Bank Hapoalim Releases 2018 CSR Report
The bank continues to lead the localMaala CSR rating for the second consecutive year
The report includes an inaugural analysis of the bank's economic and social impact on the Israeli economy
Tel Aviv, Israel – July 2, 2019 - Bank Hapoalim (TASE: POLI) today published its 2018 CSR Report. The report features the full range of activities undertaken by the bank throughout the year in the area of corporate responsibility and governance, and reflects its wide-ranging social and environmental activities. Parallel to the publication of the report today, Maala, Israel's leading ESG index, announced today Bank Hapoalim was rated at the top echelon of its ESG index, for the second consecutive year. The bank chose to measure the economic and social impacts of its activity on the Israeli economy for the first time this year, through an independent external impact study performed by Chen Herzog, Chief Economist and Partner at BDO. This research was conducted based on a model developed by Nobel laureate economist Wassily Leontief, using the methodology prevalent worldwide for the examination of the overall impact of companies and sectors on the economy. The results of the study indicate that the overall impact of Bank Hapoalim on GDP is NIS 19.5 billion, or 1.5% of the domestic and national product of Israel. Tax payments by the bank and its employees account for 0.9% of state tax revenues; the activity of the bank creates approximately 51,500 jobs in the Israeli economy.
The Economic and Social Impact- summary and conclusions