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Governance and reporting

SEK’s sustainability efforts are primarily governed by the state’s ownership policy and guidelines for state-owned companies as well as the owner instruction. International guidelines, primarily the various frameworks from the OECD and the UN as well as the Equator Principles, guide our sustainability efforts.

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

SEK’s 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. 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.

Material sustainability topics

Every year, SEK prioritizes sustainability topics. Prioritization is based on the results of stakeholder dialogs and executive management’s assessment over SEK’s impact on the economy, environment and society. The most material sustainability topics are anti-corruption, environmental and climate impact, labor conditions and human rights. As a starting point, SEK employs a combination of internal and external factors to determine what sustainability topics are most material and what information should therefore be included in the Sustainability Report. These factors include SEK’s mission and sustainability-related circumstances, topics highlighted by stakeholders, societal expectations and SEK’s influence on suppliers and clients.

Sustainability risk

Various risks can arise in connection with lending, these are primarily credit risks but also include sustainability risks. Since we have defined sustainability risk as a risk class, our business decisions take into account how our surroundings are impacted by ethics, corruption, the environment and climate, human rights and labor conditions.

Sustainability risks are identified, examined and managed on counterparty, country and business levels as well as how these risks are expected to impact our surroundings. We expect the companies that are granted loans to adhere to the compliance of laws and international guidelines concerning sustainability.

In cases of heightened sustainability risk, a detailed sustainability review is performed and measures could be required in order to mitigate environmental and social risks. The requirements we set are based on national and international regulations and guidelines within the areas of environment and climate, anti-corruption, human rights including labor conditions and business ethics including tax.

Policy documents

SEK has a Sustainable Business 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.

The Fossil Free Sweden initiative

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

Documents

  1. Sustainability Notes 2020

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  2. Equator Principles Progress Report 2020

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  3. Guiding principles on business and human rights

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  4. Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence

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  5. Principles and guidelines to promote sustainable practices in the provision of official export credits to lower income countries

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  6. Sammanställning styrdokument

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