International and local collaboration is key to success. Through the years, Íslandsbanki has considered it important to participate in international commitments and support domestic cooperative efforts in the area of sustainability.

United Nations Global Compact

Íslandsbanki has adhered to the principles in the UN Global Compact on social responsibility since 2009. The Global Compact comprises ten principles in the areas of human rights, labour, environment, and anti-corruption, which create a framework for the Bank’s activities. The Bank submits annual progress reports to the UN.

United Nations Principles

for Responsible Banking

Íslandsbanki has agreed to comply with the new United Nations principles for responsible banking. The principles, six in all, were developed by 30 international banks in cooperation with the United Nations Environmental Programme – Financial Initiative (UNEP – FI): alignment; impact and target setting; clients and customers; stakeholders; governance and culture; and transparency and accountability. The Bank intends to make a concerted effort to incorporate the principles into its activities and reporting and will explore possibilities for international cooperation in this area.

TCFD

Task Force on Climate-related Financial Disclosures

Islandsbanki became in 2020 the first official Icelandic supporter of the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD has developed a framework to help public companies and other organizations more effectively disclose climate-related risks and opportunities through their existing reporting processes. Islandsbanki‘s pillar 3 report for 2020 includes a section on sustainability and climate-related risk in line with the TCFD recommendations.

for a Sustainable Future

The Nordic CEOs for a Sustainable Future initiative consisting was founded in 2018. The objective is to integrate the UN Sustainable Development Goals in their respective business strategies and create a forum for the exchange of experiences and exploration of shared initiatives. The initiative also creates a platform for the Nordic Prime Ministers to engage directly with CEOs on how to move from sustainability as a compliance exercise to purpose-driven companies. Collectively, the companies operate across industries representing revenues of more than EUR 115 billion and 170,000 employees worldwide.

In July 2020, the CEOs met virtually with Katrín Jakobsdóttir, Prime Minister of Iceland, and Erna Solberg, Prime Minister of Norway, to address how their companies are taking action on climate and diversity, and to discuss opportunities for collaboration and government actions for accelerating the different measures. The discussion with the Prime Ministers was a follow-up of the previous meeting between the parties last August in Reykjavik, Iceland, when they made a public statement about their shared vision for achieving the United Nations Sustainable Development Goals (SDGs). The focus is set on advancing action on climate change and promoting diversity and inclusion aligned to SDGs 5, 12, and 13 through greater public-private sector collaboration.

CFO Taskforce for the SDGs

UN Global Compact

Islandsbanki‘s CFO is part of multi-sector group of corporate finance leaders to develop innovative strategies to mobilize finance towards sustainable development. The taskforce is organized and hosted by The UN Global Compact and aims to ensure that companies’ financial strategies are aligned to the Sustainable Development Goals (SDGs).