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Deloitte NZ makes diversity and climate commitments with industry-first Sustainability Linked Loan

Deloitte New Zealand announced today that it has established a Sustainability Linked Loan with the Bank of New Zealand (BNZ), the first of its kind to be established by a professional services organisation in Aotearoa and only the second loan with a Big 4 firm in the world.

Deloitte CEO Mike Horne described the move as another step in the firm’s sustainability maturity. “The loan is a visible representation of our long-standing commitment to equity and inclusion as well as social and environmental goals. This has been part of our DNA for many years.

“The targets we have set are among the most material issues for the business and are measurable and ambitious. The financial incentives (and disincentives) ensure an extra level of attention by all our leaders and will help to drive discussions with our people and our clients on these issues,” he said.

The term of the loan is three years, to June 2025. The targets attached to the loan demonstrate Deloitte’s commitment to:

  • Increase the percentage of females in the Partner group by at least 22% compared to 2021
  • Deloitte sets and publishes a target focused on diversity attributes beyond gender during the life of the loan
  • Increase the percentage of females across all leadership positions by at least 27%, again compared to 2021 and,
  • Reduce absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 70%, and to reduce Scope 3 GHG emissions by 50% per FTE

Deloitte Head of Corporate Responsibility and Sustainability Deborah Lucas said “The integration of key, science-based sustainability targets into our funding shows that we’re not afraid to walk the talk. We’re proud to hold ourselves accountable to our commitments and further embed inclusion and sustainability into our organisation.”

The targets have been through a second party opinion, undergoing a robust process to ensure the credibility of the loan structure and that the targets align with the Sustainability Linked Loan Principles.

Louise Tong, GM Sustainable Finance at BNZ, said,” Deloitte is a long-standing customer of BNZ, and we are proud to partner with them on this sustainable finance transaction. Deloitte is demonstrating commitment to sustainability by aligning its capital with the issues that matter to the business and society as a whole – diversity and emissions reduction.”

Concluding, Mr Horne said, “One of Deloitte’s roles as a professional services provider is to help New Zealand businesses understand their own exposures to issues and challenges such as climate change, and to use our global network and local professionals to develop solutions with our clients. We cannot do that authentically unless we have our own house in order.”