SEB Group

The financial institution has a publicly available policy statement committing to respect ILO core labor rights and human rights and describes its processes for identifying human rights risks related to its products, services, and capital. It discloses operations by country, including employee numbers or revenue. Moreover, the institution conducts third-party assurance of its target reporting and assigns oversight of its sustainability strategy to the highest governance body, with implementation responsibility delegated to specific functions, teams or committees within the institution.

Furthermore, the institution identifies and prioritises sectors with significant nature-related impacts and has a strategy for nature protection and restoration. It discloses the monetary amounts linked to its highest negative impact sectors and the aggregate amount devoted to nature-positive solutions. Additionally, it does not provide products, services, or capital to new fossil fuel projects or clients involved in such activities. The institution monitors its Scope 1-3 emissions as well as emissions from associated financing (scope 3 category 15). It has interim targets aligned with a 1.5°C trajectory for 2025 and 2030.

The financial institution has several opportunities for greater transparency and alignment with sustainability practices. It could disclose its method for determining a living wage in the regions where it operates, and provide a publicly available policy statement clarifying its stance on political contributions, despite claiming not to support political parties. While the institution identifies material sustainability impacts across its value chain, it could further detail the criteria and evidence used to prioritize these impacts. Additionally, linking senior executive remuneration to specific sustainability targets would enhance accountability.

Although the financial institution lists some trade associations, it could provide a more complete list. While it has a general statement on political involvement, there is no evidence linking this to adverse sustainability impacts. The institution has an opportunity to further engage clients and investees on nature-protection strategies and disclose the reduction of Scope 1-3 emissions in line with interim targets. It is also recommended to disclose a breakdown of clients by income group and ensure its sustainability strategies do not unintentionally harm low-income countries.

Furthermore, the institution could disclose its risk assessment process, including risks related to ILO fundamental rights and social risks associated with the net-zero transition. It could also demonstrate its process for mitigating these risks and provide specific examples of actions taken in response to human rights issues in the past three years.

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.