Established Icelandic asset management company whose role is to manage clients’ assets with their best interests as the guiding principle.
Stefnir publishes its non-financial information in its sustainability report for the fifth time in 2025. Stefnir wants to inspire others to do the same to alliterate transparency in operations regarding environmental, social and governance factors. Stefnir records non-financial information in accordance with the Nasdaq ESG reporting guide.
Stefnir receives information regarding environmental factors from KPMG, they are calculated based on the percentage of staff at the end of the year within the headquarters of Arion Bank where Stefnir is housed. When calculating scope 3, data on air travel, taxi rides and transportation of the organization's employees was used as well as data the consumption of the establishment.
In calculating Scope 3 emissions, data on air travel, taxi journeys, employee commuting, as well as waste and data usage at the workplace were used. Human resources data is sourced, among other things, from the parent company’s HR system, while governance data is based on Stefnir’s corporate governance statement. Non-financial information has been reviewed and verified with limited assurance by the audit firm Deloitte.
In 2025, financed greenhouse gas emissions from assets in funds managed by Stefnir were calculated and published in a related report. The report includes, among other things, information on the emissions intensity of investments per ISK 1 million invested in specific funds. The methodology used is based on the Partnership for Carbon Accounting Financials (PCAF), a global initiative of financial institutions aimed at standardising the measurement of greenhouse gas emissions.
Katla Fund Global Equity, an international fund managed by Stefnir, was classified as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation (SFDR) in 2022. At the beginning of 2024, additional funds were classified as Article 8, including Stefnir – Scandinavian Fund – ESG, Stefnir – Sustainable Bonds, Stefnir – Grænaval, and Stefnir Sustainable Arctic Fund. These funds now disclose how sustainability impacts are considered in their investment decisions, aligning with Stefnir’s commitment to meet client expectations.
Stefnir – Scandinavian Fund ESG has received an MSCI AAA rating, the highest rating awarded, and is the first Icelandic fund to achieve this distinction. The fund is therefore ranked among the leading funds globally in terms of ESG factors. According to MSCI analysis, “Stefnir – Scandinavian Fund ESG” ranks higher than 99% of the approximately 34,000 funds rated by MSCI worldwide.
A policy on sustainability and social responsibility was approved by the Board at the beginning of 2022. The policy outlines Stefnir’s long-term sustainability priorities and how the company integrates sustainability into its operations and the management of assets in accordance with its fiduciary duty. The policy is available on Stefnir’s website.
The company has also adopted a policy on responsible investing. The policy aims to manage clients’ assets in their best interests, taking into account environmental, social, and governance (ESG) factors.
G2. Board Independence: Independent board members were two against one dependent board member in 2024.
G5. Supplier Code of Conduct: All of Stefnir's suppliers must follow the Supplier’s Code of Conduct.
G6. Ethics & Anti-Corruption:
The Board of Directors confirmed the Code of Conduct in 2022 that reflects the ethical standards that the Board of Directors and employees follow, but other criteria on the same subject can also be found in staff employment contracts, conflicts of interest policy and the Board of Directors' rules of procedure. The Board also approved Stefnir's rules on measures against property crime in 2024.
G7. Data Privacy: Stefnir has a Data Protection Policy that can be found on the company’s website.
S4. Gender Diversity: The ratio of women in executive-level positions was 33% in 2024, while within
the company the ratio of women was 35%. The board's goal of increased diversity is for the proportion of women among the company's employees to be 40% by the end of 2024. That goal was not achieved at the end of the year, but both the awareness and the will of management ensure that a diverse group of individuals works for the company that reflects the society and the customers we serve. The goal of gender diversity will be reviewed in parallel with the review of the aforementioned policy in 2025.
Confirmed by the board of Stefnir
19th of February 2025
Environment | 2025 | 2024 | 2023 | 2022 | 2021 |
E1. GhG Emissions | |||||
Total amount, in CO2 equivalents | 17.3 | 16.3 | 22.0 | 10.6 | 6.2 |
- For Scope 1 | 0 | 0 | 0 | 0 | 0 |
- For Scope 2 location based | 1.1 | 1.0 | 0.5 | 1.53 | 1.5 |
- For Scope 2 market based | 0.8 | 0.7 | |||
- For Scope 3 | 16.2 | 15.3 | 21.5 | 9.07 | 4.7 |
Total emissions offset | 17.1 | 10.3 | 0 | 0 | -3 |
E2. Emissions Intensity | |||||
Emission intensity (kgCO2e/MWh) | 199.46 | 139.09 | 150.27 | 64.43 | 37.49 |
Emission intensity per total assets (tCO2e/ ISK bn.) | 4.71 | 4.11 | 5.53 | 2.6 | 1.9 |
Emission intensity per employee (tCO2e/no) | 0.78 | 0.82 | 0.92 | 0.46 | 0.3 |
E3. Energy Usage | |||||
Total energy consumption (kWh) | 142,861 | 117,206 | 146,147 | 164,447 | 165,505 |
- Of which energy from electricity | 37,012 | 41,948 | 47,119 | 44,735 | 41,663 |
- Of which energy from hot water | 105,849 | 75,258 | 99,028 | 119,712 | 123,842 |
E4. Energy Intensity | |||||
Energy per full-time equivalent (FTEe) employee (kWh/FTEs) | 6,494 | 5,860 | 6,089 | 7,150 | 7,881 |
Energy intensity per total asset (kWh/ISK bn.) | 39,464 | 29,565 | 36,711 | 39,789 | 51,113 |
E5. Energy Mix | |||||
Renewable Energy (%) | 100 | 100 | 100 | 100 | 100 |
E6. Water Usage | |||||
Total amount of water consumed (m3) | 3,029 | 2,736 | 3,871 | 3,698 | 3,161 |
E7. Environmental Operations | |||||
Does your company follow a formal Environmental Policy? (Yes/No) | No | No | No | No | No |
Does your company follow specific waste, water, energy, and/or recycling polices? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
Does your company use a recognized energy management system? (Yes/No) | No | No | No | No | No |
E8. Climate Oversight / Board | |||||
Does your Board of Directors oversee and/or manage climate-related risks? (Yes/No) | No | No | No | No | No |
E9. Climate Oversight / Management | |||||
Does your Senior Management Team oversee and/or manage climate-related risks? (Yes/No) | No | No | No | No | No |
E10. Climate Oversight / Management | |||||
Total amount invested, annually, in climate-related infrastructure, resilience, and product development. |
Social | 2025 | 2024 | 2023 | 2022 | 2021 |
S1. CEO Pay Ratio | |||||
Ratio: CEO total compensation to median FTE total compensation | 2.15 | 1.80 | 1.78 | 2.14 | 1.77 |
Does your company report this metric in regulatory filings? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
S2. Gender Pay Ratio | |||||
Ratio: Median male compensation to median female compensation | 1.64 | 0.95 | 1.47 | 1.83 | 1.003 |
S3. Employee Turnover | |||||
Year-over-year change for full-time employees (%) | 14.6 | 22.7 | 18.2 | 26.1 | 5 |
Year-over-year change for part-time employees (%) | 4.9 | 2.3 | 9 | 4.3 | 5 |
Year-over-year change for contractors and/or consultants (%) | 0 | 0 | 0 | 0 | 0 |
S4. Gender Diversity | |||||
Total enterprise headcount held by women (%) | 43 | 35 | 29 | 32 | 30 |
Entry- and mid-level positions held by women (%) | 35 | 33 | 29 | 29 | 35 |
Senior- and executive-level positions held by women (%) | 33 | 33 | 33 | 40 | 40 |
S5. Temporary Worker Ratio | |||||
Total enterprise headcount held by part-time employees (%) | 0 | 5 | 8 | 10 | 10 |
Total enterprise headcount held by contractors and/or consultants (%) | 0 | 0 | 0 | 0 | 0 |
S6. Non-Discrimination | |||||
Does your company follow a sexual harassment and/or non-discrimination policy? (Yes/No) | Yes | Yes | Yes | Yes | No |
S7. Injury Rate | |||||
Frequency of injury events relative to total workforce time (%) | 0 | 0 | 0 | 0 | 0 |
S8. Global Health & Safety | |||||
Does your company follow an occupational health and/or global health & safety policy? (Yes/No) | Yes | Yes | No | No | No |
S9. Child & Forced Labor | |||||
Does your company follow a child and/or forced labor policy? (Yes/No) | No | No | No | No | No |
If yes, does your child and/or forced labor policy See also: cover suppliers and vendors? (Yes/No) | No | No | No | No | No |
S10. Human Rights | |||||
Does your company follow a human rights policy? (Yes/No) | Yes | Yes | Yes | No | No |
If yes, does your human rights policy See also: cover suppliers and vendors? (Yes/No) | Yes | Yes | Yes | No | No |
Governance | 2025 | 2024 | 2023 | 2022 | 2021 |
G1. Board Diversity | |||||
Total board seats occupied by women (%) | 67 | 67 | 67 | 67 | 67 |
Committee chairs occupied by women (%) | 0 | 100 | 100 | 100 | 100 |
G2. Board Independence | |||||
Does company prohibit CEO from serving as board chair? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
Total board seats occupied by independents (%) | 67 | 67 | 67 | 67 | 67 |
G3. Incentivized Pay | |||||
Are executives formally incentivized to perform on sustainability? (Yes/No) | Yes | Yes | Yes | Yes | No |
G4. Collective Bargaining | |||||
Total enterprise headcount covered by collective bargaining agreement(s) | 100 | 100 | 100 | 100 | 100 |
G5. Supplier Code of Conduct | |||||
Are your vendors or suppliers required to follow a Code of Conduct? (Yes/No) | No | Yes | Yes | Yes | Yes |
If yes, what percentage of your suppliers have formally certified their compliance with the code? | 100 | ||||
G6. Ethics & Anti-Corruption | |||||
Does your company follow an Ethics and/or Anti-Corruption policy? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
If yes, what percentage of your workforce has formally certified its compliance with the policy? | 100 | 100 | 100 | 100 | 100 |
G7. Data Privacy | |||||
Does your company follow a Data Privacy policy? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
Has your company taken steps to comply with GDPR rules? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
G8. ESG Reporting | |||||
Does your company publish a sustainability report? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
Is sustainability data included in your regulatory filings? (Yes/No) | Yes | Yes | Yes | Yes | Yes |
G9. Disclosure Practices | |||||
Does your company provide sustainability data to sustainability reporting frameworks? (Yes/No) | No | No | No | No | Yes |
Does your company focus on specific UN Sustainable Development Goals (SDGs)? (Yes/No) | Yes | Yes | Yes | Yes | No |
Does your company set targets and report progress on the UN SDGs? (Yes/No) | No | No | No | No | No |
G10. External Assurance | |||||
Are your sustainability disclosures assured or validated by a third party? (Yes/No) | Yes | Yes | Yes | Yes | Yes |