BankNordik - ESG profile

Company ESG Activities BankNordik supports the UN’s SDGs, focusing its efforts on #4, #5, #8, #11, and #13. BankNordik has set its 2025 targets, which include reducing its CO2e through the replacement of the Group’s petrol and diesel cars with electric vehicles and increasing its usage of renewable energy to 50%. This target, however, is dependent on SEV (the Faroe Islands’ only power supplier) achieving its goal of 75% green electricity by 2025. SEV aims to make Faroese electricity production 100% green by 2030, which would directly affect the CO2e that BankNordik generates through its electricity consumption.

Regarding gender, the bank targets 40% gender diversity among employees, management and the BoD. Currently, BankNordik’s percentage of women in management exceeds its 2025 goal. The percentage of female BoD decreased to 17% in 2020, and the current level of women in the workforce is 60%.

Finally, the bank has set to achieve an employee turnover ratio of 7% in 2025. Long on ESG commitment, now also with Data In 2020, BankNordik started to publish more ESG data, thus making its ESG efforts more quantifiable and comparable. With the 2020 CSR report being the very first such report outlining the providing the bank’s ESG performance, the social and governance data covers the Group, while the environmental data only covers the Faroese activities for now.

ABGSC views corporate behaviour, responsible lending and advisory governance as key to the BankNordik philosophy. The bank offers investment products from partners (most notably BankInvest) that aim to deliver healthy risk-adjusted returns while ensuring that the investments meet various ethical standards. Being located on the Faroese islands, anti-money laundering efforts are important for the bank.