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The report presents all major sustainability initiatives seb applies international principles for corporate
within seb. It is published annually since 2008, cover- sustainability accounting. We report our results
ing the preceding fiscal year, and is intended for seb according to the gri g3 Guidelines and to the Finan-
stakeholders with a particular interest in sustainabil- cial Services Supplement. We also draw on guidance
ity. Since the last report, published in April 2009, we from the Greenhouse Gas Protocol for our carbon
have increased the scope of reporting. This reflects reporting. We currently account for the co2 emis-
both our new sustainability strategy and feedback sions from operations over which we have control,
from our stakeholders showing that they want more such as energy and electricity use in our own build-
information and transparency on our efforts. ings, paper consumption and business travel (Scope
2 and 3 emissions according to the Greenhouse Gas
The report is divided into four sections. The first Protocol). We include the emissions from eleven
includes our President’s statement and an overview countries, accounting for more than 90 per cent of
of the Group. Section two describes our approach our income and 98 per cent of our employees.
to working with sustainability. Section three
highlights our eight sustainable business priorities, Currently, we report according to level c in the gri
which are based on the gri reporting guidelines application level system. Our gri compliance table
and follow leading banking practices. The report of contents is found at www.sebgroup.com/sustain-
concludes with our key performance indicators, ability. The report has not been reviewed by an
which have been revised and expanded. external party.
Go online!
For more information visit
www.sebgroup.com/sustainability
Contents
Executive summary 02
Sustainability governance 14
Responsible ownership 28
Investing in communities 36
International commitments 48
In 2009, we:
• Developed a new strategy for corporate sustainability.
• Set out to significantly reduce seb’s carbon emissions and decided to
compensate for emissions starting in 2009.
• Arranged an internal seminar for 100 employees to generate sustainable
business ideas and launch employee engagement activities.
• Worked together with customers and other stakeholders to develop
sustainable products and enter new partnerships.
Business highlights
We continued to support our We sold off all investments in We participated in a Swedish
customers in challenging times. arms and weapons manufacturers banking coalition against child
In the Baltic countries, we worked governed by international conven- pornography. The model will be a
with private homeowners to tion and established a pri Council, role model for similar work within
secure that they could remain as to manage our ownership role the eu.
owners of their property. going forward.
Governance
We launched a co2 emissions re- The World Bank made a further We began work to develop indu-
ductions project; “Carbon Chasing two green bond issues with seb as stry sector policies and position
at seb” to reduce emissions by sole lead manager, as well as aug- statements on sustainability
45 per cent until 2015. We follow mented its initial offering on two topics. These will guide our finan-
progress and report results on a occasions. A fourth issue, in early cing and investment decisions in
quarterly basis. 2010, meant the total amount the future.
raised now exceeds usd 1bn.
Environment
To facilitate financing for entre- We expanded our engagement in In a collaboration with Arbets-
preneurs with a foreign back- Mentor Foundation to also include förmedlingen, the Swedish job
ground in Sweden, we partnered Lithuania and Germany. We con- centre, we offered 100 unem-
with Tillväxtverket and ifs. We tinued to support sos Children ployed a three-month internship
developed a web-based e-learning Villages in Latvia and successfully within the bank. The purpose was
game targeting advisors and sales used the Baltic Basket Ball league to make a contribution in a chal-
staff at banks, highlighting diffe- to raise funds. lenging economic climate.
Social rences in business cultures.
3.4 bn two of our divisions recorded their highest operating profit ever. Total operating profit
was hampered by the macroeconomic developments in the Baltic countries, which led
to significant provisions for credit losses.
Environmental
Our total co2 emissions decreased by 6 per cent to 47,320 t co2 (50,404). During the
47,320 t year, we added significantly more activities to our emissions scope, principally branch
offices in six countries, and therefore revised our 2008 figures upwards. The current
scope includes our main buildings and data centers, our branch network, the leased
car fleet, business travel and paper use.
Social
The 2009 employee survey showed clear improvement within all major areas,
89 % including more motivated employees and better knowledge about seb’s vision and
goals. 89 per cent of our employees participated in our voice survey.
15.1 bn nearly doubled to sek 15.1 bn (8.8), due to increased customer demand and the global
equities market rebound. Redesigning the seb Ethical Global Index Fund to institu-
tional client needs also contributed to the growth.
Governance
We work extensively on embedding our values and business principles among our
87 % people, through team discussions and e-learning programmes. 87 per cent of our em-
ployees have completed tailored training on seb’s Code of Business Conduct.
Together for
the future We are already doing work in the area
of sustainable finance and invest-
ments, as presented later on in this
report. Let me just mention the World
Bank Green Bonds, where seb as the
financial intermediary is supporting the
The sharp global recession, clear that businesses have a key role to build-up of more sustainable econo-
play in delivering on public expectations mies in developing countries. It is a
increased evidence of natural re-
of change. clear example of how we as a bank can
source constraints and the global contribute, but we can do much more.
financial crisis have redefined The impetus for the banking sector to And we will do more. Last year we
the agenda for many businesses take on broader responsibility has been gathered some 100 people from within
around the globe. underscored by the financial crisis. seb for a three-day brainstorming and
knowledge sharing seminar to generate
At seb, we raised our sustainability business ideas.
Based on what we know today, unsus-
tainable environmental and social prac- ambition significantly during 2009,
addressing both our own footprint As a bank and with our approach to
tices are going to affect the livelihoods
management and business practices doing business we aim to continue to
of billions of people in the decades to
throughout the Group. We decided, make a significant contribution to the
come. Rising awareness and a desire to
among other things, to reduce our car- economies where we are present long
do “good” are changing the landscape
bon footprint by 45 per cent until 2015. into the future. We therefore also con-
– people and organisations are seeking
tinue to support un Global Compact and
ways to work together to create real,
other international commitments.
lasting change. We aim to build a
We actively engage in corporate sustain-
Individual and collective change is sustainable business for ability because we believe it brings
needed. Some people argue that this
is not the case, but I believe we can- the long term: supporting benefit to our customers, our people,
our shareholders and society at large.
not afford inaction, neither at seb nor our customers; continuing Therefore, it is of benefit also to our
anywhere else.
business.
to value our people and
As a Nordic bank with large corporates,
small and medium-sized enterprises, being an innovative
institutions and private individuals financial partner.
among our customers, our business car-
Annika Falkengren
ries impact in many countries and local
President and Chief Executive Officer
communities. We want to be the trusted This is a challenge in itself. The greater
partner for customers with aspirations challenge will be to make sustainability
and know that we must meet increas- a fully integrated part of our business –
ingly higher expectations on responsible making it a core capability for seb.
corporate behaviour if we want to
remain successful. The opportunities are certainly there,
since many of the activities required to
Sustainability topics were frequently meet sustainability challenges involve
debated during 2009. After the un a financial solution. Think of all the
Climate Conference in Copenhagen in planned renewable energy investments,
December it has become increasingly for example.
Distribution of economic benefits 2009 2008 2007 Financial highlights 2009 2008 2007
SEK bn unless otherwise indicated Operating income, SEK bn 44.2 41.1 40.4
Dividends (shareholders) 2.2 * 0 4.4 Operating profit, SEK bn 3.4 12.5 17.0
Employee compensation (employees) 15.6 16.2 14.9 Net profit, SEK bn 1.2 10.1 13.6
Taxes (governments) 2.2 2.4 3.4 Dividend per share, SEK 1.00 * 0 4.60
Supplier payments (suppliers) 8.1 7.6 6.9 Tier I capital ratio, per cent 13.9 10.1 9.9
Social investments (communities), SEK m 30.0 18.3 18.2
* Proposed
4,129
Baltic
Baltic
Our customers
2,500 400,000 5 million
Large Corporates & Institutions SME customers Private customers
seb is the leading corporate and investment seb offers small and medium-sized corporate seb provides some five million individuals with
bank in the Nordic countries, serving large customers several customized products that products and services to meet their financial
companies, financial institutions, banks and were initially developed in co-operation with needs. These include products and services for
commercial real estate clients with corporate seb’s large corporate clients. In addition, numer- daily finances, savings, wealth management
banking, trading and capital markets and global ous services are specifically designed for small and life insurance. seb strives for excellence in
transaction services. We also offer comprehen- companies and entrepreneurs. customer service and are available to many of
sive pension and asset management solutions. our customers around-the-clock, all-year round.
Channels
Channels Small and medium-sized corporate customers Channels
Large corporations and institutions are served by are served by our Retail and Baltic divisions Private individuals are principally served by the
our Merchant Banking division, with operations as well as the Life and Wealth Management Retail and Baltic divisions in Sweden, Germany,
in 17 countries, and by the Wealth Management divisions. Key markets are the Nordic and Baltic Estonia, Latvia and Lithuania and also by the
division. Key markets are the Nordic countries countries. Life and Wealth Management divisions.
and Germany.
A long term
commitment took place in 1995. It amounted to
signing international guidelines, to the
first group-wide environmental policy, a
specific environmental paragraph in our
credit policy as well as employee train-
ing and engagement.
seb’s contribution to society the role of banks in supporting indus-
date back to our founding days. trial activity and promoting economic An activity that still forms part of our
development. community investment strategy is our
In the mid-1990s, we adopted
partnership with the Mentor Founda-
our first environmental policy Even though it is only in the past three tion, which began in 1997. Mentor is
and began active community years that we have publicly disclosed a non-profit foundation engaged in
engagement work. information and compiled reports on anti-violence and drug-prevention
our progress within corporate sustain- activities, primarily through mentorship
The greatest community service a bank ability, our commitment dates back programmes between young people
can do is managing its business respon- longer in time. and adults.
sibly, for the long-term. This has been
our goal ever since we were founded by One example is the Swedish environ-
A O Wallenberg in 1856. He pioneered mental engagement initiative which
2001
1995 Introduced Mentor
Signed the Interna- Programmes for our
tional Chamber of employees. Enables
Commerce Business seb employees be 2003
Charter for Sustain- mentors for young First group wide re-
able Development people. The aim is to view on Sustainable
1997 prevent drug misuse
and promote youth
Development and its 2005
Environmental criteria were included in seb’s implication on seb’s Signed the un Global
advancement
credit policy current and future Compact’s ten
business principles
1999
1998 2002 2004 2006
The oecd guidelines
for Multinational Enterprises
were adopted by seb 2007 The “Green
Engaged and educated 10,000 Car Loan” finances
employees in Sweden on the en- 2000 600 cars and the
vironment, through video and tv. campaign receives
Group workshops and discussions the Swedish ad-
followed vertisement award
Guldägget
Gå in på seb.se/lana eller ring 0771-365 365 för
1996
mer information. Du kan även besöka närmaste
SEB-kontor. Välkommen.
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on
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an
Responsible selling & marketing
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Tackling financial crime
con
con
Eth
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Responsible ownership
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Eth
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dge a
significant emissions
ntribu
Knowle
tion
To be the trusted partner
sustainability is:
• to continue to be a successful our sustainability strategy is focused on eight business priorities, inspired by
company; Standard Chartered Bank’s Sustainable Business Model. By focusing our efforts on
• to assist and enable our stakeholders these priorities, we can contribute to protecting the environment, enhance our social
to become more sustainable; contribution and contribute to better banking governance.
• to contribute to the communities in
which we are present; Our priorities are supported by seb’s Code of Business Conduct, which aims to ensure
• to contribute to the international that we conduct business in compliance with existing external and internal rules and
community’s overall environmental, in line with our values: Commitment, Continuity, Mutual respect and Professionalism.
social and economic goals. Our people have received training on the Code.
Stakeholder dialogue
and engagement ity and social responsibility for seb’s
success in the marketplace.
I am proud
that we are now
100 people
committed to this
Business Case for Sustainability seminar
We want to create innovative financial solutions
440 business ideas
that address sustainability concerns. To examine
what we can do to support our customers’ own
contribution to sustainable development, we held
a three-day seminar involving more than 100 rep-
resentatives from across seb’s business divisions.
Invited guest speakers from acknowledged sustain-
ability leaders including Electrolux and hsbc shared
their experience. The seminar resulted in over 400
ideas for sustainable business development. These
have since been condensed and prioritised for
further handling in the business planning process
at the divisions.
held in June with staff from across ability communication and reporting.
seb’s business divisions and geogra- We also developed a specific carbon Voice of our
phies. The seminar explored how seb reduction engagement web site,
can improve its efforts within sustain- www.carbonchaser.com, dedicated stakeholders
ability but primarily focused on what to engage seb employees in the work
we can do to support our customers’ to reduce carbon emissions. It will be
“Everyone is dependent on a
own contribution to sustainable de- made public during 2010.
velopment through financial products bank. If a bank doesn’t manage
and services. Read more about the Divisional engagement work started its business right, it loses trust
event above. At our Life division, some 450 em- at the same time as it causes
ployees participated in sustainability harm to society.”
Over 200 seb employees workshops and team discussions during
2009. The purpose was to provide
have chosen to become employees with an opportunity to
“It will become expected of
companies to take a social
internal Corporate Sustain- influence divisional sustainability efforts
responsibility, more than just in
and to generate concrete proposals for
ability Ambassadors. improving divisional sustainability per- the form of charity projects.”
formance. Follow-up workshops will be
To increase awareness, we have invited held during 2010 and sustainability will “This is a question of
our employees to become Corporate be a key theme in divisional seminars
generations – to have
Sustainability Ambassadors. By year- and conferences throughout the year.
end, this group comprised some 200 knowledge about the
seb employees and it has continued to During 2010, we aim to increase the environmental impact of one’s
grow afterwards. general knowledge on sustainabil- business is decisive for not
ity within seb. Our goal is that all our being perceived as provocative
www.carbonchaser.com employees have a minimum level of to younger generations.”
In mid-2009, we launched a Sustain- understanding about the risks and
ability Portal on the Intranet. It serves opportunities involved with creating a
as the platform for all internal sustain- sustainable business.
Sustainability
governance of Group Staff and Business Support),
an Environmental Manager (post filled
early 2010) and a Corporate Sustain-
ability Communications and Reporting
Manager.
Clear and effective structures the Risk and Capital Committee; the Group Corporate Sustainability has
for responsibility distribution Remuneration and Human Resource the overall responsibility to monitor
Committee; and the Audit and Compli- progress and to support Group entities
ensure that our sustainability
ance Committee. Chairman of the Board in their work on the eight business pri-
efforts address relevant issues is Marcus Wallenberg. orities. The function works closely with
and are underpinned by strong business divisions and group functions
ethics, sound governance and The Group Executive Committee (gec), including Group Human Resources,
adequate reporting. In 2009, we with twelve members, oversees the Group Compliance, Group Procurement,
created our first Group Corporate development and implementation of the Group it, Group Marketing & Communi-
cs Strategy within seb. The gec deals cations and Group Real Estate & Prem-
Sustainability function reporting
with, among other things, matters of ises, to ensure the effective implemen-
directly to the executive common concern to several divisions, tation of policies and instructions. The
management of seb. strategic issues, business plans, financial function is also responsible for engaging
forecasts and reports. Bo Magnusson, with seb’s internal and external stake-
Each business division the deputy President and ceo and also holders on sustainability issues.
Head of Group Staff and Business Sup-
and support function is port, has the overall responsibility for cs Group CS Committee
in the Group Executive Committee. In its work, Group Corporate Sustain-
responsible for delivering ability is supported by the Corporate
on our eight sustainable Group Corporate Sustainability Sustainability Committee, an opera-
On the operational level, the Group tional steering group responsible for
business priorities. Corporate Sustainability function coordination, anchoring and implemen-
takes responsibility for delivery of the tation of our corporate sustainability
the board of directors at seb is re- sustainability strategy and for reaching strategy and action plan. The Commit-
sponsible for safeguarding the delivery agreed targets on the corporate level. tee is chaired by Bo Magnusson and has
of our Corporate Sustainability (cs) Strat- The function was established in 2009 14 members, representing all business
egy. Depending on the issue at hand, and has three staff members: the Head divisions and support functions as
matters are dealt with by the Board or of Corporate Sustainability (reporting well as Group functions such as those
by any of its established committees: to the deputy President and ceo/Head mentioned above.
Code of In our business dealings we are guided by seb’s Code of Business Conduct, which is supported by
the Board of Directors. The Code highlights certain important issues covered in existing external
and internal rules and also provides guidance on how to live by seb’s values: commitment, continu-
Business ity, mutual respect and professionalism. The Code includes specific instructions for whistleblowing
procedures, e.g. for reporting possible violations to the Code.
Conduct The Code is available in eleven different languages and has also been developed into a custom-
ised e-learning tool. All seb employees are expected to abide by the Code in their daily work. By
year-end 2009, 87 per cent of seb employees had completed training on the Code.
Sustainability risk management controlling roles through several policies the csr Policy (and related policies)
The Board’s Risk and Capital Committee and instructions. The Rules of Proce- and Code of Business conduct. Areas
supports the Board in its work to ensure dure for the Board of Directors, the of Group Compliance responsibility are
that all inherent seb risks are identi- Instruction for the President and Chief Customer Protection, Market Conduct,
fied, defined, measured, monitored and Executive Officer, the Instruction for the Prevention of Money Laundering and
controlled. The most relevant risks from Activities, the Group’s Credit Instruction, Financing of Terrorism and Regulatory
a sustainability perspective are credit Instruction for handling of Conflicts of Systems and Control. The Group Com-
risk, operational risk and reputational Interest, Ethics Policy, Risk Policy, In- pliance function is fully independent
(business) risk. A clear and effective struction for procedures against Money from the business operations, although
structure for responsibility distribution Laundering and Financing of Terrorism, it serves as a support function for the
and governance is essential to manage Remuneration Policy, Code of Business business operations. It is also separated
the risks encountered. seb attaches Conduct and the csr (Corporate Social from the legal functions of the Group.
great importance to the creation of Responsibility) Policy are of special During 2010, the csr Policy will be
clearly defined roles for officers and importance. updated.
decision-making bodies.
Sustainability compliance For further information about Corporate
The Board of Directors and the Group Compliance is responsible for Governance at seb, please consult the
President perform their governing and securing group-wide compliance with Annual Report, pages 57–64.
Reducing our
footprint Reaching this target requires invest-
ments, collective efforts and a change in
mindset and behavior.
45%
climate change if substantial action
is not taken. We are conscious of our at seb by
responsibility to do what we can to try to
mitigate these developments.
contributors to More carbon-friendly business travel Ongoing, new business travel policy adopted early 2010
achieving our co2 We have established a dedicated web site to describe what we do to reduce carbon
reductions emissions at seb. It is found at: → www.carbonchaser.com
→ We follow progress and report results on that we want to implement. How should A new business travel policy aimed at
a quarterly basis. investments be split between landlord reducing carbon-intensive travel was
and tenant? How can the energy gains developed in 2009. We seek to replace
Emission baseline be shared? These are questions that are air travel with train whenever possible, fly
In 2008, a comprehensive feasibility not always easy to answer. with greener air fleets and reduce overall
study was performed to clarify the business travel through increased use of
current amount of carbon emissions To establish a financial framework for video and web conferencing. This policy
generated by seb. We learned that seb how tenants and property owners can was adopted in early 2010.
affected the atmosphere with some co-operate on energy-efficiency invest-
35,000 tco2 annually. The study formed ments and other measures, we have In 2009, we increased
the basis for the decision to reduce our begun a pilot study together with the
emissions by 25 per cent until 2011 and Swedish Energy Agency, the technical
the share of green
by 45 per cent until 2015. Included in consultancy firm åf and the property cars to 29 per cent
the scope were main buildings and data owners of two of our largest facilities, of the fleet.
centers, our leased car fleet, business air Sergels Torg and Rissne in Stockholm.
travel and paper use. We expect this pilot to be finalised
Reducing paper use
during 2010. The findings will be shared
Each year, we print nearly 80 million
During 2009, we verified the initial data with the wider business community.
account statements, payment notifica-
and added more activities, most impor-
tions and other customer notifications,
tantly our branch network. The total We also engage in external green office
and send out some 30 million physical
annual emissions baseline then grew initiatives. seb Finland has adopted
mailings. A large share of these print-
to 51,000 tco2. We did however not the World Wildlife Fund’s Green Office
outs can be eliminated by increasing
change our reductions targets. guidelines to improve office eco-effi-
the use of electronic statements and
ciency and will be audited during 2010.
notifications. The customer output
Reducing energy consumption in
management project we have launched
offices and data centers In 2009, we focuses on reducing paper output and
We are currently involved in numerous
projects related to reducing energy con-
reduced energy developing new customer interface
consumption solutions, so that information from seb
sumption from the office space that we
is easily accessible and presented in
own or rent and the data centers that in own buildings a simple and compelling way across
we manage. These include installing
automatic light switches, using lowen-
by 2 per cent. different media platforms. Our target for
2010 is to reduce paper consumption by
ergy light bulbs and improving energy
20 per cent.
efficiency through better time-steering Reducing carbon-intensive company
of ventilation and lighting systems, for cars and business travel
example. We also review heating and In late 2009, a new company car policy In 2009, we reduced
cooling systems to implement energy for seb was adopted, affecting some total paper
efficiency programs. 1,000 leasing cars. Over a three-year consumption
period, beginning with Sweden, all leas-
Since most of our office space is rented, ing cars will be transferred to green cars. with 156 tonnes.
it is imperative that we find a common After adjustments to local conditions,
ground for dealing with the financial as- the car policy will be implemented in In the uk, where 1,300 customers previ-
pects of the energy-efficiency measures other markets during 2010. ously received up to 10,000 individual
paper statements monthly, we have space. The annual co2 savings are ergy and end-use energy efficiency, thus
switched to e-mail. This not only re- 10,000 tonnes. promoting a fundamental shift in energy
duced co2 emissions and costs but also use while promoting local economies.
increased customer satisfaction. Offsetting our remaining emissions In 2009, we invested in a cdm project in
We offset our carbon emissions based on northern China (see page 17).
Replacing “brown” energy with the previous year’s emissions. This is done
“green” through a Clean Development Mecha- Working together with our suppliers
Replacing fossil energy sources with nism project, cdm. All cdm projects are We work closely with a number of our
renewable ones is a key concern and will controlled by the United Nations Frame- suppliers in order to improve our envi-
be implemented as soon as possible in all work Convention on Climate Change ronmental performance. We request an
our main markets. This is the case already (unfccc). Our offsetting projects must environmental policy from all suppliers
in Sweden. Effective from January 1, 2010 also meet Gold Standard criteria. with which we have a framework agree-
all our energy use in Germany is green, ment. All of the major suppliers have
affecting a total of 185,000 sq.m. office Projects are restricted to renewable en- supplied such policies.
Sustainable finance
and investments We finance the development and
production of equipment used in waste
management and water purification. We
are engaged in the build-up of renew-
able energy infrastructure and the
introduction of new, “greener” products.
As a large corporate bank and a low-carbon economy and a more
asset manager we have signifi- sustainable world, both capturing the We are also engaged in arranging capital
opportunities and managing the risks. markets solutions with a sustainability
cant indirect impact and recog-
In the process, we will be looking more profile. As the sole lead manager, we
nise our responsibility to contrib- actively for opportunities that have an have assisted the World Bank in four
ute to sustainable development. environmental and social benefit as well consecutive raisings of green bonds for
Addressing environmental and as a viable economic return. a total of more than usd 1 billion (see
social aspects in financing and page 23). The investor interest for these
investments is not only a question Solutions to the social and environ- bonds has inspired other issuers, includ-
mental challenges that the world faces ing governments and corporates.
of risk, but also of opportunity.
require financial assistance in order to
be realised. seb can today provide some
products and services that help indi- SEB:s credit portfolio 2009
viduals, companies and governments
respond to the challenges. Share of credit portfolio, per cent %
Banks 17
Financing change
At seb, the financing of industrial activ- Corporate 36
ity and commercial property accounts Finance and insurance 4
Growth of world’s wind power-
for a significant share of our business. Wholesale and retail 4
generating capacity in 2009 Transportation 3
We have assisted Nordic industrials for
(Source: Global Wind Energy Council) well over a century and today count Shipping 2
many of the largest companies in the Business and household services 6
adapting to and mitigating climate region among our clients. Construction 1
change is just one of the challenges Manufacturing 10
facing the world in the coming decades. Through our financing activities, we Agriculture, forestry and fishing 0
The rapidly growing population, expected are exposed to sectors that carry Mining 1
by the United Nations Population Fund substantial environmental and social Electricity, gas, water supply 3
to rise from 6.6 billion today to 9.2 billion impact, including energy, transporta- Other 2
by 2050, urbanisation and continued tion, mining and manufacturing. We Property Management 14
globalisation are other factors that will are also engaged in sectors with less Commercial real estate 8
put tremendous strain on energy and pronounced impact, including busi- Multi-family housing 6
food supply, waste handling and access ness services, media & entertainment
to clean water, among other things. The and retail. Public Administration 5
demand for solutions and technologies Households 28
to mitigate and help to adapt to sustain- Many of our customers have come far Households mortgages 22
ability challenges will be immense. This in their sustainability practices and Other 6
development has already started. we support them through lending,
global payment solutions and corporate Total 100
We aim to support the transition to finance, for example.
In Estonia our co-operation with the used for large, complex and expensive Assessing the environmental and social
Credit and Export Guarantee Fund installations such as power plants, impacts of providing finance to our cus-
Kredex enables lower margins for in- refineries, waste treatment plants and tomers is embedded into our overall risk
vestment projects that improve energy transportation infrastructure. seb has management processes; environmental
efficiency with at least 30 per cent. not engaged in any project finance ac- criteria have been included our credit poli-
tivities above the ep threshold in 2009. cy since 1997. In 2004, we broadened the
perspective to include other sustainability
Solutions to the social and One of our largest financings to date aspects such as human rights, interna-
environmental challenges was for the construction of a biomass tional labour standards and reputational
powerplant in northern Sweden, risk. A special section of the credit policy
that the world faces require formally inaugurated in 2009. Out of emphasizes our social responsibility.
forest-based biomass the power plant
financial assistance in produces renewable energy in the form
order to be realised. of steam, electricity and district heating.
The plant has a maximal yearly energy
Sector policies
production of 1.1 TWh, equivalent to the and position
For our private customers in Sweden, we yearly energy usage of nearly 60,000
have since 2006 offered the Green Car houses. statements
Loan for financing at subsidised interest
rate levels of cars that meet local envi- Managing sustainability risk For certain industry sectors we are in the
ronmental certification criteria. During In our role as a large corporate bank and process of developing sector policies,
2009, some 1,300 Green Car Loans were asset manager we have considerable in- highlighting the social and environ-
approved, an increase of 30 per cent. direct impact. We want to work together mental standards we expect in order to
with our clients in order to drive sustain- provide services or make investments.
Equator Principles able growth, protect the environment
seb was the first Nordic bank to adopt and contribute positively to societies. As We have initially selected some ten
the Equator Principles (ep) on project part of this work, we need to enhance sectors for review and aim to introduce
financing, a voluntary set of guidelines our understanding of the sustainability our first policies during 2010, beginning
to help the financial industry assess so- aspects that are of relevance to different with the Arms and Defense, and Mining
cial and environmental issues in project industries and let this insight have an and Metals sectors. We focus on sectors
financing. Typically, project financing is influence on our business practices. where there is a high level of environ-
mental and social aspects to be con-
sidered and which are of relevance to
our business. Apart from those, we are
also about to introduce our first position
statement, on Climate Change.
Sustainable investments institutional portfolios with a sustain- Global Index Fund in 2009. The fund
We support sustainable development by ability profile, up from sek 3.3 bn. invests in some 300 companies deemed
offering investment products designed by an independent sustainability advisor
to meet a variety of concerns and Three categories of funds are currently to be among the world leaders in cor-
responsible investment preferences offered: porate sustainability. The fund selection
among seb’s customers. We also act combines positive and negative screen-
through our Venture Capital unit, which • Funds that exclude companies ac- ing criteria, and excludes the tobacco,
provides venture capital and compe- cording to negative screening criteria alcohol, gambling, armaments, firearms
tence to companies with substantial such as weapons, alcohol, tobacco, and adult entertainment industries. Fol-
growth potential. pornography and gambling. lowing the redesign, the fund has grown
• Funds that apply the Global Ethical from sek 95 m to over sek 1 bn.
Our sustainable invest- Standard screening criteria. These
funds exclude companies that have SEB Venture Capital
ments product portfolio violated international standards for Our venture capital arm seb Venture
human rights, labour rights, environ- Capital invests in companies that show
is evolved in tandem with ment, corruption and weapons substantial growth potential, mainly in
customer demands. manufacturing. the technology and healthcare fields.
• Funds that only invest in companies Several investments have a clear sustain-
that are leaders in corporate respon- ability profile. Among investments that
Sustainable investment products sibility (positive screening). have been sold are Procoat (tire recy-
seb manages 12 Socially Responsible cling), BenRad (water purification) and
Investment (sri) funds. By year-end We continuously seek to evolve our Mestilla (production of biodiesel). Cur-
2009, assets under management in product portfolio. Responding to insti- rent portfolio companies include 3nine
these funds was sek 10.2 bn, an increase tutional client requests for a global fund (technology for purifying oil mist and flue
of sek 4.7 bn versus the previous year. with a clear ethical and sustainability gases) and Xylophane (renewable barrier
In addition, we managed sek 4.9 bn in approach, we redesigned the seb Ethical material for packaging based on xylan).
SEB finances
world’s greenest
coast guard vessels
In 2009, the Norwegian coastguard
took the first of three new vessels of the
Barents Sea class into operation. The
vessel, which runs on natural gas instead
of diesel oil, is an ice-strengthened
multi-purpose vessel that will be used for
fishery inspections, oil spill prevention
and search- and rescue operations. It
can also be used as a tugboat to assist
larger boats.
World
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Improving energy efficiency in public
buildings in Montenegro
Additional capacity and greater energy efficiency is badly
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Bonds dss needed to meet the growing energy demand in Montenegro,
which currently imports power to make up for diminishing
power production by the state power company due to old
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structures, limited investments and run-down facilities.
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sustainabilitybil
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tyy buildings, including schools. The investments finance energy
efficiency measures such as retrofitting to improve heating
systems, insulation, and thermostatic valves, as well as related
inv
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investments ennttss
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the project, the Government of Montenegro also seeks to
demonstrate how sustainable energy efficiency improvement
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in Argentina
The World Bank has previously contributed to introduce re-
newable energy systems in dispersed rural areas in Argentina.
The Renewable Energy in the Rural Market Project has pro-
vided access to electricity to 8,000 homes and 1,900 schools
seb and the world bank pioneered green bond financing using primarily solar and wind energy technologies.
in late 2008, when the World Bank introduced green bonds
into its funding programme for the first time. During 2009, the The Green Bonds provide additional financing to scale up the
World Bank made a further two green bond issues, as well as program. Through installation of equipment including 15,500 so-
augmented its initial offering on two occasions. A fourth issue, lar home systems, 630 solar photovoltaic systems to supply rural
in early 2010, meant the total amount raised through green schools and public services and 2 biomass generation projects,
bonds now exceeds usd 1bn. it is estimated that about 19,000 households can get access to
reliable electricity using renewable energy technologies.
The World Bank Green Bonds are designed to raise additional
funding for projects or programs that support low-carbon The goal is to develop a sustainable electricity market served
activities in World Bank client countries. They respond to and financed by private concessionaires. The challenge is to
growing interest from institutional investors for highly rated design a scheme that minimises government subsidies, but
fixed-income products that support sustainable development. enables private investors to obtain a fair return for their par-
A key feature valued by many investors is the due diligence ticipation, and provides power to poor communities at a price
process that the World Bank environmental specialists conduct they can afford.
to identify and monitor green bond supported projects. Two of
the projects are described to the right: → www.worldbank.org
Responsible selling
and marketing Estonia, Latvia and Lithuania, which
form part of our home markets and
account for some 11 per cent of our op-
erating income. The Baltics experienced
dramatic declines in gdp during 2009
and domestic demand has plummeted.
Our foremost responsibility is to mutual respect and professionalism, and The difficult economic situation has
our customers, many of whom includes specific procedures for reporting resulted in rising loan impairments and
possible violations. credit losses.
have entrusted us with their
business for decades. We are Lending responsibly We work closely with our Baltic custom-
expected to act responsibly and Ensuring that our customers can afford ers in order to minimise losses, both
with a long-term view throughout to manage their debt is a key compo- for the Bank and for our customers.
good times and bad. nent of all responsible lending. This We recognise that this is often a highly
is why our credit decisions are always emotional process and seek to perform
based on the customer’s repayment our duties with integrity, respect and a
In our dealings with abilities. In our Merchant Banking view to strengthen long-term customer
customers we are guided division, which deals with our largest relations. Over 200 people from our
clients, we have a large credit analysis Special Credits Management team
by our Code of Business function whose purpose is to provide are involved in reviewing credits and
balanced, independent advice based on working with our customers to develop
Conduct, which embodies prudent credit practices. action plans.
our approach to all our
In our Retail Banking division, which pri- We apply different work-out strategies
business dealings. marily deals with our private and smaller depending on the type of collateral and
corporate customers, we apply credit customer. For commercial real estate
customers put their confidence, scoring methods and information from and land plots, our strategy is based on
reliance and trust in their relations with credit information agencies to gain in- the experiences of the Nordic banking
a bank. Such a relation requires banks sight into the customer’s entire financial crisis in the 1990s. Shareholder value
to set its clients interest first and not situation before taking our decision. can be protected and markets can
expose itself to undue levels of risk. be stabilised if real estate assets are
We encourage a conservative approach incubated and professionally managed
At seb, we are committed to a conser- to leverage, particularly in these times of until the economic recovery has started
vative banking model. We believe it is exceptionally low interest rates. In late and demand for such assets returns. We
essential for a bank to focus on market 2009, we tightened our credit-granting have three operational real estate hold-
segments and customers it knows well criteria for Swedish mortgage loans, in ing companies in Estonia, Latvia and
and to take a prudent approach in all its order to discourage excessive borrowing Lithuania where we expect to accumu-
business dealings. This model has served and safeguard asset quality. late assets over the next few years.
us and our clients for well over a century.
Working with customers in a downturn For private homeowners, we work to
Code of Business Conduct As this report is written, world econo- find solutions that enable them to
seb’s Code of Business Conduct embod- mies have stabilised after the ex- remain as owners of the property. These
ies our approach to all our business traordinary dislocation brought on by may include a grace period for amor-
dealings, including interactions with the financial crisis. However, several tisations and capitalisation of part of
customers. The Code is based on our countries are still suffering considerably. the unpaid interest amounts. We also
four core values: commitment, continuity, These include the three Baltic countries play an active role in discussions with
public authorities on contructive crisis We received the award in 2009 for the
resolutions. second consecutive year. Enkla Firman Core values to
is a product that combines basic bank-
Responsible selling and marketing ing products such as cheque accounts, support strong
We emphasize high standards for em-
ployee training, product development,
bank giro numbers and credit/charge
cards in an Internet Office format.
customers relations
marketing and sales as well as after-
sales service processes. It is vital that our Acknowledging when we fail Mutual respect
customers understand the risks involved We strive for the highest professional Ethics and trust are the basis for everything
we do. We care for and respect the individual.
in their dealings with us and that our standards in our customer dealings. We actively listen to and cooperate with our
proposed solutions are appropriate to There are however situations where we customers, colleagues and shareholders. We
the customer’s needs and desired risk fail. In 2009, we decided to compensate value diversity and openness.
appetite. By using focus groups as part institutional investors in Estonia after
of the product development process we failing to fulfill our information obliga- Continuity
seb is a modern bank with a strong heritage and
can acquire customer feedback prior to tions as collateral agent for an Estonian a tradition of building long-term relationships.
product launch and gain insight regard- company’s private bond placement. We stick to our strategy and take tough, but
ing its perceived benefit. We also have well thought-out, decisions and implement
elaborated systems and processes in We also decided to compensate mutual them accordingly. We develop, step by step, as
place to deal with customer complaints. fund investors for failing to inform about we move towards the future. We follow up on
results and learn from experience.
Tackling
financial crime By year-end 2009, nine out of ten seb
employees had passed the general aml
training programme.
all our markets and business divisions, Transaction monitoring ruption. We are also required to apply
comprising detailed instructions for risk In addition to the sanction screening enhanced due diligence procedures to
assessment, risk management, risk miti- that is performed before payments are their account. We may ourselves also be
gation and reporting. Deviations from processed, we also monitor transactions directly affected, in that our employees
the new standards are only acceptable if for suspicious activity after they have engage in bribery or corrupt activity.
the deviation means a stricter procedure been executed. We apply trend monitor-
or if local legislation prohibits applica- ing software to identify unusual activity Whistle blowing procedure
tion of the minimum standard. that otherwise would have been difficult Our whistle blowing procedure encour-
to detect by our employees. ages our employees to raise concerns
A sound Know Your Customer program about possible violations to seb’s Code
is instrumental to attain compliance with Credit card fraud of Business Conduct. If employees feel
requirements on financial crime preven- Credit card fraud, a wide-ranging term that they are not getting an appropriate
tion. It helps us to get to know and related to the use of credit cards or or adequate response at the local level,
evaluate information about the customer debit cards as a fraudulent source of or if the issue raised is of importance
from a business and regulatory perspec- funds in a transaction, is one of the beyond the local level, we have estab-
tive. Each customer undergoes due most common financial crimes. lished channels to the Group level.
diligence in our risk assessment process.
Enhanced due diligence measures are The fraud prevention unit at seb Card
applied in cases where the circumstanc-
es indicates higher risk. Our trainings
monitors over 3.2 million credit and debit
cards and some 600,000 daily transac-
Swedish financial
on money laundering are tailored to the tions and authorisations. To combat coalition against
inherent risks applicable within each the rising level of fraud activity we
division and business unit. introduced a more sophisticated fraud child pornography
prevention module, the Fraud Preven-
tor, in our authorisation system during the commercial exploitation of
We provide tailored money 2009. The Fraud Preventor enables us children has increased dramatically in
laundering training for to apply a variety of techniques to stop recent years. To seek to counter this
ongoing fraud attempts earlier and more development, seb in 2009 joined the
employees that deal with efficiently. Together with measures to recently formed Swedish Financial Coali-
improve card security and the security tion against Child Pornography.
client-related matters, of Internet payments, this contributed
operate in areas which to reducing card fraud costs in 2009 by The purpose of the coalition, which en-
more than sek 30m compared with 2008. gages all of the largest Swedish banks, the
may represent high risk Swedish Banker’s Association, the Swed-
Bribery and corruption ish Police and the non-profit organisation
or otherwise have special Bribery and corruption are unwelcome Ecpat, is to join forces to prevent and
needs of money but still exist in international business obstruct payments for child pornography
practices, more prevalent in certain through the Swedish financial system. It
laundering knowledge. countries and industries than in others. builds on existing measures undertaken
Corruption threatens good governance, by the banks and card issuers visa and
sustainable development, democratic Mastercard to prevent payments to com-
Screening to ensure sanctions processes and fair business practices. panies involved in criminal activity.
compliance
The impact of sanctions violations poses Working to prevent bribery and corrup- As part of the agreement, Swedish banks
significant reputational and operational tion touches upon both our procedures will be co-operating closely with the Swed-
risk, as has been demonstrated in a num- against money laundering and our Code ish Police, providing the Police with tools
ber of cases involving banks that violated of Business Conduct. to facilitate the identification of compa-
us sanctions to Iran and other countries. nies that commercialise child pornography
To ensure sanctions compliance, we In our monitoring of potentially suspi- and to block payments to them.
regularly screen our customers against cious financial activity, we are required
applicable sanctions lists. We also screen to identify politically exposed people The Swedish coalition model serves as
all international payments against the (pep’s), persons that hold or have held the role model for the recently
sanctions imposed by the European important political functions in a coun- launched European Financial
Union and the us Treasury Department’s try and are therefore considered to have Coalition against child sexual
Office of Foreign Assets Control. a higher risk of being involved in cor- abuse content on the Internet.
Responsible
ownership The ownership policy of seb Investment
Management has been updated to reflect
the increased emphasis on responsible
ownership (effective as of February 2010).
Incorporation of sustainability
As an institutional investor, seb We perform our ownership role primar- criteria in investment management
seeks to promote sound princi- ily through participation in election To screen the companies we invest in
committees; by exercising our voting regarding their compliance with inter-
ples for corporate governance
rights before and during the Annual national conventions and guidelines on
and corporate responsibility. We General Meeting; through dialogue with environment, labour practices, human
place importance on structured portfolio companies and through col- rights, inhumane weapons and corrup-
sustainability work in our portfo- laboration with other shareholders on tion is an important part of our work. At
lio companies, which we believe corporate governance issues. the end of 2009, we signed an agree-
is a prerequisite for long-term ment with ges Investment Services to
seb was represented on the nomination perform the screening on our behalf, and
value creation and attractive
committees of 23 companies in 2009: to provide company analysis.
financial returns. Avanza, Axfood, Beijer Electronics, Bil-
lerud, Björn Borg, Elekta, Eniro, Fabege, We believe that companies
Investors that have signed Getinge, Hakon Invest, hms Network,
Intrum Justitia, jm, Latour, Loomis, mtg, who actively manage the
the un Principles for Niscayah, Orc Software, Oriflame, sas,
environmental, social and
Responsible Investment sca, Securitas and TeliaSonera.
governance aspects of
collectively manage over Our ambition is to participate at those
Annual General Meetings where we are a their business can reduce
usd 20 trillion of assets. major shareholder or where the holdings
are important for the overall return of the risks and capture new
seb is one of sweden’s largest institu- funds. In 2009, we participated and voted opportunities.
tional shareholders, investing on behalf at around 50 Annual General Meetings.
of private, corporate and institutional
clients in companies around the globe. Principles for Responsible Investment Companies will be screened for possible
To act responsibly as an owner forms By signing the un Principles for Respon- violations twice a year. The assessment
an important part of the mandate given sible Investments (pri) in 2008, we is made within the framework of the un
by our customers. At year-end 2009, recognise that environmental, social, Global Compact, interpreting more than
we had sek 1,275 bn of assets under and governance issues can affect the 50 international conventions including
management. performance of investment portfolios. the un Universal Declaration of Human
We also recognise that the application of Rights, the International Labour Organi-
Corporate governance the Principles can better align investors zation’s Fundamental Conventions and
Our focus as an active owner is con- with broader objectives of society. It is the oecd guidelines for Multinational
centrated to those portfolio companies therefore an important step in our con- Enterprises. Engagement with or exclusion
where we are a major shareholder, i.e. tribution to the un’s efforts to promote of a portfolio company is recommended if
where we own more than 4 per cent of good corporate citizenship and to build at least one of the following criteria is met:
the outstanding shares. In practice, this a more stable, sustainable and inclusive
means a concentration to Nordic listed global economy. We will submit our first • An examination by an official and
companies. pri progress report during 2010. credible body confirms the connec-
tion between the company and the that we are still in the early stages of
reported violation. engaging with portfolio companies and
• Sanctions against the company have that instigating change can take time.
been issued by regional/national
courts or an official body. PRI Council established in 2009
• The company has admitted responsi- To create a governance structure for
bility for the incident(s). dealing with responsible ownership is-
sues, we established a pri Council during
A portfolio company can be subject to 2009. Its members include the Head of
dialogue or exclusion even if it is not seb Investment Management ab, our
violating international conventions, Global Head of Investment Management,
but otherwise can be considered to be our Global Head of International Sales
violating or ignoring sound ethics and and the Head of Institutional Clients
important environmental concerns, or in Sweden. The purpose of the pri Council
some other serious manner is deviating is to develop the ownership dialogues
from desirable governance principles. with selected companies and to integrate
environmental, social and corporate
Access to financial
services ents are now executed electronically. In
addition to simplifying trades, electronic
fx trading improves productivity for
both the customer and ourselves.
Together with external Our support of the ifs award ”New verket) and ifs during 2009 to develop
Entrepreneur of the Year” (Årets Nybyg- a web-based interactive learning tool
partners, we seek to gare) intends to stimulate migrant en- about social codes in different cultures.
trepreneurship. The recipient is a person The game (see box below) was launched
support entrepreneurial who has lived in Sweden less than five in February 2010 and is offered free-
activity by people with a years, and who has started his/her own of-charge to all Swedish banks and
business and contributed to growth in financial institutions.
foreign background. the new country. The national winner
of the award is chosen from among The next step is to launch a correspond-
thirteen regional winners. ing online education targeting foreign
Our collaboration with ifs, International entrepreneurs. This time focusing on
Entrepreneur Association in Sweden, Bridging cultural gaps improving knowledge about credit rules
and almi, a public company charged Getting access to credit is one of the and how bank employees think and act
with promoting growth of small and challenges that migrant entrepreneurs in a credit process in Sweden. Jointly,
medium-sized businesses, intends to face. This is due partly to language these efforts will improve mutual under-
support entrepreneurial activity by peo- skills and difficulties in presenting the standing in contacts between entrepre-
ple with a foreign background. There are business concept according to Swedish neurs and bank employees.
currently 1.7 million people in Sweden, norms and customs, but also to short-
or 22 per cent of the population, which comings within the banking system; At seb, the game will form a mandatory
have their roots in other parts of the more knowledge about meeting people part of the introductory training for
world. Analysis by the Swedish Agency from other cultures is needed. all corporate advisors and customer
for Economic and Regional Growth centre operatives in our Retail division
(Tillväxtverket) show that people with To overcome this gap, we worked from 2010.
a foreign background have a greater together with the Swedish Agency for
tendency for entrepreneurship. Economic and Regional Growth (Tillväxt-
Case:
The Multicultural
Bank
The new web-based knowledge game
”The Multicultural Bank” (“Kulturbanken”),
which has been developed by Tillväxtver-
ket in co-operation with seb and ifs, has
been designed for Swedish bank employ-
ees. The purpose is to increase the level
of understanding between banks and
entrepreneurs with a foreign background.
It is a matter of increasing bank employ-
ees’ knowledge about business, social and
other codes in foreign cultures.
A great place
to work Our goal is that all seb employees
should have equal opportunities for
development and for making a career,
regardless of gender, ethnic origin,
age, sexual inclination or religion. Our
long-term goal is that each gender shall
More than 20,000 people work at perspective are key to be a trustwor- be represented by at least 40 per cent at
seb. We strive to create a sound thy partner to our customers and a each level within the organisation.
respected member of society.
workplace environment that
We actively work to identify, develop
values diversity and employee An ongoing dialogue and encourage women to take senior
engagement, and encourages We use several channels in order to keep positions. As a routine, there must
performance tuned to customer an open and ongoing dialogue with our always be at least one female candidate
and shareholder interests. people. We make extensive use of the for senior positions. There are several
Intranet for communication and feed- female managerial programmes, such as
back, for example through regular chats tcm lead, a mentor programme within
Creating a great place to with Group and divisional management. Trading and Capital Markets for about
work is a never-ending Management also meet with our em- 50 female employees. In 2009, the
ployees directly in breakfast seminars. share of women in managerial posi-
effort. Our ambition is to tions was 42 per cent (44). For senior
We have conducted group-wide em- managerial positions we are still short of
be an attractive employer, ployee surveys for more than ten years. our goal; 27 per cent (26) of our senior
where people take pride in Our 2009 survey (see inset) showed clear managers were women in 2009.
improvement within all major areas: more
working. motivated employees, a stronger sense If diversity is reflected in
of an efficient and learning organisation,
to make sure that we understand the higher grades for seb managers and bet- our workforce, we can
needs of our customers and provide ter knowledge about our vision and goals.
them with good advice and appropriate
understand our customers
financial solutions, we need to employ A diverse and non-discriminating better and be more likely
highly skilled people and shape the workplace
workplace so that it brings out the best Access to the right talent is key to achiev- to deliver the products and
in every individual. This is a never- ing high customer satisfaction and our
ending effort that builds on continuous long-term goals. A diversified workforce
services they want.
improvements involving everyone in the increases our ability to deliver the products
organisation. We want to be perceived and services that our customers need. Developing our people
as an attractive employer, where people We are convinced that a sound and
take pride in working. We encourage diversity through our business-oriented working environment
internal job market, where all vacant where employees express well being
Emphasis on core values positions are advertised. Diversity creates good results. Our employees are
seb’s core values – Mutual respect, Con- should also be taken into account when expected to take considerable respon-
tinuity, Professionalism and Commit- nominating people for management sibility for his/her own work, individual
ment – guide the actions of the Group and leadership training courses. During development and career. Performance
and our employees. Emphasising core 2009, 20 per cent of recruitments to our is continuously followed up through
values, maintaining the highest ethical trainee programme in Sweden were of structured dialogue between managers
standards and acting with a long-term non-Swedish origin. and employees. →
Motivation
Increased employee Accountability
motivation and higher Organisational excellence
grades for seb managers Efficiency and speed
women and continuously evaluate the record profits in some parts of the bank ployees in seb; none of the 60 highest
effects of the remuneration structure contrasted by extremely poor results in managers received short-term variable
and its competitiveness. other parts; maintaining the confidence cash compensation for the year.
of customers, shareholders, employ-
During 2009, remuneration within ees and society at large; the bank’s
the banking industry was frequently lower overall result. Thus, the cost for
debated. In setting the total level of short-term cash based remuneration More information on remuneration
variable cash remuneration for 2009, we amounted to 5 per cent (13) of total staff at seb is found in the Annual Report,
sought to balance a number of issues: costs. The decrease affected all em- on pages 25–27.
Preventive work-
place environment
programs
Investing in
communities ing working hours and sharing their
experience and knowledge.
OUR COMMUNITY
INVESTMENT PROJECTS
sos children’s villages (latvia) seb arena (lithuania) seb musical bank (latvia)
sos Children’s Villages focuses on children who seb sponsors seb Arena, the largest indoor ten- seb sponsors the largest competition for pop
lack parental care and children from families in nis arena in Eastern Europe. and rock music in Latvia.
difficult circumstances. seb assists in sos dona-
tion campaigns by sending letters to customers seb baltic basketball league (lithuania, sinfonietta riga (latvia)
and distributing banners and information on latvia, estonia) Since 2006 seb supports the Sinfonietta Riga
the website and in branch offices. seb also Basketball is among the most popular sport in chamber orchestra. One of the orchestra’s
honors each three-point shot within the Baltic the Baltic States. seb has supported basketball major events is the concert “Sinfonietta Riga
Basketball League (see below) with a eur 3 in Estonia since the beginning of the 2000s, and Discovers Rundãle Palace”, held in the most
donation to sos Children’s Villages Association. the Baltic Basketball League, a tournament for significant baroque palace in Latvia.
the best teams in Lithuania, Latvia and Estonia,
“livslust” (latvia) since 2004. We have a long term agreement kunstnernes hus (norway)
seb supports “Livslust”, a vocational school for with the League, which lasts until 2011. Kunstnernes Hus, “Artists’ House”, is Norway’s
children who lack a social support network. The largest gallery under the direction of artists, and
aim of the school is to give these children a fair has served as a major center for exhibits of Nor-
chance in life, by providing a home and education. Enriching people’s lives through wegian and international contemporary art. seb
culture is the gallery’s main sponsor, in an agreement
Promoting sports and a healthy that runs until 2011.
festival of vilnius (lithuania)
lifestyle
seb is the patron of the international music
seb next generation (sweden, denmark) festival “Vilniaus Festivalis”, arranged by the Na-
tional Philharmonic Society of Lithuania. During
seb Next Generation is one of the largest Swed-
the festival, classical music and jazz concerts
ish youth tennis programmes ever launched
are organised throughout the city. OUR SOCIAL AND
and a partnership between seb and the Swedish
and Danish Tennis Federation. The programme ENVIRONMENTAL
the stockholm concert hall and
targets boys and girls between 10 and 15 years
of age. More youths will get access to training the royal stockholm philharmonic PARTNERSHIPS
orchestra (sweden)
camps supported by the Federation, and young
talents can be given appropriate training under seb is a sponsor of the Stockholm Concert Hall
and its orchestra. As part of the collaboration the • ECPAT
professional guidance.
orchestra performs concerts specifically for seb • Hand-in-Hand
kalle anka cup (sweden) customers, both in Stockholm and at seb sites. • The Brig Tre Kronor af Stockholm
seb is the lead sponsor for the Kalle Anka Cup • The Natural Step
the estonian national opera (estonia) • The Red Cross
(the Donald Duck Cup), one of the world’s
largest youth tennis championships. Each year, seb is Gold sponsor for the Estonian national • The Swedish Cancer Society
some 10,000 youths participate in the champi- opera.
• Unicef
onship, at the club and district levels and the fi-
nal in the city of Båstad. Many of Sweden’s finest cësis art festival (latvia) • wwf, World Wide Fund for Nature
tennis players, including Björn Borg and Stefan The Cēsis Art Festival includes art, theatre and
Edberg, have participated in Kalle Anka Cup. music event in a three-week summer festival.
Total co2 emissions, tonnes Employee turnover, per cent Assets under management with sri/ethical
profile, sek m
60,000 15 16,000
14,000
50,000
12
12,000
40,000
10,000
9
30,000 8,000
6
6,000
20,000
4,000
3
10,000
2,000
0 0 0
2008 2009 Target Target 2007 2008 2009 2007 2008 2009
2011 2015
total co2 emissions decreased 6 per cent total employee turnover fell to 11.0 per assets under management with a So-
to 47,320 t co2 (50,404), principally due to a cent (13.8). During the year, 1,367 people joined cially Responsible Investment/ethical profile
reduction in business travel. However, all emis- seb (3,463) and 2,372 people (3,100) ended increased to 15.1 bn (8.8), due to increased
sions sources currently included in the emis- their employment or retired from the bank. By customer demand for such products and the
sions scope contributed positively. During the year-end, seb’s total headcount was 20,835 global equities market rebound during 2009.
year, we added more activities to the emissions people (22,443). 63 per cent (62) of our em- The redesign of the seb Ethical Global Index
scope, principally branch offices in six countries, ployees have been with seb for 5 years or more. Fund also contributed to the growth.
and therefore revised our 2008 figures.
Mark
M
Ma
Market
rket
kett p
pres
pre
presence
esen
senc
nce
ce
Market presence (number of countries with seb employees) Number 21 21 21
Markets with universal banking offering (locations of significant operations) Number 5 5 5
Other markets and strategic locations Number 16 16 16
Com
C
Community
omm
mmmun
unit
nity
ty inv
in
investment
nves
est
stm
men
ent
nt
Economic contribution to social partnerships, share of operating profit % 0.9 0.1 0.1
Economic contribution to social partnerships (excluding management costs) SEK m 30.0 18.3 18.2
By theme
Environment (climate compensation) SEK m 10.0 n/a n/a
Entrepreneurship SEK m 3.2 n/a n/a
Children and youth SEK m 6.0 n/a n/a
Culture SEK m 3.5 n/a n/a
Sports SEK m 6.5 n/a n/a
Other SEK m 0.8 n/a n/a
Carbon
Ca
Car
arbo
bon
onn dioxide
d
dio
diox
oxid
xide
de (co2)
((co
co2
o2)) emissions
emis
eem
miss
ssio
ion
onss
Total co2 emissions 1&2 Tonnes 47,320 50,404 n/a
co2 emissions from energy consumption Tonnes 28,979 29,401 n/a
co2 emissions from business travel Tonnes 11,280 15,547 8,021
co2 emissions from paper consumption Tonnes 3,121 3,369 n/a
co2 emissions from company cars Tonnes 3,940 4,087 n/a
Total co2 emissions/employee Tonnes 2.3 2.4 n/a
Total co2 emissions by region
Sweden Tonnes 10,221 11,457 n/a
Nordic countries (excluding Sweden) Tonnes 2,722 2,608 n/a
Baltic countries Tonnes 15,047 14,960 n/a
Germany Tonnes 14,156 14,839 n/a
Other Tonnes 5,174 6,540 n/a
Energy
En
Ene
nerg
ergy
gyy con
consumption
cons
nsu
sum
mpt
ptio
tion
on
Total energy consumption (in buildings) MWh 150,889 153,944 n/a
Electricity MWh 126,262 123,737 n/a
Other energy sources MWh 24,627 30,207 n/a
Total energy consumption/m2 MWh/m2 0.21 0.22 n/a
Total energy consumption/employee MWh 7.5 7.2 n/a
Res
Resource
Re
eso
soururce
rcee effi
efficiency
cien
ccieency
ncyy
Paper
Total paper consumption Tonnes 2,327 2,483 2,744
Graphic paper consumption Tonnes 1,007 1,407 1,757
Supplies paper consumption Tonnes 1,320 1,076 987
Environmentally labelled paper consumption Tonnes 1,334 1,129 589
Environmental paper use, share of total % 71 63 41
Total paper consumption/employee (fte) Tonnes 0.11 0.12 0.14
Waste
Waste Tonnes 1,710 2,150 1,909
Total waste/employee (fte) Tonnes 0.08 0.10 0.10
Waste recyling Tonnes 606 729 869
Percentage waste reused or recycled % 37 34 46
Water
Total water consumption in buildings m3 147,628 196,925 n/a
Total water consumption/employee (fte) m3 7.30 9.25 n/a
Notes
N
Not
oteess
1 2008 figures have been restated following an extension of the emissions scope. These included the addition of more than 550 branch
offices in six countries (Sweden, Estonia, Lithuania, Latvia, Germany, Ukraine).
2 Courier, taxi and security transportation is not included in emissions scope.
3 Excluding leasing car mileage.
4 Only Sweden in scope.
Legal
Leegal
Leg al ccom
compliance
omp
mpl
plia
ianc
nce
cee & mon
mo
m
monetary
one
neta
tary
aryy fines
n
nes
Reported environmental prosecutions Number none none none
Monetary value of significant fines due to non compliance with
environmental laws and regulations SEK m 0 0 0
Suppliers
Su
Sup
upp
pplie
liers
erss
Number of suppliers Number 15,000 16,500 18,000
Total spent on procurement SEK bn 9.2 9.5 9.3
Notes
Notes
Notess
1 2008 figures have been restated following an extension of the emissions scope. These included the addition of more than 550 branch
offices in six countries (Sweden, Estonia, Lithuania, Latvia, Germany, Ukraine).
2 Courier, taxi and security transportation is not included in emissions scope.
3 Excluding leasing car mileage.
4 Only Sweden in scope.
sseb
se
eb
b ca
car
c
carbon
arb
rb
bon
bo
on
n em
emi
eemissions
miss
mis
ssio
ss
sio
ons
on
nss 200
20
2
2009
009
09
9
Distributed
Dis
Distr
trib
ibut
uted
ted
d byy geography
ge
geog
g ogra
grap
aph
phyy and
an
and em
eemissions
mis
issi
sion
ons
ns sou
so
source,
ourc
urce
ce,, ton
ttonnes
onn
nne
ness co
co2
o2
country energy paper air travel train travel company cars grand total
Sweden 303 1,445 7,533 39 901 10,221
Finland 17 173 632 0 42 864
Denmark 219 5 337 0 105 666
Norway 452 185 335 0 219 1,191
Estonia 8,853 111 132 0 103 9,199
Latvia 1,972 116 99 0 396 2,582
Lithuania 2,224 174 294 0 573 3,266
Germany 12,172 514 311 0 1,159 14,156
UK 997 211 66 0 164 1,438
Ukraine 1,578 34 946 0 0 2,558
Luxembourg 192 153 0 0 250 595
Others 0 0 556 0 28 584
Total 28,979 3,121 11,241 39 3,940 47,320
Employee
Em
mplploy
oye
yee
ee tu
tur
turnover
urno
nov
over
ver
Total employee turnover % 11.0 13.8 12.1
Length of employment at seb
Less than 2 years % 18 22 21
2–4 years % 19 16 13
5–9 years % 15 17 22
10 or more years % 48 45 44
Recruitment
Recru
Rec ruit
uitm
mentt
men
Employee growth rate, net change % –7.2 1.2 6.2
Joiners, total headcount Number 1,367 3,463 3,124
Leavers, total headcount Number 2,224 2,948 2,275
Retired, total headcount Number 148 152 335
In-house job postings
Total positions posted (Group, excluding Germany) Number 1179 n/a n/a
Number of successful internal applicants (Sweden) Number 643 n/a n/a
Notes
Noteess
Not
1 New organisation in place since 2009.
Dive
D
Div
Diversity
vers
rsity
ityy an
and
and eq
eequal
qua
ual
al opportunities
op
opp
ppo
port
rtun
uni
nitie
ties
es
Gender by region (male/female)
Sweden % 48/52 48/52 47/53
Nordic countries (excluding Sweden) % 54/46 53/47 52/48
Germany % 49/51 50/50 50/50
Baltic countries % 26/74 25/75 25/75
Other % 37/63 37/63 39/61
Gender by management type – all managers (male/female) % 58/42 56/44 60/40
Senior managers % 73/27 75/25 74/26
Middle managers % 61/39 64/36 64/36
First line managers % 51/49 46/54 54/46
Staff % 40/60 39/61 37/63
Nationalities
Employees with a foreign background, share of total headcount 1 % n/a 11.0 10.2
Recruitment of employees with a foreign background, share of total recruitment 1 % n/a 16.0 14.9
Managers with a foreign background, share of total 1 % n/a 6.7 5.3
Number of nationalities represented in global trainee programme Number 6 6 5
Total number of employees on parental leave during the year 2 Number 1,842 1,789 1,673
Men % 44 43 40
Women % 56 57 60
Com
Co
Competence
omp
mpe
pete
eten
ence
ncee development
d
dev
de
evel
elop
opm
pme
men
ent
nt
Educational level
University > 3 years % 44 43 40
University < 3 years % 10 11 12
Upper secondary school % 31 31 33
Compulsory school % 8 9 9
Other/unspecified % 7 6 6
Employees who together with the manager have formulated a development plan % 72 n/a n/a
No
N
Notes
ote
tess
1 Foreign-born persons and persons born in Sweden with both parents born abroad. Data for 2009 not available upon publication.
2 Sweden.
Work
W
Wo
Work-life
rk-l
-life
ifee bala
ba
balance
lan
ance
cee
Employees with health insurance 1 % 100 100 100
Employees that receive work-out/training/health support 1 % 65 n/a n/a
Total economic contribution 1 SEK m 9.9 n/a n/a
Employees with household/family service support 1 % 9 n/a n/a
Total economic contribution 1 SEK m 20.3 n/a n/a
Employees with mobile workplace (portable pc) 2 % 26 22 n/a
Employees with mobile workplace (Office at Home access) 3 % 34 n/a n/a
Pe
Per
Performance
erfo
form
orm
man
anc
ncee management
manag
mana
m agem
gem
men
ent
nt
Participated in regular performance and development discussion (pdd),
share of employees % 90 n/a 80
Received feedback on their performance, share of employees % 88 n/a n/a
Employees that understand how their targets are linked to seb’s vision, strategy & goals % 78 n/a n/a
Com
C
Compensation
omp
mpe
pen
ensa
sat
atio
ion
n & ben
b
benefi
ene
nefi
efits
Total employee renumeration (including social charges) SEK m 15,574 16,241 14,921
Short-term variable cash compensation in relation to total employee remuneration % 5 13 20
Redundancy payments SEK m 404 1,050 281
Inte
In
International
nter
erna
nati
atio
iona
nal
al m
mo
mobi
mobility
bilit
lity
ty
Employees on international assignments (Swedes sent abroad) Number 103 115 146
Employees on international assignments (other nationalities sent abroad) Number 97 94 79
Lab
La
Labour/management
abo
bour
ur/m
r/m
man
ana
nage
agem
eme
men
ent
nt re
rela
relations
lati
ation
ons
ns
Percentage of employees covered by collective bargaining agreements 1 % 100 100 100
Minimum notice period(s) regarding operational changes, including whether it is
specified in collective agreements. 1 Months 3 3 3
Sus
Su
Sustainable
usta
stain
aina
nab
able
le pro
p
products
rod
oduc
uct
ctss and
an
nd
d services
sser
serv
rvic
ices
ess
Number of Socially Responsible Investment/ethical funds Number 12 12 11
Assets under managements in sri/ethical funds SEK m 10,211 5,534 7,638
Assets under management with sri/ethical profile, institutional clients SEK m 4,883 3,298 3,938
Total assets under management with sri/ethical profile SEK m 15,094 8,832 11,576
Equator Principles, number of investments
Category A transactions approved Number 0 0 0
Category B transactions approved Number 0 5 8
Category C transactions approved Number 0 0 0
Not
N
Notes
oteess
1 Sweden.
2 Excluding the Baltic countries, Ukraine and Russia.
3 Sweden and Germany.
Responsible
Reesp
Resspon
ons
nsib
sible
blee selling
selli
sselling
ng
g and
aan
nd marketing
m
ma
mark
arke
keti
ting
ng
g
Business conduct and ethics
Percentage employees completed Code of Business Conduct training % 87 n/a n/a
Percentage employees registered private share holdings in Ethixs (preventing insider
trading) % 100 100 100
Notes
Noteess
Not
1 Primarily targeting front line sales and employees managing transactions.
2 seb Germany and seb Ireland in final stage of implementation.
International commitments
ICC Business Charter on Sustainable Development. Adopted: 1995 → www.iccwbo.org
The International Chamber of Commerce (icc) is a global business
organisation championing the global economy as a force for economic
growth, job creation and prosperity.
2,500 large corporations and institutions, 400,000 small and medium-sized companies and
five million private individuals have chosen to bank with us. Our 21,000 people work to earn
their trust every day and promise a rewarding relationship. We are located in 21 countries and
60 per cent of our employees work outside Sweden.
We strive to make banking services more accessible and easy to understand and use. We
meet our customers in our main markets, in 565 traditional branch offices, on the Internet
and through personal telephone service. We have private banking offices and representative
offices in twelve countries around the world and our large corporate and institutional clients
are assisted by client executives, product specialists, analysts and traders in 17 countries.
We also cooperate with some 2,000 life insurance intermediaries and brokers.
We have been in business for more than 150 years; engaging our people, supporting our cus-
tomers and playing an active role in the economy and in the society at large. We take an inte-
grated approach to corporate sustainability because we know it is good for business – we
want to continue supporting our customers also in the future.
We work to reduce our own environmental footprint. Our target is to reduce the carbon emis-
sions from our own operations by 45 per cent until 2015 but also to increase positive return.
We want to offer sustainable finance and investments to help mitigate climate change and to
tackle other environmental and social challenges. We are a climate compensated company,
offsetting our emissions through a project meeting un Clean Development Mechanism and
Gold Standard criterias.