Nordea is committed to sustainable business and development by combining financial performance with environmental and social responsibility as well as sound governance practices. The principles below guide Nordea’s behaviour in the daily work and when making business decisions. Nordea takes these principles and other relevant environmental, social and governance principles into consideration when evaluating business risks and opportunities in connection to financing.
- We are committed to engage with customers on environmental, social and governance matters and to have an understanding of the challenges and opportunities customers have in their respective businesses and industries.
- We are committed to include and integrate environmental, social and governance risk assessments in risk management and due diligence processes.
- We are committed to develop and supply financial products that support sustainable development.
- We are committed to engage with stakeholders in order to ensure continuous development and performance in financing activities.
- We are committed to prevent financial crime and to include measures to manage these risks in financing activities.
- We are committed to engage in analysing the potential reputational risk elements in connection to financing that could impose in reputational damage to Nordea. Equally we expect that customers and stakeholders would engage themselves in managing their reputational risk.
- We are committed to high standards and best practices with regards to tax compliance and reporting and do not finance or facilitate tax schemes that are regarded as tax evasion or finance tax schemes that may be legal but perceived as aggressive tax planning or otherwise not in line with Nordea’s internal ethical standards.
An overview of sustainability in the credit process
The Swedish Financial Supervisory Authority (Finansinspektionen) presented a report in November 2015 on banking and sustainability. In the report they concluded that banks should be more transparent towards consumers with regards to how sustainability is considered in the credit process and that this should primarily be through an initiative within the banking industry.
The sustainability overview document below is a banking sector initiative facilitated by the Swedish Bankers' Association in order to give an insight into how banks take sustainability into account and how it is integrated in the process of lending to corporates. The board of the Swedish Bankers’ Association has approved the document as an industry recommendation.
The Equator Principles
Nordea was the first Nordic bank to adopt the Equator Principles (a set of voluntary environmental and social guidelines for financing projects), signing up to them in 2007. However, we do not actively engage in project finance, playing a role only in transactions that have a strong connection to our prime customers.