Case study: How Erik Penser Bank works with its clients and customers to encourage sustainable practices
Erik Penser Bank is a privately-owned niche bank located in Stockholm, Sweden, with 58 employees as of December 31, 2023. The bank’s business concept revolves around providing customized credit and financing solutions to companies, focusing on long-term business relationships and tailor-made services. Erik Penser Bank is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, working with its clients and customers to encourage sustainable practices and enable sustainable economic activities. Tweet This!
This case study is based on the 2023 PRB Reporting and Self-Assessment Template by Erik Penser Bank, prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
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- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How Erik Penser Bank proceeded with stakeholder identification and consultation, and
- How Erik Penser Bank worked with its clients and customers to encourage sustainable practices and enable sustainable economic activities
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Stakeholder identification and consultation
Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.
Erik Penser Bank’s primary stakeholders include:
- Owners & Board of Directors
- Employees
- Suppliers
- Authorities
- Customers
- ESG Service Providers
- Industry Peers, NGOs, Industry Organizations
Throughout 2023, Erik Penser Bank engaged in discussions with the owners and the board about sustainability in both its internal and business operations. They have been informed about Erik Penser Bank’s materiality assessment conducted in 2023 and have approved the main identified focus areas. Progress on sustainability will be reported to the board quarterly during 2024.
Employee dialogues are facilitated through meetings, performance reviews, and employment surveys. Sustainability is integrated into everyone’s work in various ways. Goals have been set for 2024 to enhance ESG integration.
ESG-related discussions with suppliers are ongoing, and a code of conduct for suppliers and partners was developed in 2023.
The bank engages with authorities by, for example, responding to questionnaires from entities like the Financial Supervisory Authority concerning ESG issues.
Erik Penser Bank aims for long-term relationships with its customers, maintaining good relations through dialogues and meetings. ESG is part of these dialogues and will be further developed in 2024.
In 2023, the bank engaged with ESG service providers to discuss the content and methods of ESG data.
Additionally, Erik Penser Bank participates in CSR activities, donating to the Global Child Forum and Gula Änglarna (charity). The analysis conducted by the Global Child Forum on how large companies consider children’s rights was used in the bank’s investment analysis. However, the investment analysis business was sold at the end of 2023.
The bank is a member of the Swedish Bankers’ Association and follows their recommendations.
Erik Penser Bank also maintains contact with industry peers and consultancy agencies to discuss ESG issues and interpret ESG regulations.
How did Erik Penser Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 PRB Reporting and Self-Assessment Template Erik Penser Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Erik Penser Bank maintains an exclusion list. Its credit policy requires the analysis of ESG risks. The credit analysis will be developed in 2024, to identify additional ESG risks.
UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet
With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.
FBRH Principles for Responsible Banking (PRB) Assurance:
First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience
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- FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
- FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
- FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.
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The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.
References:
This case study is based on published information by Erik Penser Bank, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://www.penser.se/wp-content/uploads/PRB-Reporting-and-Self-Assessment-Erik-Penser-Bank-2024.pdf
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