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:
- understanding what our stakeholders are telling us
- identifying and prioritising the key issues with our own business
- revisiting our CSR strategy
- redefining our status and goals
- 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
Methods of engagement
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.