Q&A General

Sustainability in SEB

What does sustainability mean to SEB?

The most common definition of sustainable development is “meeting the needs of today in a way that does not compromise future generations’ ability to meet their needs”. To SEB, sustainable development means that the economic, social and environmental effects are balanced in all our business decisions. It also means aligning our strategy to support the UN Sustainable Development Goals and the Paris Agreement. By doing this we aim to contribute to long term sustainable growth and create value for our customers, shareholders, employees and society at large.

How does SEB work with sustainability?

Sustainability is a key part of SEB’s business plan. We have a strong ambition to contribute to sustainable development, and we are committed to support our customers in the transformation towards a better world. We are convinced that companies integrating sustainability perspectives into their operations are more successful in the long run.

To be successful in our transformation, sustainability is integrated in our business activities. We focus on innovating new products and services to meet the increasingly advanced sustainability needs of our customers. In the transformation of our business, we classify the credit portfolio and assets under management according to sustainability criteria and strengthen advisory services to assist our customers in their transition. We develop and strengthen our own policies, integrate sustainability KPI’s into incentive programmes and enhance the knowledge about sustainability among employees.

International commitments

What sustainability-related external agreements and initiatives has SEB endorsed?

SEB supports the following international agreements:

The UN Sustainable Development Goals
The Paris Agreement
The UN Universal Declaration of Human Rights
The UN Guiding Principles on Business and Human Rights
The ILO Core Conventions on Labour Standards
The Children’s Rights and Business Principles
The OECD Guidelines for Multinational Enterprises

SEB has joined or publicly endorsed the following principles:

The UN Global Compact
UNEP FI Principles For Responsible Banking
Principles for Responsible Investments (PRI)
The Equator Principles
Task Force on Climate Related Financial Disclosure (TCFD)
The Poseidon Principles
Responsible Ship Recycling Standards

How does SEB relate to the Paris Agreement?

The international climate agreement from the COP21 in Paris 2015 aims to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. SEB contributes by working to lowering our direct and indirect climate impact and promotes our customers to do the same. We have also signed the UNEP FI’s Principles for Responsible Banking which means that we are committed to continue adapting our business strategy to align and contribute to the Paris Agreement.

How does SEB relate to the UN Sustainable Development Goals (SDG)

SEB’s main contribution to the SDGs is by supporting our customers in their transition. By signing the Principles for Responsible Banking, we have also committed to aligning our business strategy and contributing to the SDGs. We have identified and prioritised five of the goals that are clearly linked to our business strategy and sustainability work, and where we have a great opportunity to make an impact. They are related to the bank’s strong heritage of creating long-term growth and innovation as well as maintaining responsibility and international outlook.

What sustainability-related indices is SEB included in?

In 2021 SEB is included in the following*:

Ethibel Sustainability Index Excellence Europe
FTSE4Good
ISS-Oekom
OMX Stockholm 30 ESG Responsible Index
MSCI
Sustainalytics

* As the only Nordic bank SEB was part of the Dow Jones Sustainability Index 2016–2018. In 2019 SEB decided not to apply for inclusion in the index.

Metrics and targets

Does SEB have sustainability-related metrics and targets?

SEB sets and publishes targets and outcome for areas where we have the most significant impacts. Our ambition is to further increase transparency and disclosures of progress. These efforts will be aligned with future national and international requirements and expectations. The metrics and targets are linked to the areas of sustainable financing, sustainable investments, employees, business ethics and our own environmental impact. Moreover, they are being integrated into long-term incentive programmes for senior managers. Among the most important metrics and targets are

to grow our green loan portfolio,
gradually shift credit portfolio towards increased sustainable financing and
increase total assets under management (AuM) managed with sustainability criteria.

Find sustainability-related targets in SEB's Annual and Sustainability Report 2020, p. 43 and p. 196–207.

Questions & answers - General