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Our Responsible Investment Journey 2021

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Our Responsible Investment Journey 2021 Our Responsible Investment Journey 2021 9 216 56 1,548,213 10101001001010110101010010118% 01010010010001010101010010 0101010010010101101010100101 01010010010001011 2 Our Responsible Investment Journey 2021 Contents Chapter 1 – Introduction 04 A paradigm shift for sustainability 06 A green reboot of the financial markets 08 Raising the bar with new sustainability target Chapter 2 – Incorporating sustainability 10 Our blueprint for delivering investment value and sustainable progress 14 Taking sustainability in solutions investment products to the next level 16 Developing analytical tools to capture value 18 Rigorous sustainability assessment of external managers 20 Supporting the sustainable transition through index investments 22 Funnelling investments into the sustainable transition 24 Companies must adapt to climate trends 26 Companies expected to take social responsibility 28 Governance is a key issue when investing in developing countries Chapter 3 – Active ownership 30 A challenging year and a turning point for sustainability 32 Company engagements in 2020 34 Corona crisis amplified focus on the green transition 36 Voting in 2020 38 Pushing companies to curb their climate impact 40 Voting guidelines need to reflect best practice Chapter 4 – Screening and restrictions 42 Restricting investments with harmful business practices 44 Development of process to promote enhanced sustainability standards in investments 46 Tightened restrictions on activities that result in a significant negative impact on the climate 48 Introducing ‘Sustainability risk challenger’ Chapter 5 – Reporting and communication 50 Making sustainability more transparent 52 What are ESG and sustainable investment products? 4 Our Responsible Investment Journey 2021 A paradigm shift for sustainability While sustainability has been high on SFDR product framework. By leveraging will not become green overnight, but we society’s agenda for many years, the our deep sustainability expertise and will continue to influence their climate outbreak of COVID-19 marked a new processes built up over the years and strategies and thus support the sustain- era, with sustainability taking a quan- further improving our sustainability able transition. By remaining engaged, tum leap forward as the cornerstone for structure in the past 12 months, we are we maximise our contribution towards creating resilient societies and healthy able to offer a wide range of high-qual- making societies more sustainable. lives. Meanwhile, the first part of the ity ESG investment products. Among Sustainable Finance Disclosure Regula- other initiatives, we have introduced Collaborating to propel sustainability tion (SFDR), a central plank of the EU’s a “Sustainability risk challenger” and forward Action Plan for financing sustainable enhanced our investment restrictions The sustainable agenda is rapidly growth, came into force in March 2021. framework and voting guidelines to help picking up speed, and with the rollout SFDR ensures greater transparency on promote the environmental and social of the EU Action Plan and its various the degree of sustainability incorporated characteristics of our products and regulations, we are fully focused on into financial products, and its objec- to capture issues related to principal constantly improving our sustainability tive is to ensure further transparency adverse sustainability impacts on efforts to stay ahead of the curve and on sustainability risk considerations society. Moreover, we have reinforced be one of the best Nordics banks for in the financial sector and investment our proprietary ESG analytical tool responsible investments. In the coming products. COVID-19 and SFDR have mDASH®, so it supports product-spe- year, we plan to, for example, signifi- been game changers for the financial cific sustainability characteristics. To cantly expand our product offering in industry, setting a clear course for our ensure our products comply with the ESG and sustainable investments, set ambitions for responsible investments extensive regulatory requirements and fully tailored and binding sustainability and our efforts to create value for our honour the spirit of SFDR, we have cho- targets for products, and develop a investors and society. sen a conservative approach to labelling framework for measuring our products’ our product according to their sustaina- contribution towards achieving the UN A catalyst for sustainable change bility-related characteristics. Sustainable Development Goals. Sustainability has been a guiding star At Danske Bank, we are truly directing our investments for many The green transition is a top priority excited about the possibilities that lie years and shaping our actions as a Climate change poses one of the big- ahead and look forward to collaborating responsible investor. We therefore gest financial risks and threats to the with our investors, peers, policymakers welcome the new EU regulation, as it well-being of global society. We have and other stakeholders in shaping an feeds into our ambition of fostering sus- subsequently tightened our investment investment industry that advances tainable change. To further advance our restrictions on thermal coal, tar sands sustainability and benefits society. By efforts, we have set sustainability tar- and peat-fired power generation by joining forces with our investors and gets that lay down a clear path for our lowering our revenue threshold from society, we can make it easier for inves- commitment to help investors invest in 30 to 5 per cent, which is a further step tors to make sustainable choices. products that promote sustainability or towards phasing out investments in have sustainability objectives. We have these fossil fuels by 2040 at the latest also set a target of having a net-zero and being a net-zero asset manager greenhouse gas emissions investment by 2050. However, propelling society portfolio by 2050 or sooner as part of towards a greener future is not only our support for the Paris Agreement. about restricting companies. More These targets underpin our ambition to importantly, it is about actively taking contribute to decarbonising the econ- part in the change by influencing com- omy and to enable capital to work for panies to shift from carbon-intensive sustainable change. activities to more energy-efficient and climate-friendly solutions. Climate was High-quality products with a robust therefore at the top of our engagement sustainability foundation agenda in 2020, when we through In order to align with the objectives of dialogue with company management SFDR, we have also adopted a new pushed for greener business models Responsible Investment Policy and and the acceptance of a greater share Erik Eliasson categorised our products according of responsibility for supporting the Head of Responsible Investments to the disclosure requirements of the decarbonisation of society. Companies Danske Bank Asset Management CHAPTER 1 Introduction See our Responsible Investment Policy here. Our foundation for creating value for investors and society Our new Responsible Investment Policy is based on five principles that support our ambition to create attractive return for our investors and contribute to positive and sustainable development. Principle 1 We incorporate sustainability risks into investment analyses and investment decision- making processes. Principle 2 We are active owners and incorporate environmental, social and governance criteria as well as sustainability issues into our ownership guidelines and practices. Principle 3 We incorporate sustainability risk into advice on investment products, aim to identify our investment customers’ sustainability preferences and seek to provide them with products that meet their ethical and sustainability needs. Principle 4 We report on our activities and progress towards implementing Responsible Investments and disclose the impacts of our investments. Principle 5 We promote the development of Responsible Investments across our industry. 6 Our Responsible Investment Journey 2021 A green reboot of the financial markets Funding the transition to a low-carbon economy and the ambition of creating a sustainable Europe requires a mobilisation of capital. This puts the financial sector front and centre and subjects it to new regulation, with the goal of funnelling more capital into the green transition. The European Commission has com- credentials of investment funds, and a underlines how important it is that menced the implementation of its exten- new EU Taxonomy, which aims to define asset managers take responsibility and sive Action Plan intended to transform ‘green’ economic activities for the first help steer investment capital towards the financial markets in Europe. The time. The EU also plans to enhance the companies that make a real contribu- objective is clear: to redirect capital flow sustainability requirements of invest- tion to achieving carbon-neutrality. We into sustainable activities and so create ment advisory. at Danske Bank are committed to help- a green and sustainable Europe. This “We welcome the ambition to create ing our investors invest in the sustain- regulatory push is the most ambitious a uniform understanding and defini- able transition. By employing sustaina- in many years and aims to encourage tion of sustainability and to set clear bility targets, we have set a clear path investors to ramp up efforts to acceler- sustainability requirements for products for funnelling more capital into a green ate the low-carbon
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