Communication on Progress

Participant
Published
  • 2018/06/30
Time period
  • June 2017  –  June 2018
Format
  • Stand alone document – Basic COP Template
Differentiation Level
  • This COP qualifies for the Global Compact Active level
Self-assessment
  • Includes a CEO statement of continued support for the UN Global Compact and its ten principles
  • Description of actions or relevant policies related to Human Rights
  • Description of actions or relevant policies related to Labour
  • Description of actions or relevant policies related to Environment
  • Description of actions or relevant policies related to Anti-Corruption
  • Includes a measurement of outcomes
 
  • Statement of continued support by the Chief Executive Officer
  • Statement of the company's chief executive (CEO or equivalent) expressing continued support for the Global Compact and renewing the company's ongoing commitment to the initiative and its principles.

  • 
[2018/06/30

    To our stakeholders:

    I am pleased to confirm that Carnegie Investment Bank AB reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption.

    In this annual Communication on Progress, we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.

    Sincerely yours,

    
Mr. Björn Jansson
    
CEO

Human Rights
  • Assessment, policy and goals
  • Description of the relevance of human rights for the company (i.e. human rights risk-assessment). Description of policies, public commitments and company goals on Human Rights.

  • Our responsible investment policy covers and applies mainly to our actively managed funds and the portfolios and funds in which Carnegie or an external fund
    manager makes direct investments in equities and corporate bonds. By supporting the UN Principles for Responsible Investment (UNPRI), Carnegie avoids investing in companies that abuse human rights

  • Implementation
  • Description of concrete actions to implement Human Rights policies, address Human Rights risks and respond to Human Rights violations.

  • Carnegie excludes investments in companies violating human rights. A large portion of assets under management are managed by external fund managers and Carnegie has a clear and established process in this regard. I

    In addition, external suppliers and partners are a key component of the business. Each year, Carnegie purchases supplies and other products and services such as IT systems, office supplies, consultancy services and external management services from numerous suppliers. Several policy documents, including the conduct and ethics policy and the purchasing policy, exist to support careful purchasing

  • Measurement of outcomes
  • Description of how the company monitors and evaluates performance.

  • Carnegie checks fund exposure from a sustainability perspective in partnership with the external adviser ISS-Ethix. They perform an ESG screening of the funds’ holdings and the manager is required to submit an explanation of any non-conformances. When there are shortcomings, engaging in dialogue is Carnegie’s first resort, with a view to achieving improvement. If the manager’s sustainability work is deemed inadequate or if the manager does not demonstrate willingness to improve, the business relationship may be terminated.

Labour
  • Assessment, policy and goals
  • Description of the relevance of labour rights for the company (i.e. labour rights-related risks and opportunities). Description of written policies, public commitments and company goals on labour rights.

  • Our responsible investment policy covers and applies mainly to our actively managed funds and the portfolios and funds in which Carnegie or an external fund
    manager makes direct investments in equities and corporate bonds. By supporting the UN Principles for Responsible Investment (UNPRI), Carnegie avoids investing in companies that abuse labour rights.

  • Implementation
  • Description of concrete actions taken by the company to implement labour policies, address labour risks and respond to labour violations.

  • Carnegie excludes investments in companies violate labour rights. A large portion of assets under management are managed by external fund managers and Carnegie has a clear and established process in this regard.

    In addition, external suppliers and partners are a key component of the business. Each year, Carnegie purchases supplies and other products and services such as IT systems, office supplies, consultancy services and external management services from numerous suppliers. Several policy documents, including the conduct and ethics policy and the purchasing policy, exist to support careful purchasing

  • Measurement of outcomes
  • Description of how the company monitors and evaluates performance.

  • Carnegie checks fund exposure from a sustainability perspective in partnership with the external adviser ISS-Ethix. They perform an ESG screening of the funds’ holdings and the manager is required to submit an explanation of any non-conformances. When there are shortcomings, engaging in dialogue is Carnegie’s first resort, with a view to achieving improvement. If the manager’s sustainability work is deemed inadequate or if the manager does not demonstrate willingness to improve, the business relationship may be terminated.

Environment
  • Assessment, policy and goals
  • Description of the relevance of environmental protection for the company (i.e. environmental risks and opportunities). Description of policies, public commitments and company goals on environmental protection.

  • As a service company, Carnegie’s operations have limited direct environmental impact. Nevertheless, we prioritise the issue because we know it is important to run the business in a way that minimises our ecological footprint. Carnegie has chosen to integrate environmental protection with business and due diligence processes in
    which all aspects are considered from the risk and added value perspectives.

    Internal environmental management involves continuous adaptation of operations, improved procedures and continuous updates of knowledge and information management related to environmental issues. Our car and travel policies have an explicit environmental focus. For example, train travel is required for all
    business trips of less than four hours travel time. Office premises, IT equipment, supplies and travel are examples of the direct environmental impact resulting from our operations.

    The greatest environmental impact is indirect and is linked to our clients’ investments in the Private Banking business. Making responsible investments is an important aspect of the management mandate. We take environmental, social and governance aspects into account through an established process for ESG investments.
    In the investment context, this is a matter of reducing risk.

  • Implementation
  • Description of concrete actions to implement environmental policies, address environmental risks and respond to environmental incidents.

  • A large portion of assets under management are managed by external fund managers and Carnegie has a clear and established process in this regard.

    In addition, external suppliers and partners are a key component of the business. Each year, Carnegie purchases supplies and other products and services such as IT systems, office supplies, consultancy services and external management services from numerous suppliers. Several policy documents, including the conduct and ethics policy and the purchasing policy, exist to support careful purchasing

  • Measurement of outcomes
  • Description of how the company monitors and evaluates environmental performance.

  • Carnegie checks fund exposure from a sustainability perspective in partnership with the external adviser ISS-Ethix. They perform an ESG screening of the funds’ holdings and the manager is required to submit an explanation of any non-conformances. When there are shortcomings, engaging in dialogue is Carnegie’s first resort, with a view to achieving improvement. If the manager’s sustainability work is deemed inadequate or if the manager does not demonstrate willingness to improve, the business relationship may be terminated.

Anti-Corruption
  • Assessment, policy and goals
  • Description of the relevance of anti-corruption for the company (i.e. anti-corruption risk-assessment). Description of policies, public commitments and company goals on anti-corruption.

  • The banking and financial services industry is heavily regulated and authorisation is mandatory; good organisation and clear processes are essential to maintaining trust and, by extension, be permitted to operate. In order to maintain trust, good business ethics and professionalism must characterise everything that Carnegie does. Our
    clients’ interests must always be put before our own.

  • Implementation
  • Description of concrete actions to implement anti-corruption policies, address anti-corruption risks and respond to incidents.

  • Carnegie’s corporate ethics work is based on clear allocation of responsibility, as well as policy documents, such as the conduct and ethics policy and the purchasing policy. The purchasing process and choice of suppliers must always be managed according to a consistently ethical and competition-neutral perspective. Carnegie
    also has rules for how gifts and employees’ outside activities and share ownership must be managed in order to avoid conflicts of interest. Violations of Carnegie’s policies, business principles, ethical standards and other irregularities must be reported through a whistleblowing system.

    Proactively addressing risks, especially those connected to money laundering and terrorism financing, is an essential component of the responsibility that Carnegie assumes in relation to providing advice to clients.

  • Measurement of outcomes
  • Description of how the company monitors and evaluates anti-corruption performance.

  • Our work to continuously to minimise these risks in operations is accomplished through supportive systems, KYC processes and regular training.