Credit Suisse : 2022 Sustainability Report

Sustainability Report 2022

Introduction		Organization		Purpose and		People		Planet
		and Governance		Strategy

Overview of chapters

Products and Services

Disclosure Frameworks

Assurance Report

Disclaimer/	Credit Suisse  2
Inquiries	Sustainability Report 2022

3 Introduction

3 Message from our Chairman and our CEO

1. About this report

1. 2022 highlights
2. Our company
3. 2022 Materiality Assessment

1. Organization and Governance
2. At a glance

1. Our new structure
2. Our governance

17 Sustainability governance

21	Sustainability risk management
27	Digitalization, data privacy, and
	cybersecurity
28	Compliance
32	Compensation
34	Tax

1. Purpose and Strategy
2. At a glance

1. Our purpose
2. Our strategy

1. Our values-based culture
2. Focus on clients
3. Supporting the economy

45 Dialogue with stakeholders and supporting society

47 Enabling philanthropy

1. People
2. At a glance

50 Committed to diversity, equity, and inclusion

1. Advancing our human capital approach

1. Respecting human rights

1. Commitments to our communities

1. Products and Services
2. At a glance

1. Sustainable investments

1. Sustainable finance

1. Thought leadership

1. Disclosure Frameworks
2. UN SDG-specific content

119 Credit Suisse PRB Reporting and Self-Assessment

135 GRI Standards

145 Sustainability Accounting Standards Board [SASB] Metrics

150 WEF IBC Stakeholder

Capitalism Metrics

157 TCFD metrics

34	Crisis management
35	Enterprise resilience
35	Relationship with suppliers

C Click here to generate a full extract of theTCFD Report

1. Planet
2. At a glance

1. Task Force on Climate-­related Financial Disclosures
2. Our climate approach

95 Risk management

102 Biodiversity and natural capital

1. Assurance Report

1. Disclaimer/inquiries

Introduction

Organization		Purpose and
and Governance		Strategy

People

Planet

Products and Services

Disclosure Frameworks

Assurance Report

Disclaimer/	Credit Suisse  3
Inquiries	Sustainability Report 2022

Message from our Chairman and our CEO

Credit Suisse experienced substantial change in 2022, as we took decisive action to address the governance and risk management challenges we have been

facing­ . In the last year, we refreshed the Board of Directors and built a new Executive Board. We also announced a new Group

strategy­ on October 27, 2022. This strategic change is intended to create a new

Credit Suisse - a bank that is simpler and more focused, built around the Wealth Management and Swiss Bank franchises

Axel P. Lehmann	Ulrich Körner
Chairman of the Board of Directors	Chief Executive Officer

and supported by strong capabilities in Asset Management and Markets. ­Such a change to our business may also have an impact on our future sustainability strategy and open up new opportunities.

As we evolve to become ever more client-­ centric, we are committed to ensuring that sustainability plays an important role. In this spirit, the publication of our annual Sustainability Report provides an opportunity to demonstrate the contribution made by Credit Suisse toward a more sustainable global economy. This report provides important information on how we apply our expertise as a bank. We engage with clients across a diverse range of sectors in which they operate, to help drive meaningful change in the world around us.

We believe we drive meaningful change best by pursuing long-term economic growth; by partnering with clients in their transition

efforts to a low-carbon economy; by fostering their and our entrepreneurial spirit; and, by encouraging the innovation that is required to meet the future challenges faced by our planet and society. The role of sustainability, and its effect on business, is rapidly evolving. It is likely to continue to do so as we seek to adapt to and mitigate against the environmental and social risks that could hamper future growth, create inequality, or cause irreversible harm to the natural world. Humankind's progress toward a more sustainable future may not always be linear and straightforward - as we have seen with the recent energy crisis following Russia's invasion of Ukraine. At the same time, at Credit Suisse we are clear that

Introduction

Organization

Purpose and

People

Planet

Products and

Disclosure

Assurance

Disclaimer/

and Governance

Strategy

Services

Frameworks

Report

Inquiries

Credit Suisse  4

Sustainability Report 2022

sustainability is a long-term priority for the bank. This commitment is driven by the expectations of clients, investors, and regulators, and is delivered through the dedication of our colleagues as they pursue opportunities that are appropriately aligned with our risk appetite and with our newly defined Risk Culture Framework.

As a global financial institution, we can support sustainability needs of our clients in encouraging sustainable production and consumption practices, enabling diversity, equity, and inclusion, channeling capital flows toward sustainable finance and encouraging the continued shift toward sustainable and impact investment. As we look ahead, it will be important for us to explore the new and emerging themes that may become tomorrow's accepted wisdom, as considered by our research and thought leadership. In 2022, as an expansion of the Credit Suisse Research Institute, we established the Center for Sustainability as a new thematic pillar that aims to shed light on the topics most relevant and aligned to the needs of our clients.

A further demonstration of our commitment is derived from our own ambitions - highlighting that we too are on a transition journey, both as a firm and as an industry. By establishing our own path to strive for achieving net zero emissions by 2050 in line with a 1.5°C trajectory across our opera- tions, supply chain, and financing activities,

we have set a clear long-term direction, and through our interim goals for 2030, we have defined the terms of our engagement.

In communicating the progress of our sustainability ambitions, it is important to avoid the risks of greenwashing, the overstatement of our sustainability perfor- mance, and greenhushing, the understatement or non-disclosure of our sustainability progress. We are increasing our awareness around these emerging risks by being clear and consistent about our sustainability commitments and how we describe the respective products we create and distribute. Finding a balance that promotes our achievements and engages clients, while ensuring appropriate controls and governance are in place and context and limitations are transparently provided, will require continued diligence. Through our annual Sustainability Report and our Task Force on Climate-related Financial Disclosures (TCFD) Report, we remain committed to transparent disclosure, and to embracing the evolving market standards that allow our stakeholders to benchmark our progress against both our own commitments and societal expectations.

The topic of sustainability has many champi- ons, but it also faces skepticism. We see 2022 as a year that marked an inflection point in translating climate pledges into actionable strategies and solutions, and we remain committed to supporting clients in

their transition efforts to a low-carbon economy. Society is asking for greater climate action and increased transparency on the impact we are creating through our business activities. Building on our commitment to net zero we expanded the scope of our interim 2030 goals in 2022 to include additional sectors and asset classes and further refined our climate strategy to translate our commitments into action. Clearly, there is still much more to do, but important progress is being made.

We trust that you will enjoy reading this year's Sustainability Report and we thank you for engaging with us as we continue to drive our sustainability strategy at

Credit Suisse.

Axel P. Lehmann	Ulrich Körner
Chairman of the Board	Chief Executive Officer
of Directors

Introduction

Organization		Purpose and
and Governance		Strategy

People

Planet

Products and Services

Disclosure Frameworks

Assurance Report

Disclaimer/	Credit Suisse  5
Inquiries	Sustainability Report 2022

Iris Bohnet	Emma Crystal	Francesca McDonagh
Board of Directors Sustainability Leader	Chief Sustainability Officer	Group Chief Operating Officer

Credit Suisse has a rich history and strong track record in the creation of thought leadership and research. In 2022, we launched the Center for Sustainability as a pillar of the Credit Suisse Research Institute. It aims to provide our clients and stakeholders with access to insights on emerging sustainability topics as we bridge the perspectives of sustainability thought leaders and experts from across the bank to convene important conver­ sations. We also held our second Sustainability Week, which offered a global, interactive experience, seeking to inspire, engage, and promote action for clients, investors, and employees.

In a challenging year, where energy security and inflationary concerns intensified in many parts of the world, we continued to focus on supporting our clients in their transition toward a more sustainable future. Across our lending activities we enacted additional climate goals, and enhanced several of our climate-related disclosures. We also introduced a Climate Action Plan, which sets out a pathway toward net zero for in-scope investments in wealth and asset management. While these steps represent important progress on our sustainability strategy, we recognize this is a multi-year journey.

Governance has been an area of focus at Credit Suisse in recent years and remained so throughout 2022. We recognize that sustainable strategies and policies begin with strong governance and we are taking significant measures to create a simpler and more focused bank centered on client needs. This report outlines our achievements as well as areas where we seek to do more. We also share how we intend to further strengthen our culture, advance diversity, equity, and inclusion, and support our communities and society at large.