In 2014, a new Sustainable Business function was created. This function was established in order to create an organisational platform for long-term and efficient work within this area.
Within SBAB, the Board of Directors is ultimately responsible for ensuring that proactive, long-term efforts to achieve sustainable development are carried out within the company. The Board also adopts a strategy, objectives and a policy for sustainable business. Furthermore, the Board monitors and assesses our sustainability work. The Sustainable Business function is responsible for developing a company-wide business plan, including a strategy, objectives and activities that are subsequently considered by the Sustainability Council and approved by the Executive Management. The Sustainability Council comprises the CEO, the Head of Sustainable Business (who convenes the meetings), the Head of Retail and the Head of Corporate Clients and Tenant-owner Associations. The Council meets regularly and acts as a forum for issues linked to sustainable business. To ensure continuity and comparability, the objectives are fully integrated into the company’s governance model. The objectives are measured and reported to the CEO and the Board once every quarter. The actual work is to take place in the organisation, where the operation-specific expertise exists. Based on the company-wide objectives, operational objectives and activities are identified and integrated into the business plans of each unit/department, thereby contributing to meeting the overarching objectives for sustainable business.
Every year, the Board adopts a number of policies at the statutory Board meeting. These are an important part of the internal governance and help the company to create a consensus on company-wide issues and areas. SBAB has policies on sustainable business, ethics, equality and diversity, money laundering and the financing of terrorism. In addition to these policies, a number of instructions adopted by the Executive Management also contribute to sustainable business. Examples of these are the instruction for the management of complaints, communication, work environment, bank secrecy, compliance and security. In 2014, the Executive Management adopted an instruction regarding the whistle-blower process that makes it possible for employees to anonymously report potential irregularities within the company and in 2015, the Board of Directors adopted a new code of conduct.
We report sustainable business on the basis of the Global Reporting Initiative’s framework for sustainability reporting, version G4 at the “Core” level , including GRI G4 Sector Disclosures, Financial Services. Reporting encompasses the Parent Company SBAB Bank AB (publ) and its wholly-owned subsidiary the Swedish Covered Bond Corporation, “SCBC”. The operations of SCBC are conducted by employees of the Parent Company on the assignment of SCBC and applicable regulations and guidelines apply to both companies. SBAB reports specific indicators depending on their relevance and on access to data and information. The quality of the reporting is assured by independent auditing and confirmation. SBAB has signed the UN Global Compact initiative, which comprises ten principles concerning human rights, aspects of labour law, the environment and corruption. Each year, SBAB issues a Communication on Progress (COP) to the UN Global Compact to account for the company’s efforts regarding the ten principles.