Dronning Eufemias gate 30
0191 Oslo

Phone: +47 915 04800







John Kiremidjian


  • Best Financial Services Group Governance | Nordics 2020




SECTIONS :  Sustainability Targets    Evaluation  •  Key Points  •  Overview

Company Activity

DNB ASA provides banking and financial services. The company was founded in 1822 and is headquartered in Oslo, Norway. It operates through the following segments: Personal Customers; Small & Medium-Sized Enterprises; Large Corporates & International Customers; Trading; and Traditional Pension Products.

  • The Personal Customers segment includes the group’s total products and activities to private customers in all channels, both digital and physical. The segment offers products through Norway’s various distribution networks which include branches, telephone banking, digital banking, real estate broking as they’ll as external channels.
  • The Small & Medium-Sized Enterprises segment is responsible for product sales and advisory services to small and medium-sized enterprises in Norway.
  • The Large Corporates & International Customers segment includes Northeygian and international corporate customers and all customers served by DNB’s subsidiary banks in the Baltics and Poland.
  • The Trading segment includes market making and other trading activities in fixed income, currencies and commodities as they’ll as equities, including risk management of the risk inherent in customer transactions.
  • The Traditional Pension Products segment includes traditional defined-benefit pension products in DNB Livsforsikring. 

Company Sustainability Activity

By offering financial services, the Group contributes to the development of local businesses and jobs across the country and assists Norwegian companies in international markets.

DNB wants to be a role model in the field of sustainable value creation by integrating ethical, environmental and social aspects into its business operations.


  • Equileap has ranked DNB the best company in the world in terms of equality. 
  • The Financial Times has named DNB Europe’s best company in terms of diversity within the banking and financial services sector and fourth best overall.
  • They offer a minimum number of 20 weeks of gender-neutral, paid parental leave for all DNB employees, regardless of where in the world they work.
  • 50/50 Equal distribution of women and men in the Group Management team – and 39.5 % women at the top four management levels.
  • 48% of new mutual funds customers are women – maintained at the same level as last year.
  • The number of new mutual fund customers rose by 59% in 2020. 
  • The number of unique users in the Spare app increased by 56% in 2020.
  • Individual pension savings (IPS) sales increased by 27%.
  • In 2020, DNB contributed 72.4 NOK million to the financing of renewable energy and infrastructure.
  • 100% of all new shipping agreements contain a clause on responsible ship recycling. 
  • 35% of their market shares are sustainable bonds.
  • Total number of 193 companies were excluded from their investment universe at the end of 2020, due to violations of their Group standard for responsible investments.


  • Towards 2025, DNB will contribute a total of NOK 450 billion to the financing of renewable energy and infrastructure. 
  • Towards 2025, DNB will contribute a total of NOK 130 billion to the financing of green property development.
  • DNB aims to increase the capital in mutual funds with a sustainability profile to NOK 50 billion in 2025 (new goal from 2021).
  • Sustainability forms part of the risk assessment for loans to companies (above NOK 8 million). 
  • DNB’s start-up pilots will help at least 5,000 startups every year.
  • DNB will contribute NOK 200 million in growth loans to businesses that need capital to grow.


Renewable energy

  • In 2020 DNB contributed NOK 72.5 billion to the financing of renewable energy and infrastructure

Green property

  • In 2020, they contributed NOK 7 billion to green financing/refinancing, and they will continue to consolidate and strengthen their position in green property going forward
  • The building, construction and property sector has great potential for sustainable restructuring
  • DNB also has a position in this sector that makes it possible to exert a positive influence through sustainable loans and ESG guidelines.

Responsible and climate-adapted shipping portfolio

  • As a leading global shipping bank, they have continued the work of ensuring that ships are recycled responsibly.
  • In 2020, they met their objective of ensuring that all of their loan agreements with shipping customers include clauses on responsible ship recycling.
  • They will also continue the work of adapting their shipping portfolio to the International Maritime Organization‘s 2050 targets.
  • Increased understanding of climate-related risk in the oil and gas portfolio.
  • Responsible lending in seafood: DNB is one of the world’s leading lenders in the seafood industry.
  • In general, DNB will cater their ESG-related requirements and expectations towards their customers and further strengthen their position.


UN Sustainable Development Goals

UN SDGs Compliance

SDG 5: Gender Equality

  • Goals on balanced management groups (40/60) and diverse and inclusive teams
  • Targeted and systematic work on gender balance in everything from recruitment, talent development restructuring and succession planning
  • Mentoring scheme, equal pay pot, global gender-neutral parental leave
  • DNB requires their largest suppliers in IT services, consulting and legal services to work systematically with gender equality and diversity in their own organization
  • Investment in economic equality – #huninvesterer (SheInvests) in the retail market and towards entrepreneurs
  • Expectation of targeted work for gender equality in companies they invest in

SDG 7: Affordable and Clean Energy

  • Ambition for financing 450 billion renewable
  • Ambition for financing 130 billion green property
  • Green car loans and “home loans”
  • Comprehensive internal energy efficiency program in own buildings
  • Reduces flights in a job context
  • Compensates for own emissions with allowances
  • Member of RE100

SDG 8: Decent Work and Economic Growth

  • Without loans and access to capital, the economy stops
  • Principles of responsible supplier behavior
  • Facilitates purchase from entrepreneurial companies as they’ll as collaboration with start-up on Digital Floor
  • DNB’s start-up solver is to help at least 5,000 start-up companies every year
  • Ambition for financing 450 billion in renewable and 130 billion in green property until 2025
  • Responsible investment principles
  • DNB will contribute NOK 200 million in Growth Loans to companies that need capital to grow
  • Sustainable business requirements for borrowers and investment objects
  • Sustainability is included as part of the risk assessment for corporate loans (more than NOK 8 million)
  • DNB arranges NXT meetings where founders and capital meet.
  • By 2020, all new and refinanced shipping loans will include a responsible ship recycling clause Responsible procurement practice to ensure good working conditions among subcontractors
  • Reskill and upskill of employees. Equal pay for equal work

SDG 9: Industry, Innovation and Infrastructure

  • Stable IT systems that enable efficient payment processing
  • Innovation and innovation – extensive collaboration with StartUp environments
  • Simple account and card products available to all customers
  • NXT – an arena where entrepreneurs can meet investors
  • Startupless helps startup companies
  • Focus on Venture-capital 
  • ESG discussions with customers focusing on opportunities

SDG 10: Reduced Inequalities

  • Offers Lærepenger, used in school or at home in the family to teach children and young people about personal finance
  • Overall goal of diversity and inclusion
  • Launched bank-free Internet for non-digital customers
  • Diversity criteria in recruitment, management and development of employees
  • Courses in ensuring that employment processes are not characterized by discrimination
  • DNB’s code of conduct: DNB does not accept any form of discrimination against customers, employees, etc. Principles for responsible supplier behavior

SDG 12: Responsible Consumption and Production

  • DNB Bjørvika has a program for reducing food waste and sorting waste
  • DNB’s principles for responsible supplier behavior
  • GRI certified
  • ISO 14001 certified

SDG 13: Climate Action

  • Reporting to CDP
  • ESG dialogue with customers – the expectation of reduced CO2 emissions, customers’ climate imprint and strategies part of all strategies
  • DNB is affiliated with Poseidon Principles, aiming to reduce emissions from shipping portfolio (in line with IMO target of 50% reduction compared to 2008)
  • Does not lend to and does not invest in companies with very large CO2 footprint (excludes companies that have more than 30% of turnover from coal and oil sands)
  • Own funds focusing on climate-positive solutions
  • DNB is climate neutral, compensates for its own emissions and is a member of RE100
  • Climate assessments in purchasing
  • Climate risk: maps and manages how they are affected by climate change
  • Participant in TCFD (Task Force on Climate-related Disclosure)

SDG 14: Life Below Water

  • DNB is affiliated with Poseidon Principles, with the goal of reducing emissions from its own shipping portfolio (in line with the IMO target of 50% reduction compared to 2008)
  • Requirements for responsible shipwreck in all contracts by 2020 (RSRS)
  • Connected to UN Global Compact‘s Marine Platform

SDG 16: Peace, Justice and Strong Institutions

  • Comprehensive AML work and control
  • Ethical guidelines and training of all employees
  • Information on how to avoid scams when using digital tools
  • Principles of responsible supplier behavior
  • DNB’s investment activities have guidelines for responsible investments that ensure that the Group does not contribute to human rights violations, corruption or other actions that may be considered irresponsible
  • Banned companies that manufacture tobacco, pornography, controversial weapons, etc., or through entities they control 

The company takes on numerous sustainability initiatives through with some decent targets, certificates, listings and awards.

Despite having few certificates, awards and listings, the bank produces a comprehensive report with specific targets and goals for reducing their CO2 emissions, energy consumption, renewable energy, human rights, and gender equity in alignment with the UN Sustainable Development Goals.

Although the company seems to be making steady progress toward sustainability and even achieved a CDP rating of “A”  for Climate Change in the past year, they are also singled out to have provided more financial support to polluters than any other bank in the world.

Therefore, this company has been rated a D.

Analyst Outlook: Neutral

Although DNB is showing efforts to make progress toward sustainability, they are contributing to the most environmentally damaging industry in the world. 


Key Points

  • Achieved a CDP rating of  “A” for Climate Change in 2020
  • As of February 2021, DNB has provided more financial support to industries that hurt the environment than any other major bank – $20 billion.
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