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

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.

SEB is dedicated to building long-term relationships with its key stakeholders—customers, investors and shareholders, employees, and society as a whole. SEB engages with them regularly to prioritize the most significant issues, aiming to address their needs and expectations responsibly. Its engagement methods include digital platforms like websites, mobile apps, and phone communication, along with in-person meetings and targeted initiatives such as events and conferences, client trips, and surveys.

SEB’s current materiality analysis assesses both actual and potential impacts on the economy, environment, and society. These material topics are closely aligned with its business operations and reflect areas identified through its stakeholder dialogues.

In 2023, SEB began conducting a double materiality assessment (DMA), in accordance with upcoming requirements from the Corporate Sustainability Reporting Directive (CSRD) and the associated European Sustainability Reporting Standards (ESRS). The DMA aims to identify topics where SEB has a significant impact on people, society, or the environment, or where these topics could affect SEB’s financial risks and opportunities. This process, developed in 2023, will be completed and reported in 2024. Engaging and performing stakeholder dialogues is central to the DMA process, and SEB is engaging with clients, investors, employees, regulators, NGOs and experts through the process.

How did SEB work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 PRB Reporting and Self-Assessment Template SEB reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

SEB aims to make its most significant positive impact by collaborating with its customers. The bank engages with private, corporate, and institutional clients to identify risks and opportunities associated with their transition strategies, linked to environmental, social, and governance (ESG) factors. SEB integrates ESG considerations into its products, advice, and processes, striving to minimize negative impacts while generating value for the planet, people, and society.

In 2023, SEB worked on enhancing its customer acceptance process to align with its Sustainability Policy and Corporate Sustainability Governance Instruction.

Business areas are responsible for conducting annual compliance reviews of their clients and must escalate cases involving:

• A customer violating the restrictions or requirements of the Social & Human Rights policy or sector policies.
• A customer, or a customer within a group, classified as “brown” under the Customer Sustainability Classification (CSC) tool.

A company labelled as “brown” in SEB’s CSC tool is assessed as not making progress toward Paris Agreement alignment. The implementation of this process is currently ongoing.

In 2023, a new policy for Real Estate and construction was introduced, supported by e-learning tools, checklists, and continued increased advisory focus.

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), 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.

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 SEB, 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://webapp.sebgroup.com/mb/mblib.nsf/alldocsbyunid/1A6216FE90E421F4C1258AD0003E88CF/$FILE/SEB_PRB_2023.pdf

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