Sustainability governance

Owner

As set out in the state’s ownership policy, as a state-owned company, SEK is to set a positive example for sustainable business, which primarily means that we are to:

• work strategically, integrate the topics in our business strategy and adopt strategic sustainability targets;
• work transparently in matters concerning material risks and opportunities and maintain an active dialog with the company’s stakeholders in society;
• work together with other companies and relevant organizations; and
• comply with international guidelines in the area of sustainability.

SEK’s work with sustainability topics is integrated into its corporate governance. In accordance with the owner instruction, SEK is to promote compliance with international guidelines within the area of sustainable business relating to the environment, anti-corruption, human rights, labor conditions and business ethics.

Where relevant when making credit assessments, SEK is to comply with international frameworks, such as the OECD’s Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence or the Equator Principles. SEK is also to take into account the OECD’s Principles and Guidelines to Promote Sustainable Lending in the Provision of Official Export Credits to Low Income Countries.

The Board of Directors

Within SEK, the Board of Directors is ultimately responsible for ensuring that active and forward-looking sustainable development work is conducted within the company. The Board of Directors decides on strategies and targets as well as sustainable business policy and risk policy including the management of sustainability risks. The Board monitors and evaluates SEK’s sustainability work.

The governance of climate-related issues is an integral part of SEK’s strategy, business planning and operating targets as well as SEK’s risk framework and credit decisions. SEK’s management evaluates and manages climate-related issues as an integrated part of the company’s business and planning processes, as well as in the risk framework.

Our stakeholders

Maintaining a continuous dialog with stakeholders provides us with good guidance and the knowledge of whether we are focusing on the right things in our efforts. SEK’s key stakeholders are defined as those who are directly or indirectly affected by our operations. We are state-owned, our financing solutions are used by exporters in Sweden, and our bonds are purchased by international investors. Other stakeholders include Swedish and international banks, export promoters within Team Sweden and representatives for society at large, and climate and environmental agendas. Last but not least, company employees are a crucial stakeholder group. The due diligence conducted on projects with potential environmental and societal material risks, includes stakeholder dialogues with potentially affected individuals, groups and communities . Input from these stakeholder dialogues form the basis for risk reduction measures. Read more about stakeholders in our annual and sustainability report.

Material sustainability topics

To be a responsible actor, SEK requires insight into its direct and indirect impact on the environment and society, given the company’s activities, offering and business relationships, when viewed across the entire value chain. Moreover, assessment of the long-term sustainability of SEK’s business model requires insight into dependencies, risks and opportunities linked to the various sustainability matters as well as how these directly or indirectly impact or may impact SEK’s financial position, development and position. Read more about our materiality assessment in our annual and sustainability report.

Sustainability risk

Each year, SEK performs comprehensive business-wide risk assessments in the area of sustainability that comprise the basis for governance of SEK’s sustainability risk management. SEK applies a risk-based approach to sustainability risk. This means that analysis and measures are adapted to the risk outlook for sustainability risks and are more detailed for transactions with high sustainability risk, irrespective of the buyer, country, transaction amount, credit period or type of financial product. Read more in our annual and sustainability report.

Policy documents

SEK has a Sustainable finance policy stating that we must act responsibly and minimize the risk of negative impact as well as leverage opportunities to generate sustainable value. We must promote reduced climate and environmental impact, active work with anti-corruption, respect for human rights and good and decent labor conditions, which include a safe and secure work environment, good business ethics and acting responsibly in the tax area. Our Code of Conduct guides our colleagues in terms of ethical behavior within the company and in our interactions with external parties.

International sustainable business guidelines

International guidelines show the way forward for our sustainability efforts, the following of which govern our operations: The Equator Principles, which is a globally recognized framework for assessing and managing environmental and societal risks in conjunction with financing projects. We report our efforts to meet the Equator Principles, as well as the projects financed by us that are classified under the Equator Principles as potentially high-risk.

The ten principles in the UN Global Compact are also used as guidance. As a member in the Global Compact, SEK annually compiles a Communication on Progress showing how we work with sustainability initiatives that are included in the Global Compact. The UN’s framework for business and human rights, the UN Convention on the Rights of the Child, the OECD Guidelines for Multinational Enterprises, the OECD’s guidelines for managing social and environmental consideration when granting export credits and the OECD’s Principles and Guidelines to Promote Sustainable Lending in the Provision of Official Export Credits to Low Income Countries.

The UN Sustainable Development Goals

SEK promotes the UN Sustainable Development Goals. SEK contributes to meeting the UN Sustainable Development Goals both through our financing and as an employer. SEK has been active within green financing since 2015, and we are expanding our sustainable finance offering. SEK’s focus is to integrate sustainability risks in the risk framework to reduce potentially negative impacts on the UN Sustainable Development Goals that certain financial activity could generate.

Collaborations

We are members of the Fossil Free Sweden initiative, a platform for dialog and collaboration between organizations that contribute to Sweden becoming the world’s first fossil free welfare state by the year 2045. Green projects in Sweden create new export successes. Financing green innovation places requirements on financiers to understand new types of risks in order to mobilize capital. SEK’s activities in contributing to a fossil free Sweden primarily concern offering green financing and green bonds.

Reporting on sustainability efforts

About the Sustainability Report

SEK’s Sustainability Report is recognized as an integrated part of the annual report and has been prepared in accordance with the Global Reporting Initiative (GRI). You can find detailed information on our sustainability topics in the sustainability notes in the annual report.

Global Reporting Initiative

SEK follows the Global Reporting Initiative (GRI), which is an international reporting framework for sustainability reporting. We use methodology, including that of the GRI, to identify the stakeholder groups and material sustainability topics that we report. Our GRI index refers to sustainability information in different places in our annual report.

UN Global Compact

As a member of the Global Compact, SEK annually compiles a Communication on Progress, showing how we work with sustainability initiatives that are included in the Global Compact.

The Equator Principles

SEK has signed the Equator Principles, a globally recognized framework for assessing and managing environmental and societal risks in conjunction with financing projects. We report our efforts to meet the Equator Principles, as well as the projects financed by us each year that are classified under the Equator Principles as potentially high-risk.

Reporting – Swedish Export Credit Corporation