Responsible partnership

Working with our suppliers for sustainable growth.

We at SEB have a strong ambition to contribute to sustainable growth. For us, it's of vital importance that we have close relationships and interact with all our stakeholders, also our suppliers.

We are convinced that having suppliers with high performance as regards environmental, social and ethical aspects creates greater values for us as well as for our suppliers. Sustainable business is about being here for the long run.

Sustainability risk assessment model

To identify sustainability risks, we conduct an initial assessment based on country, industry sector, and business criticality, using data from an external expert. Suppliers assessed as higher risk undergo further evaluation via EcoVadis, whose results inform our selection process and support the enhancement of sustainability performance.

Our Code of Conduct for Suppliers

We believe that it is important that our suppliers act responsibly from an environmental, social and governance (ESG) perspective in the communities where they are present. Active engagement in sustainability-related questions will bring benefits to our customers, our people and society at large.

What we at SEB expects from our contracted suppliers

We expect our suppliers to conduct their services and business in line with the UN Guiding Principles on Business and Human Rights, the UN Global Compact, the UK Modern Slavery Act, and, when relevant, the OECD Guidelines for Multinational Enterprises.

As a result, our suppliers are expected to, in proportion to risk, fulfil the guiding principles below:

Have a policy on corporate sustainability with a focus on the supplier’s material sustainability issues.
Actively incorporate the sustainability policy in its organisation and amongst its employees.
Be able to provide a sustainability report or equivalent report that demonstrates that the supplier is acting proactively.
If applicable, perform human rights due diligence using a risk-based approach.
Carry out its activities in alignment with core labour standards.
Promote inclusion and diversity at the workplace.
Monitor and reduce its environmental impact.
Commit to a CO₂ emissions reduction target, or at least have the ambition to commit to such a reduction target.
Promote good business ethics and governance, in particular regarding anti-corruption.
Prevent criminal activity, for example, bribery, tax evasion and its facilitation, and money laundering and its facilitation.

We expect our suppliers to promote and apply similar risk based ESG principles as the above to their suppliers and sub-contractors.

The supplier shall, upon our request, join a monitoring platform of SEB’s choice, for sustainability rating.

Upholding the Code of Conduct for Suppliers

To ensure the principles in this code of conduct are put into practice, we at SEB will:

Takes a risk-based approach by applying our sustainability risk assessment model to identify potential environmental, social, and ethical risks among suppliers. Based on these findings, we apply the expectations of this Code of Conduct to all contracted suppliers.
Integrates the Code into supplier agreements by including the Code of Conduct for Suppliers, or equivalent sustainability and ethical requirements, in SEB’s strategic supplier contracts.
Monitors compliance through our Vendor Management Programmes, where we follow up on supplier performance and address any identified deviations from the Code.