Case study: How Swedbank works with its clients and customers to encourage sustainable practices
Serving a diverse clientele, boasting approximately seven million private customers and 550,000 corporate clients, Swedbank is among the top banks in its four home markets: Sweden, Estonia, Latvia, and Lithuania. The bank primarily caters to private individuals, corporate entities, tenant owner associations, the public sector, and financial institutions. Swedbank 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 Swedbank, 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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With this case study you will see:
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- How Swedbank proceeded with stakeholder identification and consultation, and
- How Swedbank 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.
Swedbank engages in an ongoing dialogue with various groups within society. Its primary stakeholders include customers, employees, owners, and society as a whole. Topics that have been addressed and on which the bank partnered with stakeholders during the year are documented in Swedbank’s Annual and Sustainability Report.
How did Swedbank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 PRB Reporting and Self-Assessment Template Swedbank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Throughout the year, Swedbank focused on enhancing and expanding its sustainability-oriented products and services to support customers in their pursuit of sustainability. The bank’s overarching sustainability framework is also implemented with customers through policies established by the Board, guidance and position statements issued by the CEO, and sector-specific guidelines.
In 2022, Swedbank further refined its ESG analysis for large corporations, which is a key component of the lending process. Additionally, the bank’s sector guidelines are utilized to assess the sustainability risks faced by corporate clients.
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 Swedbank, 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://online.swedbank.se/ConditionsEarchive/download?bankid=1111&id=WEBDOC-PRODE175414520
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