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Sustainable Procurement

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 It is becoming increasingly important to manage sustainability risks, harness opportunities and mutually engage with stakeholders across the business to strengthen a company’s position on sustainability. 

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. 

Read more in our Supplier code of conduct (pdf, 4 MB).

Supplier engagement is essential to advancing sustainability performance 

We apply a risk-based approach to our supply chain. We focus our efforts where they have the greatest impact, recognising that supplier segmentation is an ongoing process and continuing the work we initiated in 2018. All potential suppliers are pre-screened before contracting on a number of parameters such as country risk, sector risk, reputational risk as well as for compliance with sanctions. Based on the pre-screening, all high-risk suppliers are assessed using a sustainability questionnaire, which then determines whether additional engagement is required. This engagement can result in mitigating actions, on which follow-up is performed, or even disqualification.