiative was launched in 2018 in the context of Studio Brussels' De Warmste Week. Argenta was enormously enthusiastic. One single ‘Warmest Week’ seemed too short for all the initiatives, so we promptly turned it into a Warm Argenta Year.
In 2023, all these initiatives generated EUR 27,000. Argenta tops up this amount to EUR 60,000.
Here are some of the initiatives organised in the context of Warm Argenta:
- In the spring of 2023, we collected food, blankets and other essential products for the animals affected by the war in Ukraine.
- On 30 May, two colleagues from the Legal Affairs department shared with us their personal testimony about Srebrenica and Afghanistan. 80 Argentans made contributions to the good cause in order to listen to their story during the lunch break.
- Argenta has supported the local non-profit youth welfare organisation Jeugdzorg Emmaüs Antwerpen since 2022. In August 2023, we once more presented them with 150 laptops. The young people of Jeugdzorg Emmaüs will be able to use them during the new school year. This is important in order to create equal opportunities in education. The children’s charity vzw Kompanjon also wants to contribute to this. They put higher education students in contact with socially vulnerable families.
- In the summer, we ran our first blood collection campaign for the Red Cross at our headquarters. 116 Argentans gave a total of 53 litres of blood. Most of them were in fact giving blood for the first time.