Debt resolution specialist, Hoist Finance has announced its new sustainability strategy, which outlines the company’s Environmental, Social and Governance (ESG) goals and indicators.
Through a bottom-up process, integrating feedback and insight from employees throughout the whole organisation, Hoist Finance developed a sustainability strategy focused on four core pillars: contributing to an inclusive financial ecosystem, creating a great place to work, combatting climate change, and upholding the highest ethical standards. The new framework also presents Hoist Finance’s relationships with employees, banks and financial institutions, customers, communities and the society as a whole.
The new strategy sets out Hoist Finance’s ambition to support new innovations to improve financial access and services. Financial inclusion is a growing challenge in Europe with €636 billion of non-performing loans putting pressure on the European economy and a household debt amounting to 93.49% of gross income. To protect the most financially vulnerable people in society, Hoist Finance only buys non-performing loans from reputable banks with a sound credit policy and actively turns down portfolios from some parts of the consumer finance markets including pay-day loans and SMS loans.
Klaus-Anders Nysteen, CEO of Hoist Finance said “Hoist Finance has solid experience in helping people keep their commitments through financial difficulties. In times like the ones we are living through now, it is particularly important to stay close to our customers and help them find a way forward. By deploying our core competency, Hoist Finance helps people back into financial inclusion.”
Ingrid Bonde, Chair of the Board said “At Hoist Finance, we believe that the business world has a vital role in supporting governments and communities in tackling financial exclusion and ensure that everyone has access to affordable financial services. Our new approach to sustainability offers a coordinated and comprehensive programme to help us positively impact our communities and society.”