CIMA Research Executive Summary

Vol. 20 Issue 4

ESG Reporting as
a Driver of Value Creation
A Case Study of ABN AMRO

1
Key findings
• Banks have an important role in society
and play a crucial role in the transition to a
sustainable economy. As providers of financial
capital, banks can encourage companies to
pursue more sustainable business models
and direct funds towards investments that
generate a positive impact on society.
• ESG reporting drives value creation and has a
disciplining effect on ESG performance. Reporting
can be a very valuable tool to accelerate integrated
thinking and, therefore, create value; it gets everyone
on board and creates awareness of the impacts
and the value created on different capitals.
• Impact can be positive or negative, create or
deplete value for stakeholders. An important
goal of an organisation’s strategy is to improve on
the positive impacts and to reduce the negative
impacts. This requires managers to have insight
into and to understand the various impacts.
• Companies should report their contribution to
the UN SDGs. It is increasingly important to report
on the positive and negative impact on the SDGs,
identify the most significantly affected SDGs
and the interconnection among the 17 SDGs.
2 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 1
• Greenwashing can be prevented through
effective internal controls, external assurance,
and regulation. Reporting in a transparent way,
on both positives and negatives, and having a
disclosure focused on authenticity, accuracy,
completeness, and relevance are key to ensure
reporting is the expression of an authentic effort.
• Accounting and Finance professionals play
a leading role in supporting companies’ ESG
journey. Practitioners have the required mindset
and expertise to measure and analyse financial and
non-financial information, to zoom in to see the
details and zoom out to have the overall big picture,
and translate these into long-term value creation.
Contents
2 Introduction
4 Research objectives and methodology
5 Main findings and the implications for practice
12 Conclusions
13 References & further reading
14 Appendix
15 Acknowledgements
This report is funded through CIMA’s research
programme that is designed to promote and develop
the science of management accountancy as stipulated
in our Royal Charter. The programme encourages
leading academic and practitioner researchers to
explore issues and provide fresh topics of interest to
CIMA® members and CGMA® designation holders.
Introduction
Corporate sustainability represents a mainstream
ambition and a priority for companies across sectors
and geographic areas. While all organisations exercise
a significant influence on the society, from the way they
treat their workforce to the way they interact with supply
chain stakeholders, banks have a much bigger impact
and play a crucial role in the transition to a sustainable
economy. As providers of financial capital, banks
can direct funds towards companies that generate a
positive impact on society, and can encourage others
to change and pursue more sustainable business
models (BFI, 2021;2022; Malafronte & Pereira, 2023).
While the United Nations Sustainable Development
Goals (SDGs) urge countries to take actions for
achieving a better and more sustainable future
for all, banks can contribute to a positive change
for the people and the planet by particularly
focusing their attention on environmental, social,
and governance (ESG) priorities and issues.
Within this context, it is crucial to share best practices
in the field of ESG reporting that would inspire other
organisations. This research describes the experience and
commitment of ABN AMRO in the area of sustainability
and ESG, and explores the channels through which
the bank’s ESG proposition fosters value creation.
ABN AMRO case study
ABN AMRO is one of the leading banks in the
Netherlands; with over 20,000 employees, it provides
banking services to retail, private, and business
clients. Its products include, among other things,
loans, mortgages, payment services, financial advice,
savings and investment products, and services.
It has a clear purpose, ’Banking for better, for generations
to come’, and this represents the compass of all its
activities. The bank’s core values are care, courage,
and collaboration, expressing its sense of responsibility
towards all stakeholders and ambition to support its
clients. The bank’s strategy is built on three pillars:
customer experience, sustainability and future-proof bank.
2 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 3
ABN AMRO core values (Source: Integrated Annual
Report 2022, p.7)
Care. We care for our clients and want to do what is
best for them. By understanding our clients’ needs, we
can help advance their long-term interests. We also
care about our planet and people, which sits at heart
of our ambitions for a more sustainable future.
Courage. It takes courage to commit to positive change.
That is why we take a stand in the social debate, act on our
principles and will always speak up against wrongdoing.
Courage also means engaging with clients, persuading them
to adopt more sustainable business practices, and being
prepared to say ‘no’ if we believe it is in a client’s best interest.
Collaboration. It is only through collaboration that we can
achieve our ambitions. We set great store by working together
both across the organisation and with partners outside ABN
AMRO to address the serious social and environmental
challenges we face and keep the financial system secure.
ABN AMRO has a rich reporting suite, including the Through the experience of ABN AMRO, based on
bank’s Integrated Annual Report, Impact Report, document analysis and interviews, this research sheds
Pillar 3 Report, Non-financial data and Human Rights light on the role of ESG reporting as a driver of value
Report, among others. Through its Integrated Annual creation, the contribution to the global goals, and the
Report, ABN AMRO explains how it creates value for need to tackle greenwashing; ultimately, it highlights the
its stakeholders, not only as a provider of banking crucial role of accounting and finance professionals in
and other financial services but also as a responsible supporting companies’ ESG journey. By disseminating
employer and an active contributor to the society as a the experience of a frontrunner organisation in the
whole. As part of its commitment to sustainability, ABN field of sustainability and documenting how ESG
AMRO is recognised as a frontrunner organisation in the contributes to value creation, this case underscores the
field of corporate reporting and integrated thinking. importance of a strong commitment to sustainability
and provides interesting insights for practitioners
ABN AMRO’s commitment to ESG is externally recognised
and organisations beyond the financial sector.
and acknowledged. Among others, the Bloomberg ESG
scoring methodology positions ABN AMRO as a leading
organisation, or above median, compared to peers
across the overall ESG score and its individual pillars.
Interestingly, the bank is also leading on Scope 1 and
Scope 2 greenhouse gas emissions as a percentage
of revenues, in line with its commitment to manage
climate risk in its own business and support clients’
transition to new, low-carbon business models.
ESG Scores of ABN AMRO (Source: Bloomberg, accessed Jun 2023)
Financial Materiality Scores | ESG SCORE Year 2022
Score Trend Vs Peers Scope GHG/Revenue* Peer Rank
ESG Score 4.35 +1.49 Leading 1 0.27 Leading
Environmental 4.72 +2.25 Leading 2 0.27 Leading
Social 2.69 +1.18 Above Median 3 -- --
1+2 0.53 Leading
Governance 7.31 +1.03 Leading
1+2+3 -- --
Research objectives and methodology
This research explores the channels through
which ESG reporting represents a driver of value
creation, through the experience of ABN AMRO.
The case study research has four main
research objectives:
• exploring the role of ESG reporting
as a driver of value creation;
• describing the role of the banking sector
in contributing to the SDGs;
• identifying good practices to tackle greenwashing;
• examining the role of accounting and
finance professionals in the ESG arena.
This study adopts a case study methodology and
is based on document analysis and interviews. In
analysing the documents we examine the bank’s value
creation model, and commitment to sustainability
and SDGs through its official reporting tools. The
document analysis is followed by in-depth interviews
with senior management professionals directly involved
in the ESG reporting journey of the bank. Interviews
complement the document analysis and provide
further insights on the role of ESG as a driver of value
creation, directly through the experience of leading
professionals and their perception of the journey, the
challenges, and the learnings to share with others.
4 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 5
This case study summarises the journey of ABN AMRO
and was developed through the conversations held
with Alexander Carp, Corporate Strategist, Catalina
Hemmink, Sustainability Reporting Specialist, Cristina
Cainareanu, Integrated Strategic Risk Specialist, and Tjeerd
Krumpelman, Global Head of Reporting, Regulations,
and Stakeholder Management at ABN AMRO.
Main findings and the implications
for practice
ABN AMRO strategic pillars, Integrated Annual Report
ESG reporting: a spotlight 2022, p.19
on ABN AMRO
ABN AMRO’s commitment to sustainability is the
result of a longstanding journey. After publishing a
standalone sustainability report for a few years, in
2015, the bank published its first integrated report;
later, in 2018, the bank redeveloped its purpose and
strategic objectives, where sustainability became at
the very heart of the strategy. ABN AMRO’s strategy
has three pillars: customer experience, sustainability,
and future-proof bank. Through its strategy, ABN AMRO
is becoming a personal bank in the digital age.
The bank’s ESG journey is the result of both internal and
external drivers. Besides the increasing attention towards
sustainability from regulation, ABN AMRO has an intrinsic
motivation to provide a comprehensive ESG reporting,
and sustainability is part of the bank’s strategy. Internally,
this was driven by new leadership, leading to a change
in the board structure and strategy; externally, there is
an increasing attention to sustainability through clients,
employees, NGOs, SDGs, and investors, among others.
“At ABN AMRO, sustainability is part of our strategy
and is one of our strategic pillars. Besides the fact Customer experience. Our trusted relationships with clients
that the regulation is evolving towards enhanced enable us to support them at allimportant financial moments.
disclosure, we have an intrinsic motivation to provide a Sustainability. Sustainability has been a core element of
comprehensive ESG reporting, and our Impact Report our strategy since 2018 and is core to our purpose.
is an example. There are challenges, but somehow
Future-proof bank. We are building a future-proof bank
we are trying to align and anticipate.” (Cristina by simplifying and centralising- our operating model,
Cainareanu, Integrated Strategic Risk Specialist) delivering a better experience for our clients, while at the
“We strongly believe that the reason why you exist same time delivering on cost-saving programmes.
as a company is because you create value, you
add value for your clients, and also for your other
stakeholders. That is something that is important for
ABN AMRO” (Alexander Carp, Corporate Strategist)
ABN AMRO: ESG reporting as a driver of value creation
Value creating topics
ABN AMRO carries out a rigorous materiality assessment
process that allows the identification of the key drivers
of long-term value that are aligned with its purpose. The
regular assessment of the bank’s operating environment
helps to identify strategic differentiators, i.e. the value-
creating topics, where the bank and its stakeholders
believe its strategy can create most value for stakeholders.
Currently, this process has led to the identification of nine
strategic differentiators, each linked to a strategic pillar.
The bank employs a materiality assessment process
based on a stakeholders’ survey to determine the value
creating topics for the bank; the board is also involved
in this process and this is really becoming an integral
part of its management steering. The process starts
with compiling a long list of more than 100 topics that
should be of relevance to the bank; these are identified
based on ESG rating requirements, sector and country
reporting trends, risk event registers, media analysis,
legislation, among others. From this long list, a short list
is defined and submitted to the four stakeholder groups
(clients, employees, investors, and society) and the
management board. By equally weighting the answers
from all stakeholder groups, and through continuous
dialogue with stakeholders and management, this
ABN AMRO value creating topics, Integrated Annual
Report 2022, p.20
6 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 7
process results in the identification of the core value
creating topics for the bank; these are linked to the three
strategic pillars and are key to creating long-term value.
“We have a materiality assessment process that
we perform every second year. This results into
what we call “material topics” or” value creating
topics” for the bank. We ask our stakeholders
how ABN AMRO can create value for them, and
our management team is also involved in this
exercise. This means that everybody at their position
contribute to our long term value creation.” (Cristina
Cainareanu, Integrated Strategic Risk Specialist)
To strengthen and accelerate the absorption of the
value creating topics into the organisation, the bank
has organised an integrated thinking community, a
place for discussing the material and value creating
topics. The community members are ambassadors
of those topics, thus responsible for embedding,
monitoring, and reporting. The community is a unique
opportunity to come together, discuss where the
challenges are and how best to proceed. This all feeds
into the next materiality assessment exercise.
Impact reporting
In 2023, ABN AMRO has published its fifth annual homeowners, but new house builds also increase
Impact Report, which examines the impact of consumption of natural resources and impacts the
ABN AMRO’s business, strategy, and activities, on environment. Similarly, lending to companies promotes
the bank’s four main stakeholder groups: clients, economic growth and employment, but also contributes
employees, investors, and society. It also includes to climate change and biodiversity loss. Assessing
an Integrated Profit & Loss (IP&L) statement. positive and negative impacts is crucial to maximise
value creation for stakeholders, while minimising
The bank’s activities have a significant impact on
the negative effects of the bank’s activities.
stakeholders, through lending and investment services,
as well as through employment, procurement,
and other business practices. This impact may be
positive or negative, it may create or deplete value
for stakeholders. For example, mortgages lead to
positive impact by allowing borrowers to become
ABN AMRO impact dashboard 2022, Impact Report 2022, p. 7
Clients Employees Investors Society
2022 2021 2022 2021 2022 2021 2022 2021
Commercial Commercial Capital is the combination of manufactured,
financial and intellectual capital (as used in the
Intergrated Annual Report. Includes value of housing and
other banking and investment services, fees, commisions
and other income, payments to suppliers, employees and
investors, as well as value of data protection and other
bank systems and processes.
Human Includes employees’ and contractors’ time, skills and
productivity (gained through experience and employee
training), health & safety, and well-being effects
on employment.
Social Includes customer loyalty and impact on social issues
such as child labour, underpayment (payment below
a living wage) in our value chain and financial distress
experienced by clients unable to repay mortgages and
other loans.
Natural Includes use of scarce natural resources, as well as
contribution to climate change and pollution.
(EUR millions equivalent)
5,000-10,000 1,000-5,000 500-1,000 100-500 50-100 0-50 Positive Negative
Impact Impact
Value creation model
ABN AMRO aims to create long-term value
for all stakeholders, mostly in two ways:
• by maximising the positive impact of its business
– supporting economic growth and job creation
for example, through loans to businesses or
providing employees with career opportunities
and a safe, inclusive work environment;
• by minimising the negative impact — a
bank’s activities may cause harm, for example
through loans it may indirectly damage the
environment; to minimise these risks, the bank
sets strict rules for lending and investment.
The bank value creation model uses six capitals, based on
the Integrated Reporting <IR> Framework: manufactured,
financial, intellectual, human, social, and natural. The value
creation model consists of four steps (see Appendix 1):
• Inputs: these are the resources needed to
operate its business, ranging from the time,
skills, and know-how of the employees to the
equity provided by the bank’s shareholders.
• Business activities: this is the bank’s ‘engine
room’ — it shows how its activities transform
inputs into value for stakeholders.
• Outputs: these are the immediate results
of the bank’s activities: the loans and
mortgages it provides to clients, or the salaries
and benefits it pays to employees.
• Outcomes: these show the effects of the bank’s
business on stakeholders — the fact, that its
products and services may help clients save and
invest, through home ownership, mortgages may
provide a greater sense of personal security.
8 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 9
Creating value for the bank and the society ABN AMRO: Mapping the contribution to the SDGs
As a bank, ABN AMRO recognizes its important The SDGs, also known as the Global Goals, are 17 Interestingly, the bank acknowledges and reports its
role in society. It is committed to help businesses integrated targets for global development adopted by the positive and negative impacts on the SDGs, with the
to take responsible risk; to support and work along United Nations in 2015. They represent a universal call aim of enhancing the positive impact and minimising
together with business to identify the risks inherent for action to end global inequalities, protect the planet, the negative one. Specifically, the bank reports a
in a specific opportunity, and eventually the risks and ensure that by 2030 all people enjoy peace and positive impact on SDG 8, and a negative impact on
in foregoing the opportunity. ABN AMRO is keen to prosperity. This call for action extends from public sector SDGs 12 and 13; the Impact Report expands on this
help businesses across sectors to take the risks to private institutions, across industries and geographies. by showing the impact across all the 17 SDGs and
that they can manage, and, as such, having a value the interconnectedness among them (Appendix 2).
creating opportunity rather than value destruction. Companies have an impact on the SDGs and ABN
AMRO report its impact on all of them in its Impact “As a bank, we have a function in the economic
“Banks have an important role in society. We can Report. Specifically, the goals most affected by its growth through our business activities, through
help in the transition to sustainability by steering our activities are SDG 8, Decent work and economic growth, our loans, thorough our investment opportunities.
investments. ESG reporting helps creating value, and SDG 12, Responsible consumption and production, We think we have an impact on most of the
hopefully our ESG reporting is proving that we are doing SDG 13, Climate Action. Through the Annual Integrated SDGs, directly or indirectly, and we communicate
the right thing.” (Alexander Carp, Corporate Strategist) Review and Impact Report, the company describes this in our Impact Report” (Cristina Cainareanu,
how it is contributing towards achieving these goals. Integrated Strategic Risk Specialist)
Reporting can be a very valuable tool to accelerate
integrated thinking within an organisation and therefore
create value as an organisation. For ABN AMRO, reporting
has always helped to communicate, report on the
initiatives in place, show what the bank is doing and how it
is creating value; reporting gets everyone within the bank ABN AMRO’s Impact Report 2022, p.11
on board and promote awareness on the bank’s activities.
“Reporting can be a very valuable tool to accelerate 2022 2021
integrated thinking within an organisation and therefore
create value as an organisation. Reporting for ABN Value Value Value Value
AMRO has always helped to show the initiatives, show created lost created lost
what we do and show the value that we can create.”
(Catalina Hemmink, Sustainability Reporting Specialist)
“I really believe that the reporting side has a disciplining Decent work and economic growth
effect on the performance side. If you have to report or
if you’re committed to reporting on sustainability and
value creation, then you also have to ask some very
tough internal questions: How are we really creating
value? For whom? What are the material topics? The
Responsible consumption
ESG KPIs will force you to start measuring the progress
on ESG; a value creation model forces you to think and production
about the impacts and the value that you are creating
on these different capitals. As a result, the reporting
side has a big disciplining effect of the actual ESG
performance.” (Tjeerd Krumpelman, Global Head of
Reporting, Regulations, and Stakeholder Management) Climate action
(EUR millions equivalent)
5,000-10,000 1,000-5,000 500-1,000 100-500 50-100 0-50 Positive Negative
Impact Impact
Tackling greenwashing: learnings from ABN AMRO experience
As a result of a continuously evolving reporting landscape,
the disclosure of high quality and reliable ESG data
represents a crucial component of companies’ reporting
practices and there is a need to balance the interests of
shareholders, employees, customers, and community.
However, there is growing debate in academic literature
and by practitioners on whether sustainability reporting
efforts result into tangible benefits for the society and the
planet (Pucker, 2021) and the resulting duality between
“green washing” vs “authentic effort” (Khan et al., 2021).
In the Management Control Statement section of
the integrated report, ABN AMRO acknowledges
that sustainability creates exposure to a wide range
of reputational, legal, and litigation risks, including
claims about “greenwashing” (“i.e. false or misleading
statements about the sustainability profile of products
or services”, Integrated Annual Report 2022, p.156).
From the experience of ABN AMRO, there are some
important learnings on the steps to put in place to
ensure ESG reporting reflects the authentic effort and
commitment of a company towards sustainability.
To help prevent greenwashing, it is crucial to set up
internal controls, set up better governance around
ESG data; getting external assurance would also
play a role in providing reliable ESG information. New
tigger and consistent regulations and frameworks
would be crucial. It is paramount to report in a
transparent way, on both positives and negatives,
based on facts rather than opinions and to employ
the use of the impact report as a management tool
to drive change internally and increase the positive
impact. Doing a thorough review to what is being
disclosing is key; authenticity, accuracy, completeness,
relevance, among others, are all considered at ABN
AMRO – and is ensured through processes, policies,
checks and controls that the bank has internally.
“Reporting can really be a tool for change internally.
We try to use the impact report as a management
tool to show our board and our colleagues that there’s
room for improvement. We are trying to see how
we can use the results of our impact measurement
in order to increase our positive impact” (Catalina
10
Hemmink, Sustainability Reporting Specialist)
In the experience of ABN AMRO, greenwashing
should be taken more seriously and lead to similar
implications as a fraud in the financial statements.
Just as misleading financial statements lead to
specific actions by law, including restatement and
press release, similarly providing misleading ESG
information to stakeholders, whether intentional or
not, should lead to severe and clear consequences.
“Internally, setting up internal controls, setting up
better governance about ESG data; externally, new
regulations and frameworks, and providing assurance
on non-financial information are important steps for
addressing greenwashing. And ultimately, misleading
the stakeholders or the readers of ESG information
should be treated following similar approaches as for
financial frauds” (Tjeerd Krumpelman, Global Head of
Reporting, Regulations, and Stakeholder Management)
It is worth noting that the evolution of the corporate
reporting landscape towards simplification and
harmonisation of the regulations (ex. EU taxonomy,
EU Sustainable Finance Disclosure, MiFID II ESG,
EU Corporate Sustainability Reporting Directive)
would aim to prevent greenwashing and help
companies to become more climate friendly.
Benefits and challenges
from ESG commitment
Benefits: ESG commitment allows to create value for the
society while also creating opportunity for the company; it
makes them future proof, it lowers the risk profile, creates
new business opportunities and helps attract talented
employees. It is important that companies embrace the
journey to maximise the benefits from ESG factors.
Challenges: there are also challenges in this journey,
including existing and upcoming regulation (which also
aim to tackle green washing), data availability and quality,
as well as interpretation and relevant disclosures. The
challenges can be dealt if the company is willing to
embrace them and make it a key part of their purpose
and strategy, and have the ability to adapt to changes.
ABN AMRO being committed to ESG, is embracing these
challenges in practical ways by ensuring the relevant data
is collected in line with our internal privacy requirements
and data quality requirements. Subsequently, the data is
correctly interpreted and employed, to assess the impact
and provide relevant disclosures to stakeholders. Data
quality is thoroughly assessed by experts by making use
of internally developed tools and internal controls, policies
and procedures, wired to the regulatory requirements.
Key for an organisation is to develop internal guidelines
and polices that are aligned with regulatory requirements
and are able to mitigate ESG related challenges.
“There are many benefits, but it requires investment,
perseverance and knowledge building. There are
challenges related to ESG, but if you embrace it, if
you are going to make this a key part of your purpose
and strategy and really embedded into your business,
then I think you will also be much better positioned
to seize the benefits to be ahead of the regulator, to
really help your clients in their journey on sustainability.”
(Tjeerd Krumpelman, Global Head of Reporting,
Regulations, and Stakeholder Management)
ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 11
The role of accounting and finance
profession in the ESG journey
The shift from shareholder returns to stakeholder
capitalism, and the strong link between
sustainability performance and financial
performance, require practitioners to take a lead
role in supporting companies’ ESG journey.
• Accounting and finance professionals have the
required expertise to put together and analyse
financial and non-financial information, and translate
these into how to create value for the future.
• The finance team plays a crucial role in companies’
sustainability journey and improving the ESG reporting,
specifically in measuring the performance and the
progress on the sustainability pillars and priorities.
• It is crucial to understand the importance of
‘long term value’ without losing sight of the short
term; and the ability to zoom in and zoom out, i.e.
look in details what you are doing and zoom out
to have the overall big picture and understand
what it means for the business as a whole.
• There is need to acknowledge, recognise, and promote
the role of accounting and finance professionals
in the context of sustainability, keeping in mind the
need for a specialisation and expertise in the area,
and the need to focus on non-financial information.
“For accounting and finance professionals, it
is important to acknowledge that non-financial
aspects are crucial. We cannot quantify everything
although we try to. Accounting and finance
professional have an important role in collating
financial and non-financial information and translate
them into value creation for the future” (Cristina
Cainareanu, Integrated Strategic Risk Specialist)
“ESG reporting offer Finance professionals a new
role, a more interesting role, a broader role in the
bank” (Alexander Carp, Corporate Strategist)
ESG entails risk, uncertainty, challenges as well as
opportunities for management accountants who play a
crucial role in collecting relevant data to feed companies’
reporting. Among others, it is worth mentioning that
companies are creating new positions for sustainability
professionals whose role is to identify, understand,
collect, analyse, manage, and report sustainability
related data and risks. In doing so, the rigor and
mindset of accountants represent a value added to help
incorporate sustainability data in the decision-making
process. Ultimately, this allows a smooth integration
of non-financial dimensions into corporate reporting.
Conclusions
This research explores the channels through which ESG
reporting represents a driver of value creation, through
the experience of ABN AMRO, an international financial
institution that is an award winner and frontrunner in
the field of sustainability and ESG. Based on document
analysis and interviews, the research shed lights on
four main topics: the role of ESG reporting as a driver
of value creation; the role of the banking sector in
contributing to the SDGs; the need for identifying
good practices to tackle greenwashing; the role of
accounting and finance professionals in the ESG arena.
While all organisations play a crucial role in society and
can actively contribute to the SDGs through their activities,
banks have a much bigger impact. Indeed, through their
lending and investment activity, they can encourage
companies to pursue more sustainable business models
and direct funds towards investments that generate a
positive impact on the society. As such, banks play a
crucial role in the transition to a sustainable economy.
ABN AMRO is a leading organisation in the field of
corporate reporting and integrated thinking. The bank
has a rich reporting suite. Through its Integrated Annual
Report, ABN AMRO explains how it creates value for its
stakeholders, not only as a provider of banking and other
financial services but also as a responsible employer
and an active contributor to the society as a whole.
Reporting on ESG favours an integrated thinking approach
inside an organisation; reporting has a disciplining effect
on ESG performance as it raises questions on How are we
really creating value? For whom? What are the material
topics? The value creation model helps companies to think
about the impacts and the value created on the different
capitals. As such, ESG reporting drives value creation
and has a disciplining effect on ESG performance.
12
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the accounting and finance profession and practitioners.
The rigor and mindset of accountants represent a value Pucker, K.P. (2021). Overselling Sustainability
add to help incorporate sustainability data in the decision- Reporting. Harvard Business Review, Sustainable
making process, and allow a smooth integration of Business Practices, May-June 2021.
non-financial dimensions into corporate reporting. As
such, accounting and finance professionals need to
play a lead role in supporting companies’ ESG journey.
Further, it is important to acknowledge the role of non-
financial information in driving value creation and the
need for specialisation and expertise in this area.
ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 13
Appendix
Appendix 1: ABN AMRO’s value creation (screenshots from Integrated Annual Report 2022, p.26-27)
Acknowledgements
The researchers would like to thank CIMA’s General
Charitable Trust for funding this project. The researchers
would also like to thank the interview participants from
ABN AMRO for their time and insights, which allowed this
research to be undertaken, including Alexander Carp,
Corporate Strategist, Catalina Hemmink, Sustainability
Reporting Specialist, Cristina Cainareanu, Central Risk
Management, Integrated Strategic Risk Specialist, and
Tjeerd Krumpelman, Global Head of Reporting, Regulations,
and Stakeholder Management.

Researchers’ names and contact details

Irma Malafronte Cristiano Busco
Associate Professor in Accounting and Finance Professor of Accounting, Reporting and Sustainability
Roehampton Business School University College London
University of Roehampton UCL School of Management
SW15 5SL, London, UK One Canada Square, London E14 5AB
irma.malafronte@roehampton.ac.uk c.busco@ucl.ac.uk
Appendix 2: ABN AMRO’s contribution to UN Sustainable Development Goals and
(screenshots from Impact Report 2022, p.29-30) John Pereira Luiss Business School
Associate Professor in Finance LUISS University
Kingston Business School Via Nomentana 216 – 00162, Rome, Italy
Kingston University cbusco@luiss.it
KT2 7LB, London, UK
j.pereira@kingston.ac.uk

14 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 15

Notes Notes

16 ESG Reporting as a Driver of Value Creation: A Case Study of ABN AMRO 17

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