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General Guidelines for Sustainability

Last changed by the Board of Directors on 20 September 2023

This article of overall guidelines is issued in Norwegian and have been translated into English. In case of discrepancy between the two versions, the Norwegian version shall prevail.

1. Purpose

The purpose of these guidelines is to operationalise the expectations that KBN’s owner and other key stakeholders have that KBN will have sustainable business operations, ensure compliance with its values and create an inclusive workplace. The guidelines are also intended to reflect KBN’s ambitions in terms of going beyond simply complying with the relevant rules and requirements in its capacity as a financial institution, purchaser of goods and services, employer and contributor to society.

Sustainability shall be an integral part of KBN’s core activities, strategy process and operating plans.

2. Definitions

Sustainable business operations: 'Sustainable business operations’ means business operations that balance economic, social and environmental considerations, that contribute to the promotion of respect for the climate and environment, fundamental human rights and decent working conditions, that address diversity, equality, anti-discrimination and ethical conduct, and that prevent corruption and other forms of financial criminality both in KBN’s own operations and at its suppliers and business partners.

Equality‘Equality’ means valuing all equally, and equal opportunities and equal rights.

Diversity: ‘Diversity’ means the genders, different backgrounds and differing expertise that provide different perspectives and viewpoints, for example experience of different workplaces, educational backgrounds, geographies, cultural backgrounds, ages, functional impairments, sexual orientations and non-work related experiences.

Fundamental human rights: ‘Fundamental human rights’ means the internationally recognised human rights set out in inter alia the UN’s International Covenant on Economic, Social and Cultural Rights of 1966, the UN’s International Covenant on Civil and Political Rights of 1966, and the ILO’s core conventions on Fundamental Principles and Rights at Work.

Decent working conditions: ‘Decent working conditions’ means work that respects fundamental human rights and health, safety and the environment in the workplace, and that provides a living wage.

3. Roles and responsibilities

The Board of Directors: KBN’s Board of Directors has overall responsibility for the organisation’s sustainability work. The Board determines the general guidelines for sustainability and KBN’s yearly targets and measures. The Board shall ensure that KBN complies with its duty to make active efforts to promote equality and its duty to disclose these efforts in accordance with the Norwegian Equality and Anti-Discrimination Act.

President and CEO: The President and CEO is responsible for implementing KBN’s work on sustainability. The President and CEO sets supplementary guidelines for sustainability, how this work is to be organised, and the division of the responsibility across management.

4. Ambitions, principles and standards

KBN shall work in an active, targeted and systematic way on sustainability. KBN’s defined ambition is to be a leader in its area of activity.

KBN shall contribute to the green transition and the sustainable development of society.

KBN’s work on diversity and equality shall be integrated into its HR policies and shall be monitored in all parts of the organisation. KBN shall have an inclusive culture where all employees have equal rights and opportunities and are treated with respect.

KBN shall communicate in an open and clear way how its work on sustainability is built into its commercial strategies, day-to-day operations and relationships with its suppliers and business partners.

KBN shall set high sustainable conduct requirements for organisations in its supply chains and for its business partners, and it shall communicate its requirements and expectations clearly. To map out and consider actual and potential negative consequences for basic human rights and descent working conditions both in KBN’s own operations and at its suppliers and business partners, KBN will regularly conduct risk-based due diligence. As a part of the review, KBN will implement, follow up and communicate eventual measures needed to stop, prevent, or limit negative consequences.

KBN shall comply with all legislation, guidelines, recognised standards and leading practice as in force from time to time of relevance to its sustainability work and its reporting on this work.

KBN shall be a responsible participant in the financial markets.

5. Overall requirements regarding implementation and reporting

KBN’s targets and measures in the area of sustainability shall be an integral part of its ordinary activities, and as part of these activities KBN shall maintain regular dialogue with its stakeholders. KBN’s targets and measures, which shall be approved by the Board, shall be designed such that the expectations of its owner and other key stakeholders are met.

Each year KBN shall produce proposed targets, activities and target achievement indicators in the form of a separate section to its operating plan. The status of sustainability work at KBN is reported to the Board in its normal quarterly activity and risk reports.

KBN shall produce a proposed sustainability report each year, which includes reporting KBN’s work with basic human rights and descent working conditions. The report shall be made available in connection with the publication of KBN's annual report.

6. Mandate

The Board of Directors gives the President and CEO a mandate to produce supplementary guidelines.

7. Entry into force and publication

These overall guidelines for sustainability enter into force immediately and are published on