Crelan Group

The 2025 update to Crelan's Green Bond Framework reflects organizational consolidation and governance enhancement. Most significantly, the document restructures its governance section by introducing an explicit "ESG Governance" subsection (2.1) to replace the previous "Crelan's Sustainability Approach," indicating stronger emphasis on governance frameworks. The framework also updates organizational structure descriptions to reflect the completed merger of AXA Bank Belgium in June 2024, replacing references to separate operations with consolidated reporting. Additionally, the appendix scope is reframed to emphasize "internal policies and standards that ensure robust management of environmental and social risks," suggesting more stringent risk management integration.

• modified Governance & Structure — Restructured sustainability governance section from 'Crelan's Sustainability Approach' to explicit 'ESG Governance' subsection, indicating formalized environmental, social and governance framework
• modified Governance & Structure — Updated organizational structure to reflect completed legal and operational merger of AXA Bank Belgium as of June 10, 2024, with consolidated reporting scope for entire Crelan Group
• modified Standards Alignment — Reframed appendix to emphasize internal policies and standards for robust management of environmental and social risks, strengthening risk management framework alignment
• expanded Reporting — Added 'External Review' as a new numbered section (3.5) in main framework structure, elevating transparency and external verification prominence in document hierarchy