Nordea Bank

RATING

SECTOR

Banking

WEBSITE

CONTACT

Address: 

Satamaradankatu 5 

Helsinki

FI-00020 Nordea

Visitors : Alesksis Kiven Katu 7

Customer Service::  +358 (0) 200 70 000

Asiakaspalvelu :  +358(0) 200 3000

Kundtjänst :  + 358 (0) 200 5000

STOCK EXCHANGE

LISTING

For the second year in a row, Nordea has been ranked as one of the top 100 most sustainable corporations in the world by Corporate Knights. As the only Nordic Bank to qualify among the top 100, Nordea climbed up the ranking from number 86 to 47.

EMPLOYEES

28,990

HEAD OF GROUP SUSTAINABLE FINANCE

Anders Langworth

AWARDS

Nordea wins Best Investment ESG Process award in Europe in 2018 for the fourth year in a row.

CONTENT SOURCE

FURTHER READING

N/A

Nordea Bank

SECTIONS :  Sustainability    Evaluation  •  Progress  •  Watch  •  Overview

Company Activity

According to company

“We are a full-service universal bank with a total operating income of EUR 9 billion and total assets of EUR 551.4 billion in 2018. We are the third largest corporation in the Nordic region and one of the top 10 financial services companies in Europe based on market capitalisation. 

We serve our customers through presence in 20 countries, including our four Nordic home markets – Denmark, Finland, Norway and Sweden. Combined, the economies of these four Nordic countries represent the world’s 10th largest economy.

We are a financially stable bank and one of only a few European banks with an AA rating

The shares of Nordea Bank Abp are traded on the Helsinki, Stockholm and Copenhagen stock exchanges.”

Company Sustainable Activity

According to the company:

“THEIR APPROACH : 

  • Engaging in stakeholders dialogue 
  • Identify and focusing on our material sustainability issues 
  • Respecting human rights 

THEIR SUSTAINABLE PRODUCTS: 

  • Stars funds (positive selection and selecting quality companies with well managed ESG profiles) 
  • The global climate and environmental fund (investing in companies which, through their climates solutions, are changing the world for the better) 
  • Green bonds (support companies’ transition to more sustainable business models) 
  • Green loans (finance specific investments with environmental benefits)
  • Green Mortgages (for customers who reside in climate-smart homes that fulfil criteria relating to either energy classification buildings) 
  • ESG research reports provide dedicated ESG research) 

ABOUT THEIR SUPPLIERS: 

The company states “Nordea’s Supplier Code of Conduct (SCoC) is mandatory for all our contracted suppliers. It requires the supplier to adhere to the core principles of the UN Global Compact within the areas of human rights, labor standards, environment and anti-corruption. Suppliers are obligated to carry forward Nordea’s SCoC or similar principles to their suppliers.”

THEIR COMMIT TO: 

  • engaging with customers on environmental, social and governance matters and having an understanding of the challenges and opportunities faced by customers in their businesses and industries.
  • including and integrating environmental, social and governance risk assessments into risk management and due diligence processes.
  • developing and supplying financial products that support sustainable development.
  • engaging with stakeholders to ensure continuous development and performance in financing activities.
  • preventing financial crime and including measures to manage these risks in financing activities.
  • engaging in analysing the potential risk elements in connection with financing that could cause reputational damage to Nordea. Equally we expect that customers and stakeholders themselves engage in managing their reputational risk.
  • high standards and best practices as regards tax compliance and reporting, and not financing or facilitating tax schemes that are considered tax evasion, or which, although considered legal, are perceived as aggressive tax planning or are otherwise not in line with Nordea’s internal ethical standards.

PARTICIPATION IN INTERNATIONAL INITIATIVES: 

  • Access to Medicine Index 
  • Antimicrobial Resistance Benchmark 
  • Carbon Disclosure Project (CDP) 
  • Climate Action 100+
  • The corporate Human Right Benchmark (CHRB) 
  • The equator Principles 
  • The Extractive Industries Transparency Initiative (EITI) 
  • Institutional Investors Group on Climate Change (IIGCC) 
  • The Montreal Carbon Pledge 
  • UN Environmental Programme Finance Initiative (UNEP FI) 
  • UN Global Compact (UNGC)
  • UN Guilding Principles on Business and Human Rights (UNGP) 
  • UN Principles for Responsible Investment (PRI) 
  • The world Benchmarking Alliance (WBA)”

Certificates

  • ISO 9001
  • The majority of their nordic large offices are LEED or BREAM certified

Sustainable Development Goals

How company covers SDGs

According to the company:

“In 2015 UN member states signed the Sustainable Development Goals applicable to all entities in all countries worldwide. The 17 goals are all crucial for sustainable development to occur, and they come with a number of cross-cutting effects. We acknowledge that we have an important role in helping the governments in the four Nordic countries in which we operate to achieve the global goals. Based on input from our stakeholders dialogues and global sustainability needs, we identified a number of key areas in 2016 in which we believed Nordea would have the strongest impact. 

Given that we have been focusing our efforts during the year to reach a certain level of sustainability readiness, we have deepened our initial analysis of which SDGs to focus on. We have taken a holistic approach to the SDGs, realising that they are all relevant to us if we look at our impact – deploying capital into areas where improving standards of living and protecting the environment will drive economic growth. However, we need to channel our resources into the SDGs where we have the greatest possibility of reducing negative impact and increasing positive impact. In our SDG analysis the focus is on materiality. We have gathered input from group functions and business areas as well as from external sources including the country-specific analysis performed for Denmark, Finland, Norway and Sweden by their respective governments. The outcome of our analysis is that there are four SDGs that we shall focus on. 

We will not succeed in achieving these SDGs ourselves, so working in partnerships, as specified in SDG17 is crucial for reaching the goals. 

SDG3:

It is important for us as employer to enhance the well-being of our employees 

SDG8: 

A relevant goal for us as a major bank. We can have a significant impact on this through our operations 

SDG13:

This goal is indisputable in importance due to the positive indirect impact we can have in fighting climate change through channelling investment and financing to greener alternatives. 

SDG16:

All companies need to play a part in creating a fair environment for business by complying with laws and regulations, improving transparency, protecting whistleblowers and setting the highest standards of integrity amongst their workforces.”

Progress

According to the company:

“HIGHLIGHTS

  • Nordea was ranked as one of the world’s top 100 sustainable corporations.  
  • 90% of new contracted suppliers were screened on environmental protection, labour practices, human rights, and anti-corruption criteria 
  • 15 : total number of suppliers subject to sustainability engagements 
  • 0 number of suppliers terminated due to breaches of the Nordea Supplier Sustainability Policy 
  • EUR 5.90 billion in assets in Nordea’s sustainable funds as of March 2018. 
  • We were the No. 2 issuer of green bonds in the Nordics in 2017.
  • Nordea wins Best Investment ESG Process award in Europe in 2018 for the fourth year in a row.
  • A total of 90% of our new contracted suppliers were screened for environmental protection, labour practices, human rights and anti-corruption in 2017.
  • According to company “Thanks to our customers choosing to use our digital tools, we are one step closer to achieving our goal of becoming a paper-free company within a few years. Nordea Personal Banking sent out 15 million fewer letters to customers in 2017 alone, equating to a reduction in paper usage of about one-fifth.

Nordea seems to get in the right road about sustainable activity, mostly about how they run it  on their own. Indeed, they have their own policy for green contracts, and they managed to be certified for most of their office in LEED buildings. Thanks to this commitment they are rated as a B.

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