Management Report


Raiffeisen is committed to sustainability. We want to generate added value through our sustainably embodied cooperative values. A priority of the new “Raiffeisen 2025” strategy is to distinguish ourselves as a sustainable cooperative and continue to strengthen our sustainability performance.
Heinz Huber
Chairman of the Executive Board of Raiffeisen Switzerland

Strategic sustainability framework

Sustainability has always been part of Raiffeisen’s identity and an important aspect of the Raiffeisen brand. To continue to enhance our efforts in the area of sustainability, the “Raiffeisen 2025” strategy, adopted in June 2020, explicitly defines the goal of distinguishing ourselves as a sustainable cooperative. Strengthening sustainability performance is, therefore, a key strategic approach of the Raiffeisen Group. Raiffeisen also wants to exploit the associated market potential and minimise the risks that could arise from the inappropriate handling of environmental, social and governance (ESG) factors.
To implement this strategic approach, a strategic framework for sustainability was developed at the Group level in 2020 in consultation with internal and external stakeholders and was adopted by the Executive Board of Raiffeisen Switzerland and submitted to the Board of Directors of Raiffeisen Switzerland. The famework pursues the overarching goal of ensuring that Raiffeisen continues to be viewed as a responsible and sustainable leading national financial institution. The strategic framework defines 10 guiding principles that reflect the key sustainability topics for Raiffeisen. These topics were identified in 2018 based on a materiality analysis (see figure below). In addition, the Principles for Responsible Banking of the United Nations Environment Programme Finance Initiative (UNEP-FI) as well as considerations regarding UN development goals of relevance for Raiffeisen were incorporated into the strategic framework. The UN Sustainable Development Goals (SDGs) are primarily intended for states, but also call on all actors worldwide to contribute to sustainable development. Raiffeisen is one of the largest real estate financiers in Switzerland. The buildings financed by Raiffeisen are responsible for around a quarter of the associated Swiss CO2 emissions. An initial analysis has therefore shown that particular touchpoints to SDG 7 (affordable and clean energy) and SDG 13 (climate action) exist at Raiffeisen. Raiffeisen now intends to delve further into these interrelationships. An external analysis of the Raiffeisen corporate client credit portfolio conducted in the current year also identified these touchpoints. Climate protection is, therefore, a particularly important topic for Raiffeisen.

In establishing the strategic framework, the guiding principles and the associated strategic goals, Raiffeisen has created the necessary conditions for strengthening its sustainability performance and having a positive impact in topics of relevance for Raiffeisen. The strategic framework will be discussed annually with internal and external stakeholders and adapted as necessary.

10 strategic guiding principles for sustainability

Set strategic goals

Raiffeisen identifies the key topics for its long-term success and for strengthening positive and reducing negative effects on sustainable development, and sets clear goals and defines measures for these topics.

Strengthen governance

Management structures and processes shall ensure the implementation of corporate social responsibility and sustainability in the Raiffeisen Group.

Involve external stakeholders

Raiffeisen systematically engages in a dialogue with stakeholders, consults them when identifying relevant topics and works together with them on the path towards a sustainable Switzerland.

Ensure transparency

Raiffeisen discloses how corporate social responsibility and sustainability are implemented at the company and product level.

Observe the legal framework

Raiffeisen complies with applicable laws and Swiss values, including human rights.

Ensure long-term economic success

Raiffeisen generates added value for its clients, employees, investors and other partners in the long term as an independent and reliable partner.

Create sustainable products and services

Raiffeisen products and services shall be compatible with sustainable development.

Open and fair interaction with clients

Raiffeisen products are simple and straightforward. They offer value for money. Prices are transparently communicated. Clients must be able to make well-informed decisions. The best possible protection is provided for client data.

Contain climate change

Raiffeisen supports the energy transition, a climate-neutral Switzerland and the targets of the Paris Climate Agreement.

Promote employee expertise and diversity

Raiffeisen creates comprehensive and ongoing continuing education and development opportunities. At Raiffeisen, the diversity in society is reflected in the company. Discrimination of any kind is not tolerated.

Materiality analysis

The materiality analysis, which was first conducted in 2018, is based on a survey of internal and external stakeholders as well as sustainability experts. The choice of stakeholders and experts was validated with a consulting firm. Since then, the materiality analysis has been reviewed annually as part of a dialogue with stakeholders, as was once again the case in 2020. The figure below shows the results of the analysis in the form of a matrix. The stakeholder survey axis shows how much a topic affected the internal and external stakeholders’ view of Raiffeisen. The sustainable development impact axis quantifies how much the surveyed experts believe Raiffeisen can or could drive sustainable development with regard to a particular topic.

The following topics are particularly important for Raiffeisen based on the analysis (the guiding principles of the strategic framework that incorporate these topics are mentioned in brackets):

  • Active ownership (guiding principle: Create sustainable products and services)
  • Training and continuing education (guiding principle: Promote employee expertise and diversity)
  • CO2 emissions (guiding principle: Contain climate change)
  • Anti-corruption (guiding principle: Observe the legal framework)
  • Marketing and labelling (guiding principle: Open and fair interaction with clients)
  • Product portfolio (guiding principle: Create sustainable products and services)
  • Client privacy (guiding principle: Open and fair interaction with clients)
  • Socioeconomic compliance (i.e. complying with financial regulations and regulations in the social and economic area) (guiding principle: Observe the legal framework)
  • Diversity and equal opportunity (guiding principle: Promote employee expertise and diversity)
  • Economic performance (guiding principle: Ensure long-term economic success)

Reporting on the guiding principles for sustainability

The following shows the extent to which Raiffeisen has introduced the strategic framework in the current year, the goals that Raiffeisen pursues in this respect, the measures that are being implemented and who is responsible. With the help of key metrics presented in a table form, it is easy to assess the effect that Raiffeisen is having in relevant topics from a sustainability perspective.

Sustainability goals

Initial strategic goals and performance indicators have been defined to strengthen sustainability performance. These are based on the “Raiffeisen 2025” strategy, the strategic sustainability framework and its guiding principles. The current strategic sustainability goals are listed in the following table.

Guiding principleStrategic goals
Set strategic goalsThe key topics, goals and measures from a sustainability perspective are reviewed annually in consultation with the stakeholders.
Strengthen governanceSustainability management in line with ISO 26000 is established at the Group level by 2021.
Involve external stakeholdersRaiffeisen is involved in the sustainability initiatives and organisations of relevance to the bank.
Ensure transparencyAnnual sustainability publication in accordance with recognised standards. From 2020, Global Reporting Initiative (GRI) “comprehensive” standard, Task Force on Climate Related Financial Disclosures (TCFD), United Nations Environment Program Principles for Responsible Banking (UNEP-FI).
Observe the legal frameworkNo breaches of regulations and voluntary code of conduct in connection with product and service information, money laundering, corruption, tax offences, liquidity requirements, client privacy, discrimination.
Ensure long-term economic successRaiffeisen cooperative capital receives a fair interest rate.
Raiffeisen has a very good credit rating.
Create sustainable products and servicesSystematic ESG audit of all Raiffeisen products and services and disclosure of the relevant ESG information from 2022.
Continuous enhancement of the range of verified sustainable products and services.
Open and fair interaction with clientsAnnual client survey shows high satisfaction in relation to fairness and transparency.
Contain climate changeRaiffeisen will set itself scientifically researched climate goals by 2021.
Raiffeisen will reach “net zero” CO2 emissions by no later than 2050; within the in business operations, “net zero” will be reached by 2030.
Promote employee expertise and diversityAssessment of the need for development of all Raiffeisen employees and at company level.
Raiffeisen measures and reinforces the diversity of its employees across all management levels.

Sustainability governance

Effective sustainability management requires adequate organisational structures, processes and responsibilities. The responsibilities for sustainability are distributed across the Raiffeisen Group. At the Group level, Raiffeisen Switzerland is responsible for the Group’s strategic direction with respect to sustainability, the inclusion of sustainability factors in risk management, the development and improvement of the Group’s range of sustainable financial products, presenting the Group’s position on sustainability topics to outside stakeholders and the public, and advising and assisting the Raiffeisen banks with sustainability issues.

The Group sustainability topics are addressed by the Board of Directors of Raiffeisen Switzerland and all the committees of the Board of Directors of Raiffeisen Switzerland. The Executive Board of Raiffeisen Switzerland puts requirements defined by the Board of Directors into practice as part of its management activities, with various departments involved in their implementation. The Corporate Responsibility & Sustainability department reports to the Chairman of the Executive Board of Raiffeisen Switzerland and additional staff were assigned to it at the end of 2020. It is primarily responsible for strategic issues as well as sustainability management at the Group level and is accountable for the sustainability reporting. It acts as an internal and external point of contact and implements strategic projects that create momentum and strengthen sustainability performance. Corporate Responsibility & Sustainability reports to the Executive Board at least twice a year and reports to the Strategy committee of the Board of Directors and the Board of Directors. The 225 Raiffeisen banks implement sustainability at a local level. In 2021, Raiffeisen intends to review the governance of sustainability management at Group level based on the non-certifiable ISO 26000 standard and continue to strengthen it as required.

Cooperation with stakeholders

Regular and open exchange with stakeholders is extremely important to Raiffeisen. The cooperative structure of the Raiffeisen banks means that they are very close to the client and closely connected to local actors. At the level of Raiffeisen Switzerland, the most relevant stakeholders for strengthening sustainability performance are invited to participate in an exchange at least once a year.

National and international organisations and initiatives

Raiffeisen Switzerland has institutionalised its exchange with various stakeholders via memberships in national and international organizations and initiatives, amongst other measures. Raiffeisen Switzerland is a member of Swiss Sustainable Finance, the Swiss sustainable business association öbu, the Green and Sustainable Finance Committee of the European Association of Co-operative Banks and the Swiss Better Gold Association. To further improve sustainability performance and achieve the strategic sustainability goals, in 2020 the Executive Board of Raiffeisen Switzerland resolved to join the UNEP-FI and commit to its Principles on Responsible Banking. In addition, Raiffeisen takes account of the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD) and will join the Partnership on Carbon Accounting Financials (PCAF) in 2021.

Local involvement

The local roots and the associated exchange with and support for local stakeholders in business, culture and sport are a fundamental principle of the Raiffeisen Group and shape the Raiffeisen Group’s decentralised business model. Working together supports the goal of a sustainable Switzerland and has a positive impact on the daily lives of clients and external stakeholders. This approach is particularly beneficial for sponsoring commitments and when granting donations, and strengthens the Raiffeisen brand throughout Switzerland. For example, this is reflected in the support for around 20,000 junior athletes in the field of skiing. In addition, Raiffeisen is deeply committed to the Swiss museum pass with more than 500 partner museums. The Raiffeisen Group’s sponsorships amount to roughly CHF 30 million per year. Economic, social and cultural contributions and donations amount to an additional roughly CHF 6.5 million. Through, Raiffeisen provides a free project and donations platform for local projects that has, up to the end of 2020, crowdfunded over CHF 20 million in donations for more than 1,100 projects since 2017. Raiffeisen also wants to enable its employees to get directly involved in cultural, athletic and social causes. Raiffeisen, therefore, explicitly gives its employees time to participate in public services, even during working hours.

Transparent party financing

As in previous years, Raiffeisen once again contributed to a healthy Swiss political system through its party financing in 2020. The funding model is transparent: Raiffeisen contributes a total of CHF 246,000 to all parties represented in the Swiss Federal Assembly annually. The money is split equally between the National Council and the Council of States and is divided between the parties according to the number of seats. This takes account of the equivalence of the two chambers as well as the federal/decentralised system of government in Switzerland. The parties have no accountability obligations in relation to the use of the funds. The payment is not linked to any political goodwill or voting behaviour.

Transparent reporting

Transparency is vital for the cooperative Raiffeisen Group. Raiffeisen sets itself high standards in the reporting of its sustainability performance. In addition to the standards of the Global Reporting Initiative’s “comprehensive” option, to which Raiffeisen has been committed since 2018, from 2020 Raiffeisen has also incorporated the UNEP-FI Principles for Responsible Banking and the TCFD recommendations. The GRI content index with selective additional information as well as the disclosure in line with the TCFD and an interpretation based on the Principles for Responsible Banking can be seen at Moreover, Raiffeisen is committed to the AA-plus quality label for e-banking introduced by the “Access for All” foundation as well as the European Transparency Code for sustainability funds as specific standards and transparency guidelines in the area of sustainability.

In 2019, Raiffeisen’s sustainability reporting was analysed as part of a specialist comparison of over 120 Swiss companies. Raiffeisen placed in the top 20% and was ranked first amongst the participating financial institutions. Raiffeisen will also continue to provide transparent reporting on its sustainability performance in the future.

Observe the legal framework

Raiffeisen is a cooperative enterprise focused on the Swiss market and respects the legal system in Switzerland, human rights, fundamental environmental standards and the principles of the market economy.


The banking industry in Switzerland is highly regulated. The Raiffeisen Group bases the implementation of its regulatory activities on financial sector laws, standards and guidelines. All employees are personally responsible for driving compliance and avoiding compliance risks in their line of work within the framework of applicable policies and processes. They notify the competent Legal & Compliance area of Raiffeisen Switzerland or the responsible compliance officers in their Raiffeisen bank or specialist area of any deficiencies. Risks are identified, assessed and documented, and necessary control mechanisms are defined. Legal & Compliance of Raiffeisen Switzerland monitors the development of legal risks across the Group and reports any major legal risks to the Executive Board of Raiffeisen Switzerland and the Risk Committee twice a year and to the entire Board of Directors of Raiffeisen Switzerland once a year. The “Risk report” section contains more information on how Raiffeisen handles legal and compliance risks.


The regulator ascribes a particularly high level of importance to the fight against corruption, money laundering and terrorism financing. Corruption undermines the rule of law, promotes inefficiency and distorts competition. The Raiffeisen Group seeks to stop corruption by taking preventive measures. Anti-corruption responsibilities are defined at all levels of the hierarchy, are enshrined in internal policies and assumed within the business areas of the individual Raiffeisen banks. Strict internal policies govern business relationships with politically exposed persons, the combating of money laundering and terrorism financing, and adherence to laws in the area of economic and trade sanctions. Raiffeisen Switzerland and the Raiffeisen banks are responsible for taking action to prevent money laundering. Every Raiffeisen bank has a compliance as well as an anti-money laundering officer. They receive annual training from Raiffeisen Switzerland and are also professionally supported in their work. If money laundering and/or terrorism financing is suspected, the Raiffeisen banks report to the Money Laundering Reporting Office in consultation with Raiffeisen Switzerland. Raiffeisen Switzerland coordinates all further steps and supports the Raiffeisen banks with the implementation of the necessary measures. All employees of Raiffeisen Switzerland, the subsidiaries and the Raiffeisen Pension Fund as well as all members of supervisory bodies are issued internal guidelines on conflicts of interest and active and passive bribery as part of the employment regulations. New employees are trained accordingly. The Raiffeisen banks either adopt Raiffeisen Switzerland’s approach or develop an equally effective alternative approach of their own. Anti-corruption strategies and measures are also communicated to business partners who supply goods and services to Raiffeisen. The chairs of the executive boards of the Raiffeisen banks periodically conduct analyses of money laundering and terrorism financing risks according to Raiffeisen Switzerland guidelines and provide these to Raiffeisen Switzerland. Legal & Compliance of Raiffeisen Switzerland monitors the development of these risks across the entire Group and reports material risks to the Risk Committee and Board of Directors of Raiffeisen Switzerland every quarter.


The topic of the supply chain was a particular focus in the current year due to the discussion related to the Group responsibility initiative as well as the Covid-19 pandemic. Wherever possible, Raiffeisen’s supply chain is based in Switzerland, both in terms of third-party financial products and in terms of procurement for its banking operations. As a result, Raiffeisen was not significantly affected.

Raiffeisen sells third-party financial products alongside its own solutions. These include investment funds, structured products, direct investments, consumer loans, credit cards and insurance-based investment products. Another example is the physical trade in precious metals, such as gold and silver. Raiffeisen also works with external partners when developing its products. For example, all Raiffeisen investment funds are managed by Vontobel Asset Management.

The most important procurement items used to operate the branch network are real estate, IT hardware and software, services, furnishings and vehicles. Raiffeisen ensures sustainability in its supply chain and outsourcing to partner organisations by following and constantly updating specific principles and criteria. Suppliers and partner organisations have to meet social and environmental criteria as well as economic ones.

Raiffeisen reviews compliance with the legal framework based on selected indicators. Raiffeisen views the results for the current year as positive and does not believe that there is an urgent need for action.

Responsible business activity

GRI indicator2020
Social compliance
Significant fines and non-monetary sanctions for non-compliance with laws and/or regulations in the social and economic areaGRI 419-10
Total number and percentage of Raiffeisen banks and branches that have implemented mechanisms to detect corruptionGRI 205-1100%
Significant risks related to corruption identified through the risk assessmentGRI 205-10
Total number and nature of confirmed incidents of corruptionGRI 205-30

Long-term economic success

The Raiffeisen Group, as Switzerland’s third-largest banking group, employs over 11,000 people, pays salaries, pension fund contributions and taxes, and supports charitable organisations and initiatives. In addition, through its financial products and services and procurement, the Group helps to generate value locally, regionally and nationally in a way that benefits cooperative members, clients and society. Cooperative members receive particularly favourable terms for certain banking transactions as well as other benefits. Raiffeisen employees receive fair, competitive wages. The pension fund aims to maintain a funding ratio of at least 100% and has adopted actuarial assumptions that will ensure and secure, reasonable pensions for present and future generations. The Raiffeisen Group pays local, cantonal and federal taxes throughout Switzerland. Raiffeisen does not receive any public funds and does not benefit from government guarantees. By targeting long-term economic success, Raiffeisen strives to be a reliable, long-term partner for its stakeholders. The issues connected to Raiffeisen’s economic performance are diverse and are managed by various units within the Raiffeisen Group.

The cooperative Raiffeisen Group operates on the principle of targeting long-term, sustainable results and is not focussed on maximising profit and growth at all cost. The focus on long-term, sustainable results and the fact that economic performance is provided in a decentralised manner by the Raiffeisen banks and Raiffeisen Switzerland are directly related to the Raiffeisen Group’s business model, which is based on the autonomy of the Raiffeisen banks. As the statement of net added value shows, the Raiffeisen Group’s economic performance in the current year should be viewed positively.

Statement of net added value
CHF millionProzent
Creation of added value
Corporate performance (= operating result)3,0523,058100.0100.0
General and administrative expenses-538-48017.615.7
Extraordinary income1060.30.2
Extraordinary expenses-3-2-0.1-0.1
Gross added value2,5212,58282.684.4
Value adjustments on participations and depreciation and amortisation of tangible fixed assets and intangible assets-227-2747.49.0
Changes to provisions and other value adjustments and losses -24-20.80.1
Net added value2,2702,30674.475.4
Distribution of added value
Personnel (salaries and employee benefits)1,3321,33758.758.0
Cooperative members (paym. of interest on certif.: proposal to AGM)63652.82.8
of which capital and income taxes1531306.75.6
of which formation/release of provisions for deferred taxes-40-10-1.8-0.4
Bolstering of reserves (self-financing)76278433.634
Distributed added value2,2702,306100.0100.0
Statement of net added value – key figures
Gross added value per personnel unit11,000 CHF272275
Net added value per personnel11,000 CHF245246
Personnel units (average)number9,2559,393
1 Calculated based on the average number of employees.

Create sustainable products and services

Environmental and social factors affect risks and simultaneously represent opportunities. The Raiffeisen Group plans to give these factors due consideration when developing its financial products and services and simultaneously respond to growing client needs for sustainable products and services.

Raise client awareness in the mortgage business

Raiffeisen considers its role in promoting sustainability in the mortgage business to primarily consist of raising client awareness of the potential to increase energy efficiency and reduce CO2 emissions as well as to identify appropriate financing solutions. Raiffeisen was the first bank to systematically integrate the energy efficiency evaluation of properties into the mortgage advice business. Clients can use this to obtain an overview of their property’s energy efficiency, identify potential investment needs and simulate renovation scenarios. In 2020, Raiffeisen also supported EnergieSchweiz’s “Renewable Heating” programme. This pursues the goal of helping private home owners switch to renewable heating systems with neutral and professional advice. Raiffeisen is a strategic partner of this programme and provides relevant financial expertise. In addition, Raiffeisen banks and branches offered clients low-cost thermal imaging and analyses for the purpose of identifying energy conservation opportunities. When clients decide to obtain a cantonal building energy certificate (GEAK® Plus), Raiffeisen also assists them with a financial contribution of CHF 200.

Awareness-raising tools and initiatives

Number of201820192020
Energy-efficient renovation and climate compatibility
GEAK® Plus certificates subsidised in the current year-146463
Thermal imaging performed in campaigns concluded during the current year8,50011,3007,800
e-Valo energy efficiency consultations for real estate11,2591,7951,123
1 2020 no training sessions or explicit marketing campaigns were conducted due to the pandemic; a new programme,, was introduced at the same time

Environmental and social compatibility of corporate clients

Raiffeisen is also raising awareness of the issue of sustainability in the corporate clients business. For three years, Raiffeisen has been handing out regional entrepreneurship awards that have attracted applications from more than 160 SMEs. From the selected finalists, the jury picks one winner for each prize awarded. Prizes are awarded to companies that have developed a particularly prudent and responsible business model. Due to the pandemic, the award ceremonies planned for 2020 have been postponed to next year. SMEs that are Raiffeisen members also receive a free initial analysis on potential energy-saving measures from an advisor at the Energy Agency of the Swiss Private Sector (EnAW).

99.5% of Raiffeisen’s corporate clients are domiciled in Switzerland. As a result, the 209,000 corporate clients – predominantly SMEs – are regulated relatively effectively and efficiently in terms of ecological, social and governance matters. The risk that the business activities of corporate clients will have a serious negative impact on the environment or society is therefore fairly low for Raiffeisen.

Sustainable investment and pension product portfolio

Since the launch of the first Raiffeisen Futura fund in 2001 and the subsequent expansion of the fund range, Raiffeisen has been consistently providing sustainable investment opportunities for investment and pension funds for its clients. Since 2013, all pension and investment clients have been asked about their sustainability stance and advised accordingly on request when they open a custody account and when their situation is periodically reviewed.

Raiffeisen generally works closely with specialised, independent partner companies in managing sustainable pension and investment products and carrying out sustainable asset management mandates (under the Futura brand in each case). Inrate, a sustainability ratings agency, is responsible for analysing issuers of securities and real estate. Vontobel Asset Management manages the Raiffeisen Futura investment funds with the exception of the Raiffeisen Futura Immo fund, which is managed by VERIT Investment Management. The Futura asset management mandates are managed by an internal team of Raiffeisen Switzerland portfolio managers.

Raiffeisen’s Futura sustainability approach is distinguished by the analysis of the ecological and social effects of the assets. As a result, the investment universe is determined based on a consistent selection procedure with a “Best in Service” approach according to ecological, social and ethical criteria. In the Futura Immo fund, properties are assessed based on defined sustainability criteria, including their location quality, housing quality and resource efficiency. Even today, 72% of the fund volume is invested in sustainable Futura funds.

Moreover, in the autumn of 2020, the full and active exercise of voting rights was introduced for all Raiffeisen investment funds with an equity share. For Swiss shares, we essentially base our decisions on the recommendations made by Ethos, the Swiss foundation for sustainable development; for all other shares, we use the recommendations provided by Institutional Shareholder Services (ISS).

In April 2019, Raiffeisen Switzerland placed the very first sustainability bond on the Swiss capital market for investors. Investors can use it to invest in energy-efficient, low-emission and social housing.

The constant inflow of customer deposits to sustainable investment products and the interest in the sustainable structure of cash flows are also reflected in the indicators for sustainable products and services. They are an endorsement of Raiffeisen’s strategy of expanding its range of sustainable products and services. At the same time, Raiffeisen pursues the goal of consistently disclosing relevant sustainability information for products and services. Raiffeisen is comfortable with the cooperation with independent external partners when auditing assets and when exercising voting rights in the investment and pension area and will continue down this path.

Products with specific social and ecological benefits

GRI FS 7, FS 8, FS 11Unit31.12.201831.12.201931.12.2020
Investment products
Sustainable funds (Futura funds) CHF million6,565.67,753.58,725.7
Share of volume of all Raiffeisen funds percent62.867.771.6
Share of custody account volumepercent16.520.521.9
Development funds1 CHF million272252194
Share of custody account volumepercent0.90.70.7
Structured products with a sustainability focusCHF million9.912.315.4
Raiffeisen Asset management
Volume of sustainable Futura asset management mandatesCHF million38.0253.2535.5
Shares of all asset management mandatespercent13.519.222.3
Leasing business
Subsidised leasing in the case of replacement investments for Euro 6 emission standard-compliant lorries CHF million14.910.75.8
Share of total leasing volume for lorriespercent23.08.67.5
Raiffeisen Bonds
Raiffeisen Sustainability Bond3CHF million-100.0100.0
1 responsAbility Investments AG investment funds are listed here because Raiffeisen Switzerland is a founding member and shareholder of responsAbility. These numbers refer to the securities held in Raiffeisen clients' custody accounts. They reflect Raiffeisen's performance and responsibility in the sale of responsAbility funds.
2 Outstanding as of 31.12.2020

The Raiffeisen Pension Fund is an independent legal entity that manages the pension deposits of over 10,000 insured persons on a fiduciary basis in compliance with the federal law on occupational pension plans and in consideration of sustainability aspects.

Raiffeisen Pension Fund assets

GRI FS 7, FS 8, FS 11Unit31.12.201831.12.201931.12.2020
Raiffeisen Pension Fund assets (in million CHF)23,222.53,704.63,928.8
Value of the pension fund assets verified according to ecological, social and governance factorsCHF million2,587.72,985.93,202.0
Share of verified Raiffeisen Pension Fund assets as a proportion of the total pension fund assetspercent80.380.681.5
1 Swiss real estate directly held by the Raiffeisen Pension Fund meets environmental/sustainability criteria, as required by the investment policy. These investments, which are worth roughly CHF 0.8 billion (21%), are therefore included here as of 31 December 2020.

Open and fair interaction with clients

Raiffeisen deals openly and fairly with its clients. This includes the facts that Raiffeisen products are simple
and straightforward and offer value for money and that prices are transparently communicated. This is the
only way to ensure that clients can reach well-informed decisions.

Client structure (by domicile, segment, sector)

31.12.2020Number in thousandsPercentage
Number of clients3,553100.0
Private and investment clients3,34494.1
Of which domiciled in
Countries bordering Switzerland672,0
Of which segment
Private clients3,00689.9
Investment clients33810.1
Corporate clients2095.9
Of which domiciled in
Countries bordering Switzerland9.54.5
Of which segment
Self-employed individuals65.531.4
Small enterprises112.153.6
Medium-sized and medium-large enterprises2.81.4
Real estate companies19.79.5
Public-sector entities8.94.1

Transparency and fairness

Financial services are highly complex. This complexity explains Switzerland’s tight regulation of product marketing for financial service providers. These requirements are implemented by Raiffeisen and encourage fairness and transparency. Raiffeisen also engages in self-regulation. The Marketing areas of the Raiffeisen Bank Services department and the Advice and Sales area of the Products and Investment Services department are primarily responsible for this topic within the Raiffeisen Group. Foreign regulations are taken into account as needed.

97.5% of Raiffeisen’s clients are domiciled in Switzerland. At Raiffeisen, each client segment is fundamentally assigned a target product portfolio. Any products and services not included in the portfolio will only be offered to segment clients at their express request. Raiffeisen generally prioritises security over profitability, and profitability over growth. Client advisors are regularly trained to follow these principles. Thanks to all these efforts, Raiffeisen has managed to provide an understandable product range with fair prices and a high level of transparency. This promotes client focus, mutual trust and long-term client relationships. In 2020, a pilot survey marked the first time that Raiffeisen had surveyed clients to check whether adequate fairness and transparency are ensured and perceived as such by clients. The results show that Raiffeisen is perceived to be above-average amongst financial companies in terms of sustainability and responsibility. The aim is to continue to achieve a high level of satisfaction.

Client privacy

Special mention must be made of client privacy when dealing with clients openly and fairly. Banks hold sensitive client data whose protection is an absolute priority at Raiffeisen. Clients trust their bank to obey laws and regulations, handle data responsibly and protect their information as effectively as possible. Since it has overall responsibility for the compliance system, Raiffeisen Switzerland is tasked with centrally protecting client data within the Raiffeisen Group and operates an information security management system (ISMS) based on the ISO 27001 standard. The purpose of the system is to ensure information integrity, availability and confidentiality at all times. Information security is constantly reviewed and enhanced where necessary. Several projects are conducted each year to strengthen the Group’s ability to withstand cyberattacks. Raiffeisen Switzerland also has a data protection officer who oversees the entire Group and ensures compliance with the criteria set out in the Swiss Data Protection Act. Rules on data protection and data security are implemented through internal directives. Client data requirements conform to the Data Protection Act as well as FINMA stipulations. The Raiffeisen Group constantly adapts its measures to protect client data to the current situation in a continuous improvement process.

The surveyed client satisfaction, client complaint process as well as the number of breaches of the relevant provisions point to any deficiencies in the processes. The indicators in the table do not show any urgent need for action on the topic of fairness and transparency in client relationships.

Responsible business activity

GRI indicator2020
Marketing and labelling
Total number of incidents of non-compliance with regulations and/or voluntary codes concerning product and service information and labellingGRI 417-20
Total number of breaches in connection with marketingGRI 417-30
Customer privacy
Complaints from outside parties and regulatory bodiesGRI 418-10
Serious incidents registered through internal data leakage prevention (DLP)GRI 418-10
Alarms registered by the internal data leakage prevention systemGRI 418-12,964,5711
1 Criteria for the assessment of alarms have been modified in comparison to 2019. Emails, web uploads and transfer to external devices are detected. DLP alarms are triggered in response to rules based on a scoring system. An alarm does not automatically mean that a regulation has been violated.

Contain climate change

Unchecked greenhouse gas emissions will lead to climate change with serious, irrevocable consequences for humanity and the environment. The Raiffeisen Group directly generates CO2 emissions through business travel, cargo shipments and building energy for operating 824 bank branches.

Reduction in direct CO2 emissions

Raiffeisen supports the targets of the Paris Climate Agreement, the energy transition and a climate-neutral Switzerland. Raiffeisen is pursuing the goal of “net zero” by 2050 and is aiming to reach “net zero” operational emissions by 2030. The Raiffeisen Group’s climate target to date was defined in 2012 and consisted of reducing CO2 emissions (Scope 1 to Scope 3 together) by 30% compared to 2012 levels by 2020. CO2 emissions were reduced by 12% in comparison to the previous year during the current year. The target of reducing emissions by 30% compared to 2012 was therefore achieved. Compliance with standards that regulate energy, mobility, resources and procurement made an important contribution to achieving this target over the years. Employees received training and relevant banking processes were checked for energy and resource efficiency on an ongoing basis. In 2020, the coronavirus pandemic led to additional savings thanks primarily to the change in mobility behaviour and working from home.

The remaining emissions that cannot be reduced, which are caused by operating all the Group branches and business travel, are compensated. This compensation takes place using emission credits (CO2 certificates) from climate protection projects of a recognised external provider (South Pole), which prevent or reduce the emission of CO2. The purchase of CO2 certificates is an investment in projects that could not be implemented without this financing. Raiffeisen supports several projects that promote the transition from fossil fuels to the use of renewable energies and was rewarded with the “climate-aware company” label.

The Corporate Responsibility and Sustainability department is responsible for the topic and the climate change measures across the Group and works closely together with the Environmental Management unit in the IT & Services department of Raiffeisen Switzerland. It is responsible for monitoring the operational environmental indicators for the entire Group and also manages the “Pro Futura” incentive programme. This programme motivates Raiffeisen banks to introduce measures to reduce CO2 emissions. At the same time, Raiffeisen’s internal climate funds subsidise efforts to improve energy efficiency and reduce CO2 emissions. Raiffeisen is striving to only install renewable heating energy in its buildings and to avoid or replace electricity generated using nuclear power or fossil fuels. Compliance with the statutory emissions regulations is ensured when purchasing vehicles (for passenger cars, max. 95 grams of CO2 /km). When constructing or modifying buildings, Raiffeisen encourages eco-friendly commuting by providing good access to public transport, for example. As a general rule, Raiffeisen wants to continue reducing its ecological footprint.

Identify and measure financed emissions

Besides emissions caused by building energy and business travel, Raiffeisen also wants to know the extent of the emissions that it finances. At the beginning of 2019, Raiffeisen appointed an external partner, TEP Energy, to assess the impact of its mortgage financing activities on the climate. The analysis showed that the buildings financed by Raiffeisen are responsible for 2.5 million tonnes of CO2 per year. Excluding industrial and agricultural buildings, this amounts to around 2.1 million tonnes of CO2 per year, which is slightly below the national average. The primary reason for the low value is because the buildings are newer and use fossil fuels less frequently due to their locations. Raiffeisen also allowed its emissions generated by mortgage financing activities to be audited as part of the 2020 climate compatibility test launched for the Swiss financial centre by the Swiss Federal Office for the Environment (SFOE) and the State Secretariat for International Financial Matters (SIF). The test showed that a relatively low amount is invested in companies from polluting industries when investing in shares and corporate bonds, at 6% and 2% respectively, where Raiffeisen is responsible for the investment decision. All investments in Raiffeisen investment and pension products, asset management as well as in-house investments were analysed.

In 2019, Raiffeisen also reviewed the climate compatibility of the corporate client credit portfolio for the very first time. This pilot analysis was based on the internal assignment of the individual loans in line with the “general methodology for economic sectors” of the Federal Statistical Office (NOGA classification). The corresponding analysis was repeated at the end of 2020. It turned out that, according to the NOGA classification, around 1.6% of all corporate loans are issued to companies from CO2-intensive sectors. The analysis covered electricity generation, road transport, air transport, water transport, production of cement, lime and plaster as well as metal production and metalworking. Excluding power generation, which in Switzerland is not very CO2 intensive, relatively speaking, this leaves only 0.8%, or well below 1%, of the total corporate loan portfolio. No loans were issued to companies that mine coal, extract oil or natural gas, or operate coal-fired power plants, as was also the case in the current year.

The indicators show that Raiffeisen has reached the climate target it has set itself. In 2021, Raiffeisen will set new, comprehensive climate targets and, in particular, strengthen the measurement of financed emissions. Further information on opportunities and risks resulting from climate change for Raiffeisen is provided at, structured in line with the TCFD recommendations.

Responsible management

CategoryUnitroundedroundedTotalRaiffeisen Group
change to previous
year in %
per FTE1
Building energykWh70'027'00068,051,00067,551,000-16,949
Heating energy kWh25,075,00023,889,00023,779,00002,446
Business travelkm19,590,00016,634,00011,915,000-281,226
Public transport (rail, bus, tram)km7,269,0005,952,0002,681,000-55276
Road transport
Private carskm3,800,0002,941,0002,059,000-30212
Company carskm4,167,0003'651'0002'648'000-27272
Courier deliverieskm3,557,0003,375,0004,246,00026437
Passenger transport by airpkm99,00060,00021,000-652
Air freighttkm698,000655,000260,000-6027
Paper and water consumption
Paper consumptiont1,090880751-150.08
Water consumptionm3162,000147,000144,000-215
Greenhouse gas emissions
from energy, travel, paper and water2
t CO2 eq13,67312,95811,357-121.17
Direct GHG emissions (Scope 1)t CO2 eq7,8217,1326'325-110.65
Indirect GHG emissions (Scope 2)t CO2 eq345344529540.05
Other indirect GHG emissions (Scope 3)t CO2 eq5,5075,4824,503-180.46
1 Calculation based on the key figures of the Raiffeisen Group in the "Employees" section of the management report, excluding Group companies. For the calculation method, also refer to footnote 1 of the table with the key figures of the Raiffeisen Group in the "Employees" section of the management report.
2 The important emissions sources are recorded. The three system limits are:
Scope 1: direct greenhouse gas emissions from stationary sources in the company itself, such as heating or own vehicles;
Scope 2: indirect greenhouse gas emissions from energy generation outside the company, such as electricity and district heating;
Scope 3: other indirect greenhouse gas emissions outside the company from upstream and downstream processes, such as business travel by rail or upstream processes involved in supplying energy.
Each key figure recorded is annualised based on the last eight quarters and assigned to the recorded organisational units, based on the full-time equivalents. The next step is the extrapolation of the annualised key figures, aggregated by Raiffeisen Bank. They are generated based on the worst qualities such as "heating oil" for heat production. Greenhouse gas emissions are calculated based on the emission factors for the 2015 VfU indicators. The Raiffeisen Business Owner Centres (RUZ), Immo AG, Valyo Ltd and the former Group business Notenstein La Roche Private Bank Ltd were not considered.
Rounding differences are negligible.

Promote employee expertise and diversity

Transformation and culture are important areas of focus of the Raiffeisen 2025 strategy. Promoting employee expertise and diversity is another important goal of the strategic sustainability framework. In the current year, various measures were taken to foster a corporate culture in which diversity is practised and supported.

More detailed information on the topic of employees is provided in the “Employees” chapter.

Further information

The GRI content index, disclosures according to the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) – handling of climate-related risks and opportunities as well as reporting in line with the UNEP Principles for Responsible Banking are available as PDF downloads under the following link.