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Our business priorities

SEB's sustainability strategy focuses on three areas of responsibility. Based on a solid foundation of ethical behaviour, we contribute to better corporate governance in the banking sector, protect the environment and increase our community involvement.

With our activities in the field of sustainability, we want to inspire others to become the financial sector leaders. Therefore, our sustainability strategy includes the following responsibilities:

A sustainable financial area – we will increase the share of funding that has a positive impact on the sustainability of customers.

Sustainable investments – we have a comprehensive and competitive offering that fully integrates relevant environmental, social and governance factors into all investment processes.

Innovations and entrepreneurship – we support innovation and entrepreneurship that promote sustainable economic development as well as job creation and society growth.

Future-oriented advisory – we commit ourselves to meet the needs and aspirations of our customers towards a more sustainable society. This can be achieved if the employees are interested and knowledgeable.

SEB and UN's Sustainable Development Goals
Read about how we work here (pdf).

Each area has a defined set of business priorities, eight in total:

Responsible selling and marketing

What is the issue?

Relationships and trust are the foundation of everything we do. Our customers entrust us not only their money but also their aspirations and their plans for the future. We want to be their partner in good as well as bad times and we have a long-term perspective in everything we do. It is our job to listen, to use our knowledge in a simple way, giving clear advice to our customers on how to realise the dreams and secure the future.

Why is it important to SEB?

In a society with a high rate of change, where uncertainty and complexity increases, there is a growing need to feel secure and confident, not least for the economy. This applies to individuals as well as businesses. At SEB, we believe that trust and relationship with our customers is key to our success. By constantly striving for clarity and transparency, by offering high quality of advice and supplies, we take responsibility for always doing our best for our customers. That is why we call ourselves the Relationship Bank.

What do we do?

The starting point for all our business is built upon our core values – commitment, mutual respect, continuity and professionalism. They guide our actions and reflect who we are and what we believe in. They are also an important part of SEB's Code of Conduct. The code describes SEB's values and standards of business conduct. The code is a condensation of group-wide policies and guidelines, such as the Ethics policy and the Gift and Entertainment instruction. SEB's Code of Conduct

Responsible advising and lending

We want to make it easier for our customers to gain control and to get a comprehensive view of their finances. We provide them with the relevant tools to make their own decisions and we highlight the opportunities as well as the risks.
Ensuring that our customers can afford to manage their debt is a key component of all responsible lending. This is why our credit decisions always are based on the customer's individual situation and repayment abilities. Our approach entails fair and ethical marketing, and we consciously avoid products such as loans via mobile phone text messages.
We are committed to ensuring that our customers always have access to professional savings and investing advice and we continuously deepen and broaden current understanding among employees. As an example, all 2,262 employees in the Swedish Retail Banking division who work with advising have during 213 obtained the SwedSec license. This means that all employees who work with advising towards customers have a clear proof that they have relevant experience in both investment advisory and insurance broking.

Transparency

At SEB, we want to ensure that our customers have a sound financial position and we were the first Swedish bank to introduce amortisation requirements for mortgages when value ratios are above 70 per cent. SEB is still the only Swedish bank that is fully transparent, on a daily basis, on our funding costs for pricing of mortgages. This can be viewed on our web site www.seb.se as well as on the Internet bank. We listen to our customers' request for new digital services such as e-mailings instead of traditional posting, financial guides, and transparent pricing.

Improved customer experiences

As technological development advances, we want to meet our customers via additional new channels. Social media, like Facebook, Twitter and Skype are channels where we interact and can give support. During 2013, SEB has in many of its home markets taken several steps towards more easily accessible services, on Internet and on different mobile devices.
Customers can submit comments via multiple channels – in person at the office, over the phone and web channels in various forms. Our ambition is to address a complaint directly and as close to the source as possible. If the employee who receives the case cannot resolve the issue, we contact the customer within 48 hours with information regarding decisions to act or if the matter should be further investigated.
There is a special customer relations team that handles appeals in cases where the customer still does not feel satisfied. All complaints are registered in SEB's operating risk information system.

Responsible investment

What is the issue?

Companies, including banks and investors, that actively manage the environmental, social and governance aspects of their business are more able to reduce risk and seize opportunities. A crucial part of this is to engage in dialogues to influence portfolio companies to pursue long-term value creation and attractive financial returns.

Why is it important to SEB?

We are one of the largest institutional shareholders among the Nordic countries, investing on behalf of private, corporate and institutional clients in companies around the globe. Acting responsibly as an owner forms an important part of the mandate given by our customers. Therefore it is essential that our portfolio companies manage the environmental, social and governance impact associated with their businesses.

What we want to achieve

Our aim is to perform our ownership role responsibly, promoting good business ethics and governance. Our ambition is to work together with our portfolio companies to evaluate the potential risks and opportunities of their businesses, to secure a sustainable value creation. We know that the issues involved in securing a sustainable approach are often highly complex and must be addressed carefully. We therefore practice dialogue over exit as far as possible.

What do we do?

SEB signed the UN Principles for Responsible Investments (PRI) in 2008. The six principles guide us in our efforts to exercise responsible ownership. Our commitment to the UN PRI has increased over the years. We see the PRI as a useful and important tool to exercise responsible ownership. Learn more about the six principles here.

Active ownership

As one of the largest investors in the Nordics, it is our responsibility to actively engage with companies we invest in regarding corporate governance, social and environmental aspects. We believe that we in this way can improve value of the assets we invest in, thus creating value for us and our clients.

For our equities investments, we do this mainly in two ways: individual engagements regarding company specific issues, and collaborative engagements regarding relevant themes or topics. Moreover, we also apply active ownership for our real estate and private equity investments. For these asset classes, we do this through ensuring that the holdings are improved from an ESG perspective during our ownership period.

Thematic engagement

The thematic engagement initiatives range in terms of companies and topics. We engage with several other investors with companies in e.g the chemical industry on the issue of phasing out hazardous chemicals, we work to improve anti-corruption practices within various sectors and in different countries.

We have also joined a PRI Clearinghouse initiative regarding hydraulic fracturing ('fracking') and shale gas. This initiative aims at improving disclosure, as well as encouraging the adoption of best practice in the companies in the industry.

We have a policy that that excludes investments in companies that manufacture and/or sell landmines or cluster munitions, and chemical and biological weapons. During the autumn 2013, SEB decided that companies involved in the development and production phase of nuclear weapons programmes are not investable for active fixed income and equity funds within SEB's fund offering carrying the name of SEB.

Integrating sustainability

By the end of 2013 we had integrated our sustainability strategy into approximately two thirds of applicable total assets under management, in the asset classes equities, corporate bonds, real estate and private equity. This is done either through our active ownership work, or through other measures to incorporate environmental, social and governance aspects in investment decisions.

SEB now offers 17 funds with a socially responsible investment profile with aggregate Assets under Management of more than SEK 27bn. These are managed using a combination negative and positive screening, ESG integration and thematic approach. The norm-based screening is the foundation for most funds, and is combined with other approaches depending of the preferences of the clients.

Collaboration

We support the Swedish, Finnish and Danish SIFs (Sustainable Investment Forum), as well as the Swedish investor collaboration Sustainable Value Creation. As part of our Swesif engagement, SEB, together with five other Swedish financial institutions, made the new version of the sustainability profile available in the Swedish premium pension system.

The Sustainability Profile complements the fund factsheet for SRI/ethical funds, describing the fund's work on sustainability issues. The starting point is the three approaches: positive selection, negative selection and impact on companies in which the fund can apply. This is an important step towards improved transparency for SRI/ethical funds.

Sustainable finance

What is the issue?

To address the many social and environmental challenges the world faces, new thinking, innovations and financial assistance are needed. Banks can play an important role by creating financial solutions and assisting customers in their sustainability efforts.

Why is it important to SEB?

By including environmental and social factors in our business decisions and discussions with customers, we are long-term better equipped to mitigate risks and seize opportunities. When it comes to risk mitigation, we follow international standards of good practice, such as the Equator Principles.

What we want to achieve

We aim to work together with our clients to contribute to sustainable business and long term growth, while at the same time protecting the environment and making a positive contribution to our society. As part of this work, we strive to enhance our understanding of the sustainability issues that are relevant to the different industries we support and integrating these insights into our business practices. We actively search for opportunities that have an environmental and social benefit as well as a viable economic return.

What do we do?

We are convinced that we can influence the development towards a more sustainable economy and want to collaborate with our clients in order to drive sustainable growth, protect the environment and contribute positively to society. Sustainability issues are part of our dialogue with large corporate customers, and with many small ones.

Position statements and sector policies

The Bank has three position statements (climate change, child labour and access to freshwater) and six sector policies (arms and defence, forestry, fossil fuels, mining and metals, renewable energy and shipping), that were adopted in 2011. They serve as the foundation for the dialogues, but regardless of sector, key sustainability issues are discussed with companies. Read more here.

As of June 2011, sector policies and position statements are included in the regular business review as well as in the annual credit review for large and medium-sized corporates. By year-end 2013, we have assessed 97 per cent of our large and medium-sized corporate customers applicable to our sector policies and position statements. 94 per cent of these were in compliance with our policies. We also have held strategic sustainability dialogues, based on the sector policies and position statements, with about 100 companies.

Credit policies and process

The overriding principle of SEB's credit granting is that all lending shall be based on credit analysis and be proportionate to the customer's ability to repay. Customers shall be known by the Bank and the purpose of the credit should be fully understood. Sustainability aspects have gradually been incorporated into the credit policy and reflect SEB's approach to sustainability with increased emphasis on opportunities as well as risks related to environmental, social and governance issues.

Managing sustainability risk

Assessing the environmental and social impacts of providing finance to our customers is embedded into our overall risk management processes as environmental criteria have been included in our credit policy since 1997. In 2004, we broadened our perspective to include other sustainability aspects such as human rights, international labour standards and reputational risks. A special section on credit policy emphasizes our social responsibility. Through our sector policies and position statements we strengthened our assessment of sustainability risks and opportunities in our credit decisions.

Equator principles

As first among the Nordic banks, SEB adopted the Equator Principles (EP) in 2007, a voluntary set of guidelines used by financial institutions to assess the social and environmental impact of large projects and to help their customers to manage them.

Project financing is often applied for large-scale, complex installations such as power plants, refineries and waste treatment plants, and have contributed to developing and operating such large projects in accordance with good international practice.

On June 4, 2013, the third version of Equator Principles (EP III) was adopted by the signatory financial institutions. SEB has during the last years taking part in the developing of the EP III. This work has being carried out in working groups involving the signatories and also through an extensive stakeholder process involving i.a. multilateral financial institutions, non-governmental organisations and corporates as well as corporate associations.

Green bonds

Since SEB pioneered the issuance of Green Bonds together with the World Bank in 2008, we had in December 2013 raised USD 3.5 billion for Green Bonds on behalf of the World Bank as well as other issuers. These bonds fund investments in countries throughout the world, and are designed to mitigate climate change or help people and communities adapt to it.

In September 2013 SEB facilitated the first Nordic green bond issuance with a 500 million SEK bond for the City of Gothenburg. With the issuance, Gothenburg is a pioneer in the Nordic region for using the green bond financial framework, developed by SEB together with The World Bank and Swedish investors.

In total, organisations around the world including, the European Bank for Reconstruction and Development (EBRD), the World Bank and the Export-Import Bank of Korea have issued green bonds worth 10 billion dollars.

Read more about Green Bonds.

Tacklings financial crime

What is the issue?

Financial crime is a major international problem. Preventing this type of crime is a high priority for SEB, especially as it is constantly changing, and the consequences for societies and the economy can be substantial.

Why is it important to SEB?

SEB is a major provider of loans, payments and other financial services and it is our responsibility to protect our customers and the assets that we manage. We are expected to prevent financial crime and the mis-usage of our channels for money laundering, fraud and other criminal activities.

What do we do?

SEB devotes considerable resources to prevent financial crime and its damaging effects on our customers, our business and on local and global economies. We collaborate with partners locally and internationally, train our employees, monitor transactions and check our customers according to the Know-Your-Customer process (KYC) and against existing sanctions lists. We focus on three key areas:

- Fraud prevention, -detection and -response
- Actions to prevent money laundering and financing of terrorism
- Compliance with government sanctions against criminal suspects

In 2013, we implemented the ability to stop and investigate suspected fraudulent online and mobile transactions.
We have strengthened the process for customer identification. Access to online and mobile banking channels are secured through several security layers, one of which consists of an electronic signature enabled through either a card reader devise or a digipass. SEB has increased the level of security when issuing these devises to ensure that customers' assets are well protected.

Internal cooperation

Several units within SEB cooperate to combat fraud – among them Security, Compliance, Internal Audit, Information Security, Human Resources and Risk Management. This includes helping business and support functions to build and maintain "fraud-proof" banking processes.

Training of employees

To succeed in tackling financial crime, employees must be made more aware of developing trends in fraud and how to deal with them. Employees need to be mindful of suspected fraud, regardless of whether it concerns external attempts to commit financial crime, or if there are internal persons acting in an improper manner. To raise awareness of financial crime and money laundering, SEB has developed e-training programmes targeted at all employees. In addition, workshops and classrooms trainings are held with targeted groups.

Know Your Customer (KYC)

In order to prevent and combat financial crime, international agreements as well as common measures and rules are necessary. We abide by European Union legislation on AML and KYC. We apply enhanced due diligence for customers, products and countries, where there is a perceived risk that the Bank is used for money laundering and financing of terrorism.

Whistle-blowing process

SEB's whistle-blowing process was clarified and strengthened in 2012. Most reports of suspected irregularities are still made to local managers. Reports are also regularly made to the Head of Compliance and Head of Internal Audit, mostly via telephone or the specific email address. Most notifications come from employees, but complaints also come from customers, suppliers and other stakeholders. Issues raised include suspected cases of violations of the Bank's internal instructions for credit-granting, gifts and entertainment, and potential conflicts of interest. All reported incidents or circumstances are promptly investigated and, when applicable, reported to the bank's CEO and the Audit and Compliance Committee.

Valuing our people

What is the issue?

Banking is all about people. We therefore strive to be a sound workplace that attracts and retains the right people. We provide scope for individual development and want our people to feel valued, included and engaged. The well-being of our employees is essential for our success.

Why is it important to SEB?

An engaging, sound and healthy work environment encourages high quality performance as well as high employee satisfaction and loyalty. This is in the interest of both customers and shareholders. To maintain our position as the relationship bank SEB must attract, develop and retain the best people so that we can provide the best service and experience to our customers.

What do want to achieve

Our goal is to have a high number of employees who are dedicated and proud, and can recommend SEB as an inclusive and sound workplace with opportunities for individual development. We offer our employees equal opportunities to develop individually. We want to increase diversity at all levels and offer a modern, healthy and safe workplace.

What do we do?

Our four core values - commitment, mutual respect, professionalism and continuity - permeate our business and our culture. They form the basis for how we how we behave towards each other and how we want our customers, partners and other stakeholders perceive us.

Open dialogue

We work with developing our internal corporate culture and regularly examine how employees perceive their situation. 2013 year's employee survey Insight, measured two different indices, Employee Engagement Index, which shows how committed employees are to contributing to the bank's success, and Performance Excellence Index, which shows how well the organisation meets customer needs through good customer service, efficient processes and high product quality. Both results are in line with SEB's peers.

Several communication channels help us to keep an open dialogue with our employees, for example through news and information on the intranet, continuous chats with SEB's top management, and our social collaboration tool, Connections.

Development

We believe that people constantly want to develop, feel valued and included, and we provide large scope for individual development. Employees are expected to take large responsibility for their own development, e.g. through the structured development process that is in place. These dialogues put great emphasis on ensuring that the employees' goals are aligned with the Bank's objectives, strategy and vision.

In 2013, we put large focus on strengthening everyday learning among employees, and have introduced a "corporate learning model". The aim is to give employees natural opportunities to take responsibility for both sharing and acquiring knowledge. Our ambition is to implement this learning culture by offering modern learning tools and concepts aligned with our business goals.

Leadership programmes

SEB has a strong emphasis on developing professional and engaging leaders at all levels. We have several types of leadership development programmes for example Management in Practice, a one-year training initiative that lays a solid ground for future successful leadership.

For middle management as well as for experienced specialists and project managers, a special training concept has been developed which is tightly linked to the managerial behavioural competencies that have been identified as crucial for SEB's future success. Supporting the Bank's leaders through coaching, change support and development programmes will continue to be an important part of SEB's leadership culture.

A key success factor for SEB is to recruit talent. The bank has long been considered one of the most attractive employers in Sweden, as in the Baltics. Learn more about career opportunities in the SEB here.

Diversity in focus

SEB's goal is to offer our people equal opportunities to develop individually, regardless of gender, ethnicity, age, sexual orientation or religion. We strive for a gender balance at every level within the organisation and to increase the proportion of employees with foreign backgrounds. We believe that true diversity, mixed backgrounds and experiences, leads to overall better performance.

We are working actively with increasing the number of women in senior operational positions and in senior leadership roles, both in terms of structure and process, as well as targeted initiatives.

In 2013 SEB was one of ten Swedish corporations to participate in Battle of the Numbers, a project dedicated to advancing more women to operational management positions. During the year a total of 100 women, including ten from SEB, analysed what companies can do to attract, recruit and develop more talented women. The women have shared experiences; both challenges and good examples.

A sound workplace

SEB's health strategy, SEB Wellness Programme, focuses on a pro-active health work, promoting well-being and preventing illness, rather than on retroactive actions. The strategy is anchored in the latest research and based on the recommendations of SEB's Health science council that was introduced in 2012. A better understanding of what influences our health is an important factor for success.

Employees are expected to take responsibility for their own health, but SEB offers help and support. In 2013, the Wellness Check was launched – two kinds of health and fitness tests for employees focusing on lifestyle, stress prevention and physical activity. By the end of the year more than 70 per cent of the employees in Sweden had completed the tests.

Sick-leave rates

Sick-leave rates, both short-term and long-term, remain low in SEB Sweden (see CS Fact Book), in spite of a general increase in society. The total sick-leave rate in Sweden is 2.44 per cent, which is low compared to other industries, and lowest among banks.

Work environment

SEB's systematic work environment activity in Sweden, as agreed with the unions, was also improved in 2013. The annual review is an important part of the statutory and systematic work-environment-management that helps create and maintain a healthy working environment. In 2013, the yearly work environment training programme led to an increase in the share of documented annual work environment reviews, from 73 per cent in 2012 to 90 per cent in 2013.

Investing in communities

What is the issue?

As a bank, we are an integrated part of society, and we know that what we do has an impact. Therefore, we want to contribute to building a society we all want to, and can, be part of. In addition to the role that our business plays, we support local communities. We share both time and money and work with carefully chosen partners and people.

What do we do?

At SEB, we engage for future generations. We support the development of local communities, in partnership with organisations and institutions in our home markets. SEB partners with best in class organisations and charities and remain involved in the decisions about how our finances are spent. We focus on Entrepreneurship and Innovation, Children and Youth and Education and Knowhow. For us, it is important to be involved in the decisions about how the money is spent and we always seek to use our resources so that we make the most of our investments.

SEB is not allied to any political parties. We do not provide financial support to any political parties, nor do we make any other type of political donation.

Entrepreneurship

SEB has a long tradition of supporting entrepreneurs and small companies. We do this through our core business in collaboration with well-established organisations that support entrepreneurs and entrepreneurship.
In Sweden, we meet thousands of students through our cooperation with Ung Företagsamhet (Young enterprising). We meet with start-up companies through Venture Cup, Connect, IFS (International Entrepreneur Association) and Nyföretagarcentrum as well as with the most experienced ones through Entrepreneur of the Year. In 2013, SEB in Sweden arranged or participated at more than 45 activities and met with approximately 10,000 people around this theme.
Also in Finland, SEB supports young entrepreneurs through Junior Achievements.

SEB has a wide range of activities towards entrepreneurs also in all three Baltic countries. Some of the examples include the Estonian project, "Brain Hunt" that aims to find innovative and environmentally friendly innovations. In Lithuania, SEB partners with the magazine "BznStart" in the project "240 Minutes of Charge" for existing and future businesses ready for challenges. Examples in Latvia include the "Contest of ideas", the TV broadcast for start-ups "Company's secret" and the award for developing companies "Gazelle", in cooperation with Daily business.

Children and youth

SEB has a broad engagement towards youth and children, both at national levels and in the local communities. Our support for the organisation Mentor started in 1997 and is today active in Sweden as well as in the Baltic countries. The range of activities has widened and during 2013, around 1,900 employees were engaged in various activities. Among the examples, employees engaged as a personal mentor for young people, inspired students about the own profession, teached about personal finances and how to apply for the first job. We engage in local communities, such as around our offices in Rissne, outside Stockholm. SEB is here one of the biggest employers and many of our employees are engaged and serve as role models.
In all the Baltic countries SEB contributes to children and youth in need of extra support.

In Latvia, we partner with SOS Children Villages and The Livslust Foundation where SEB provides financial support and is involved with employees as volunteers. In Lithuania, SEB organises with TV3 the Dreams come true campaign to raise money for orphans and sick children. In Estonia SEB Charity Fund is Estonia's largest charity foundation. Through SEB's support, children without present parents are offered shelter.

In Germany, we engage through the SEB Foundation where employees can apply for funding for local, social initiatives.

Education and know-how

We actively contribute to spreading knowledge. We support research and education through a number of programmes with universities, both by contributing to professorships and research projects and by well-established partnerships for students at universities in Sweden and around the Nordics.

One example is our long cooperation with Stockholm School of Economics (SSE) and our support, since 2012, for SSE Riga Sustainable Business Centre. Thanks to the financial support from SEB and two other Nordic banks, 720 scholarships are granted to students from the Baltic States over five years, reducing their annual SSE Riga tuition fees from EUR 6,000 to EUR 3,500. SEB also grants scholarships for best achievement for students in Latvia in cooperation with several universities and institutions.

Access to financial services

 What is the issue?

People need equal access to finance and banking services. We therefore work to improve access to our services and to improve financial literacy in society. Our goal is to serve as broad a range of customers as possible, serving their different financial needs whenever and wherever they desire. We should make our financial services accessible to all, regardless of economic standing, ethnic origin, disability or other factors. This includes also tools and technologies that facilitate access to banking services.

Why is it important to SEB?

Access to finance is crucial to economic growth and stability in society. It is important that we use our products and services as well as our international network and our core competencies to provide high quality and easily accessible financial services. This strengthens the society and creates a competitive advantage for SEB.

What do we do?

Most of the activities take place in our home markets where we have retail customers. In Sweden, our experts produce several reports every year within areas like macro, investment and house-hold economy. As an example, more than 140 reports were published within various areas during 2013. Our experts are also involved in activities where they meet and interact with the general public, for examples in chats on public web sites and via Twitter.

Our household-economists participate in chats regarding private economy and welfare. Our macro-economic expert Chief Economist Robert Bergqvist is one of the most quoted persons in Swedish media.

In the Baltic countries, SEB also works actively with spreading knowledge. The experts and economists publish reports, such as Baltic Household Outlook, Lithuanian Macroeconomic Review and the quarterly Household Savings Barometer. In Lithuania, the Financial Markets Institute was established together with other financial market players. Several knowledge-sharing initiatives aim to reaching out to young, elderly people, disabled, non-native etc .

Availability

To complement our branch offices and customer visits, SEB's telephone banks are open 24 hours a day, every day of the year. This service is available for both private customers and business customers. In Sweden, personal customer service is available in more than 20 languages.

Our expanded social media presence provides additional contacts with customers. We currently offer customer service via Facebook and Twitter in Sweden, Estonia and Latvia and via Facebook in Lithuania where it also is possible to access contact centre via Skype free on charge – much appreciated by clients calling from abroad. Self-service network zones have also been expanded.

We continuously develop our tools in order to facilitate for customers. One example is the new interface of the Swedish Internet bank where we involved users and accessibility experts in the development in order to create better accessibility for all individuals with their different needs and abilities. Another example is in Latvia, where SEB has cooperated with NGO's for disabled people with an aim to improve access to branches and ATM's.

Reducing our footprint

What is the issue?

Many scientists believe that global warming is one of the most serious threats both to humanity and our planet. More and more research emerges that argues that the speed of climate change is increasing and substantial preventive actions is needed.

Why is it important to SEB?

Although the environmental impact of our sector and SEB individually is minimal when compared to many other high impact industries, we have the obligation and opportunity to do what we can to limit our footprint. Another important task is to channel funding and investments to critical areas in need capital to enact changes to reduce our society's environmental impact.

What we want to achieve

The focus of our environmental effort is to limit our impact on the climate. Our target is to achieve a 20% reduction in carbon emissions by 2020. We apply the following approach:

  • Measure and report our carbon footprint
  • Avoid carbon intensive activities whenever possible
  • Reduce our energy consumption and business travel
  • Replace fossil fuel derived energy with renewable sources

What do we do?

We account for our Co2 emissions related to the operations over which we have control, such as energy and electricity use in our own buildings, paper consumption and business travel. We include the emissions from eleven countries, accounting for more than 94 per cent of our income and 96 per cent of our employees.

We monitor our direct environmental footprint on a quarterly basis and report on the information requested by investors, customers and employees in our CS report and also in specific reports, e.g. the Carbon Disclosure project (CDP). A specific Carbon Chasing Committee steers and monitors the work to reduce SEB's emissions and we draw on guidance from the Greenhouse Gas protocol for our carbon reporting.

Carbon emissions

During 2018, SEB's CO2 emissions amounted to 117 tonnes, virtually unchanged during the year. The reduction has mainly been achieved by energy efficiency initiatives, decreased paper use and decreased emissions from company cars. Our long term target to reduce our CO2 emissions by 20 per cent by 2020 remains.

Energy use in offices and branches

Energy use in our offices and branches had in 2018 decreased by 17 per cent since 2017. One reason for the decrease is the move to new energy efficient buildings in Denmark and Germany but also our continuous effort to improve energy efficiencyin our present buildings.

How we work

Clear and effective structures for responsibility distribution ensure that SEB's sustainability efforts address relevant issues and that they are implemented across the entire company. Strong ethics, effective governance and adequate reporting underpin our sustainability work.

Contacts

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