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Nordea - Swedish banks reporting initiative

Added on 22-03-2013

Company

Nordea

Year

2007

Business challenge

  • Companies receive massive requests for information, measures and reports on CSR issues from NGOs, analysts, rating agencies etc.
  • Responding to all these requests is increasingly time and resource consuming.
  • Not all of the requested information is relevant to service providing companies in general, nor to financial services institutions in particular.

Description

  • Based on an initiative from Nordea Bank AB, the major Swedish banks, are working together through the Swedish Bankers' Association, and initiated a standardised Corporate Responsibility Assessment Framework for the banking industry.
  • They based the framework on the contents of typical questionnaires and information requests that banks receive during an annual cycle.
  • Academics associated with the Stockholm Business School developed the framework.

Impact

  • Costs of gathering material, conducting research and producing the framework.
  • Uncertainties regarding acceptance by target groups (NGOs, analysts, rating agencies etc).

Challenges/Lessons learned:

  • More efficient provision of CSR information, both at company and industry level in the banking sector.
  • More relevant, and thus better data for recipients (NGOs, analysts, rating agencies etc).
  • The consolidation of many widely dispersed, complex and competing international CSR reporting schemes - a positive contribution to the debate on productive stakeholder dialogue.

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