It was a pleasure to share some reflections at the recent webinar hosted by UNEP FI and the ILO on how financial institutions can promote decent work. At the World Benchmarking Alliance (WBA), we’ve developed a Social Benchmark that assesses both companies and financial institutions on key decent work indicators, grounded in ILO standards and aligned with the SDGs. This is complemented by sector-specific benchmarks across industries such as apparel, food, and extractives.
In the discussion, I highlighted how benchmark data can support banks in moving from commitments to action. It helps identify common gaps such as on living wages, grievance mechanisms, or supplier support and enables more targeted, evidence-based engagement with clients. The indicators also support banks’ due diligence and ESG risk assessments, aligning them with evolving global norms and regulatory expectations.
With recurring assessments and sector-specific insights, the benchmark offers a practical tool to track progress and tailor engagement. As financial institutions work to align their portfolios with social sustainability goals, benchmarks like ours can help make decent work a shared and measurable standard.
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