Sustainable procurement is increasingly on the agenda and this presents both risks and opportunities. One risk is that Nordea could potentially be linked to suppliers with questionable business models, potentially generating negative media exposure. An opportunity, on the other hand, lies in the ability to emphasize to suppliers that a sustainable business model is not only the right thing to do, but also presents a business opportunity, providing them with a competitive advantage in their area.
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.
The SCoC is an integral part of Nordea’s contract templates. Even if the contract with the supplier is not signed on a Nordea contract template, the code is still mandatory and needs to be part of the agreement. This applies irrespective of the products we are buying. Hence, interaction with suppliers regarding sustainability is mandatory before contract signing, and when renegotiating.
If, after the contract has been signed, we learn that the supplier is in potential breach of our SCoC, initiatives are taken to clarify the issue, potentially preparing a corrective action plan or ultimately terminating the contract.
Read more in our Supplier code of conduct (pdf, 4 MB).