Case study: How Jyske Bank works with its clients and customers to encourage sustainable practices

Jyske Bank is the second largest bank in Denmark, with a total balance sheet of DKK 780 billion and a market share of approximately 12% (based on loans). Jyske Bank’s primary operations include: banking, mortgage, and investment services for private clients, private banking clients and corporate clients, trading and investment activities targeting large corporate and institutional clients, and automotive and equipment leasing and financing services. Jyske 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 Jyske 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:

• • • Principle 3: Clients and Customers
      • 3.1 Client engagement
    • Principle 4: Stakeholders
      • 4.1 Stakeholder identification and consultation

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.

Jyske Bank maintains ongoing communication and interaction with various external stakeholders across industries on topics such as data, tools, and transition plans. This interaction is formalized in certain areas, such as Jyske Bank’s involvement in sector initiatives through Finance Denmark.

Jyske Bank participates in numerous committees and working groups at Finance Denmark, including the Sustainable Finance Working Group, which addresses the overall sustainability agenda. In 2023, Jyske Bank remained active in working groups focusing on the EU taxonomy and the CSRD, among others.

As part of its CSRD implementation, Jyske Bank conducted a double materiality analysis to identify key stakeholders. Moving forward, Jyske Bank anticipates opportunities for synergies in stakeholder identification and consultation.

Jyske Bank continues to engage with Danish mortgage credit institutions on transparency regarding financed emissions, data methodologies, and specific actions to support the Paris Agreement’s goals.

How did Jyske 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 Jyske Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Through its policies and approach to clients, Jyske Bank establishes a responsible relationship by emphasizing its employees’ high level of expertise, transparency in its products and financial solutions, a healthy corporate culture, and maintaining a continuous focus on combatting financial crime and bank misuse.

In 2023, Jyske Bank continued many initiatives started in 2022: identifying its investment clients’ sustainability preferences, creating a network for institutional clients focused on developing sustainable investment solutions in Danish mortgage bonds, and generating value through collaboration and dialogue. Jyske Bank also maintained its commitment to sustainable investment and social engagement in partnership with the Danish food bank FødevareBanken, emphasizing the importance of meals for communities and presenting sustainable investment opportunities.

In Corporate Banking, Jyske Bank’s sustainability specialists continued client engagement meetings and participated as speakers at sustainability events. Jyske Bank’s relationship managers and business partners engage in strategic sustainability dialogues with clients daily. Feedback from Jyske Bank’s larger corporate clients indicates that sustainability is increasingly likely to impact the realization of strategic plans.

In partnership with local associations, Jyske Bank collects donated used sportswear and distributes it free of charge at ‘Grøn Bazar’. Contributing resources and time, rather than cash donations, has a more significant impact and is a meaningful way to engage with clients and local communities.

In 2023, as in previous years, Jyske Bank utilized its various platforms to communicate with its clients about sustainability on a broad range of topics, including energy renovation, sustainable investment and pensions, and financing low-energy commercial properties.

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

• • • FBRH is a GRI Certified Training Partner (Global), IEMA 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.

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 Jyske 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://jyskebank.com/wps/wcm/connect/jbc/aa266832-edc6-4378-9e6b-ad30e880ecfe/UN+Principles+for+Responsible+Banking+2023.pdf?MOD=AJPERES&CVID=oTFHCp7

Note to Jyske Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.