Norges Bank Investment Management

The financial institution discloses the monetary amount or share of products, services and capital provided to low-income and lower-middle income countries. It publishes an engagement report describing the outcome of engaging on sustainability impact topics and discloses a publicly available policy statement expecting suppliers to respect the ILO core labour rights. Moreover, the financial institution discloses its lobbying expenditures and states that it requires third-party lobbyists to comply with its lobbying and political engagement policy. It also commits to not use its lobbying and political engagement power to impact in directions that would lead to adverse sustainability impacts.

The institution maintains a gender balance between 40-60% at the senior executive level. Furthermore, it transparently identifies the nature-related impacts associated with its provision of products, services and capital and prioritizes sectors and areas for nature-related impacts. It also discloses the monetary amount and/or share of its offerings linked to its priority sectors and areas representing their highest negative impact on nature. The institution engages with these clients and investees to influence and support them to set strategies for nature-protection and restoration. Additionally, it engages in partnerships to influence and support sectors, clients and investees to act on their nature-related impacts. Finally, Norges Bank Investment Management discloses the breakdown of clients and/or beneficiaries by company size (e.g. by number of employees/revenue), and its operational details by country.

While the financial institution identifies material sustainability impacts across its value chain, it could further detail its process and how objective criteria or supportable evidence were considered for identification and priortization of impacts. Although it discloses some stewardship-related activities and engagement in a report, it has the opportunity to disclose a stewardship policy that promotes environmental and social sustainability in line with its sustainability strategy. While it states that it does not make political contributions in its report, it does not formalise this commitment in a public policy document.

The financial institution discloses some information on emissions from its portfolio, however it could disclose the amount and/or share (in monetary terms) of its provision of products, services and capital linked to high-emitting sectors and fossil fuel sectors. While it refers to the protection and restoration of nature, it has the opportunity to disclose a strategy for this area covering at least its priority sectors and areas. The financial institution discloses the aggregate amount and/or share (in monetary terms) of its provision of products, services and capital to nature-positive solutions but could further detail what this disclosure covers. It also has the opportunity to disclose that it conducts third-party assurance or verification of its target reporting.

It is recommended that the institution disclose that it has established a transition plan covering its own operations, supply chain, and portfolio and publish the breakdown of clients or beneficiaries by income group. It could also clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Additionally, it could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition. The institution could also provide an example of actions taken in the past three years to address salient human rights issues identified through risk assessments related to the products, services, and capital it offers.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.