DNB

In terms of senior leadership accountability, the responsibility for sustainability issues within DNB lies with the board of directors. The financial institution publicly commits to gender equality and women’s empowerment. Additionally, tn terms of female representation in leadership positions, the financial institution has a gender-balanced board of directors where 5 out of 10 members are women and discloses a target to have 40% women representation on various management levels.

DNB has set a target of net-zero financed emissions by 2050 and discloses the key sectors and companies it has identified as priorities to engage with on climate change, and the rationale for choosing these priorities. In addition, the financial institution discloses that alignment with the Paris Agreement is one of its engagement topics. Furthermore, as a member of Climate Action 100+ the financial institution discloses that it collectively engages with its clients on the topic of climate change. The financial institution also discloses time-bound targets for its climate solutions and aims to finance NOK 580 billion (approximately USD 54 billion) in climate solutions by 2025 and it discloses progress against the targets it has set. Additionally the financial institution discloses nature- and biodiversity-related impacts as one of its engagement topics with companies to which it provides financial services.

DNB has a publicly available policy statement committing it to respect human rights and the ILO core labour rights. The financial institution also has a policy prohibiting bribery and corruption, discloses a public commitment to protect personal data and states that the board of directors has responsibility for its global tax strategy. Additionally it discloses the proportion of women in its total direct operations workforce for each employee category.

In terms of its approach to senior leadership accountability, there is no evidence that DNB links the remuneration of its executive or management teams to sustainability performance criteria. Furthermore, while the financial institution monitors its pay gap, there is no evidence that it takes action to address it. Additionally the financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients.

DNB discloses interim emissions reduction targets, however they are intensity-based rather than absolute emission reduction targets. Furthermore, there is no evidence that the financial institution discloses that it requires companies to which it provides financial services to have a strategy aligned with the Paris Agreement. The financial institution also has an opportunity to align its climate solutions (such as green property development and renewable energy) with internationally recognised frameworks. While the financial institution’s subsidiary DNB Asset Management is a signatory to the Finance for Biodiversity Pledge, no similar evidence was found across all its financing activities.

DNB has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. The financial institution discloses the ages of its board of directors and executive directors but has an opportunity to disclose this information for each employee category. While the financial institution provides a grievance mechanism, it should specify that complainants have the option to identify themselves or remain anonymous and the mechanism is accessible to external stakeholders. Additionally, to provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.