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Our long-term commitment to a structured and integrated approach to sustainability will be achieved by embedding group-wide CSR focus areas into the core of our business. We want to ensure that sustainable thinking and action is second nature in everything we do.

We want to use our capabilities and competencies not only to have a strong financial impact, but to have a positive social and environment impact too. These three areas go hand in hand: conscious of our responsibilities, we can operate in a way that makes a difference to the lives of individuals and to society at large.

Managing our CSR programme

We approach CSR in the same way that we approach our business in general: in a well-planned, structured, measurable and actively managed fashion. As shown in the diagram below, we have an annual CSR process in place, starting with:

  1. understanding what our stakeholders are telling us
  2. identifying and prioritising the key issues with our own business
  3. revisiting our CSR strategy
  4. redefining our status and goals
  5. working to achieve our goals, evaluating and reporting on our progress

View our CSR process diagram (pdf, 599 KB)

Engaging our stakeholders

Every three years, we carry out a large-scale dialogue with all our stakeholder groups. This typically takes the form of a web-based 'virtual brainstorming' dialogue with all of our stakeholders. We also distribute the link to all stakeholder touch points, including social media and make contact with many stakeholders directly, via email. In addition to this stakeholder survey, we also conduct various round table discussions with NGOs.

In Spring 2013, participation in the very extensive stakeholder dialogue exceeded all our expectations, and we continue to analyse and incorporate those findings into our materiality work.

Nordea's stakeholder groups

Stakeholder groups

Methods of engagement

Feedback topics

Customers
  • Customer satisfaction survey 
  • Immediate automated feedback 
  • Customer Ombudsmen
  • Branch service personnel
  • Service accessibility
  • Contact person / PBA
  • Quality of advice
  • Recommendation
  • Service level
  • Netbank
  • Cards
  • Availability of services
Employees
  • Employee satisfaction survey
  • Performance and Development Dialogue
  • Helping customers to understand and choose the products and services that are best suited for them
  • Ensuring that we know our customers and diligently combat money laundering and financial crime
Shareholders
  • One-on-one meetings
  • Roadshows with Investor Relations
  • Answering questionnaires
  • Engagement with customers
  • Transparency, openness and reliability
  • Trustworthiness
  • Society and community relations.
Suppliers
  • On spot reviews
  • Dialogues during RFP processes
  • Supply chain transparency
  • Enforcement of corporate policies and procedures to local levels
  • Set targets and continuously follow-up in the UNGC areas
  • Environmental performance and general sustainability engagement.
Analysts
  • One-on-one dialogues
  • Roadshows with Investor Relations
  • Answering questionnaires
  • Responsible lending practices and processes
  • Business ethics, compliance, anti-money laundering, anti-bribery and corruption
  • Remuneration – taking ESG KPI into account
  • Tax transparency
  • Equal opportunities
  • Responsible sales and marketing processes  
NGO's
  • Facilitiated discussion with NGO's
  • Important for Nordea to have a view on emerging ESG issues both regarding investments and lending
Governmental authorities
  • Ongoing discussions
  • Implementing financial regulation
  • Increased compliance focus.

Determining material issues

Our goal is to make sure that we focus on the most important topics, by first understanding where CSR issues of concern to our various stakeholders might have significant impact on the business. To identify these topics we use feedback from our extensive stakeholder dialogues. See above.

We then conduct our materiality process with our three business areas – Retail Banking, Wholesale Banking and Wealth Management – in addition to Group HR, Group Credit, Investor Relations and Group Procurement. The discussions often put a special focus on the non-financial impact a bank has on society. 

All the CSR issues raised are discussed in relation to Nordea’s short and long-term business goals. This helps us determine and prioritise the most material issues for our business. The outcome of the discussions form the basis for our CSR focus areas. 

View our materiality matrix diagram (pdf, 440 KB)