Non-financial Information

Stefnir publishes its non-financial information in its sustainability report for the second time in 2022. 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 scope 2 and 3 from Klappir, 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. In the company's 2021 non-financial disclosure, the emissions were estimated from the Stefnir's ratio of square meters within the bank's headquarters against the total square meters of the bank's headquarters and therefore there is a change in method between years.

Progress in 2022

In 2022, a new fund was established, Stefnir – Sustainable Arctic Fund, which focuses on equity investments in the Nordics with sustainability as a guiding principle. Moreover, KF Global Equity, a foreign fund managed by Stefnir, was defined according to Article 8 of the European Parliament’s and of the Council’s regulation on sustainability‐related disclosures in the financial services sector (e. SFDR). The fund thus provides information on how the impact of sustainability is taken into account in its investment decisions. This is the first fund managed by a domestic entity that has defined itself in this way.

In 2021 Stefnir established three fund that specifically consider sustainability when investing. The funds are „Stefnir -Scandinavian Fund - ESG“, „Stefnir – Sustainable Fixed Income Fund“ and „Stefnir – Green Selection“. Stefnir – Scandinavian Fund ESG has received MSCI’s AAA-grade and is the first Icelandic fund that receives this grade. The fund, has therefore, joined the foremost funds considering ESG factors. MSCI’s report states that „Stefnir – Scandinavian Fund ESG“ rates higher than 94% of the 34 thousand funds it rates worldwide.

Policies on sustainability and responsible investments 

Policy on sustainability and social responsibility was confirmed by the board in the beginning of 2022. The policy highlights Stefnir's long term sustainability commitments and how Stefnir integrates sustainability into its operations when managing financial assets according to company's fiduciary duty. The policy can be found on company's website. Stefnir has a policy on responsible investments. The policy aims to manage the financial assets of Stefnir's clients, as best serves their interests, regarding environmental, social and governance factors. 

Key performance indicators 

  • G2. Board Independence: Independent board members were two against one dependent board member in 2022.
  • 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 money laundering and terrorist financing in 2022.
  • 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 40% in 2022, while within the company the ratio of women was 32%. 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.


Confirmed by the board of Stefnir
17th of February 2023 

E1. GhG Emissions
Total amount, in CO2 equivalents10,66,2
- For Scope 100
- For Scope 21,531,5
- For Scope 39,074,7
Total emissions offset0-3
E2. Emissions Intensity
Emission intensity (kgCO2e/MWh)64,4337,49
Emission intensity per total assets (tCO2e/ ISK bn.)2,61,9
Emission intensity per employee (tCO2e/no)0,460,3
E3. Energy Usage
Total energy consumption (kWh)164.447165.505
- Of which energy from electricity44.73541.663
- Of which energy from hot water119.712123.842
E4. Energy Intensity
Energy per full-time equivalent (FTEe) employee (kWh/FTEs)7.1507.881
Energy intensity per total asset (kWh/ISK bn.)39.78951.113
E5. Energy Mix
Renewable Energy (%)100100
E6. Water Usage
Total amount of water consumed (m3)3.6983.161
E7. Environmental Operations
Does your company follow a formal Environmental Policy? (Yes/No)NoNo
Does your company follow specific waste, water, energy, and/or recycling polices? (Yes/No)YesYes
Does your company use a recognized energy management system? (Yes/No)NoNo
E8. Climate Oversight / Board
Does your Board of Directors oversee and/or manage climate-related risks? (Yes/No)NoNo
E9. Climate Oversight / Management
Does your Senior Management Team oversee and/or manage climate-related risks? (Yes/No)NoNo
E10. Climate Oversight / Management
Total amount invested, annually, in climate-related infrastructure, resilience, and product development.--
S1. CEO Pay Ratio
Ratio: CEO total compensation to median FTE total compensation2,141,77
Does your company report this metric in regulatory filings? (Yes/No)YesYes
S2. Gender Pay Ratio
Ratio: Median male compensation to median female compensation1,831,003
S3. Employee Turnover
Year-over-year change for full-time employees (%)26,15
Year-over-year change for part-time employees (%)4,35
Year-over-year change for contractors and/or consultants (%)00
S4. Gender Diversity
Total enterprise headcount held by women (%)3230
Entry- and mid-level positions held by women (%)2935
Senior- and executive-level positions held by women (%)4040
S5. Temporary Worker Ratio
Total enterprise headcount held by part-time employees (%)1010
Total enterprise headcount held by contractors and/or consultants (%)00
S6. Non-Discrimination
Does your company follow a sexual harassment and/or non-discrimination policy? (Yes/No)YesNo
S7. Injury Rate
Frequency of injury events relative to total workforce time (%)00
S8. Global Health & Safety
Does your company follow an occupational health and/or global health & safety policy? (Yes/No)NoNo
S9. Child & Forced Labor
Does your company follow a child and/or forced labor policy? (Yes/No)NoNo
If yes, does your child and/or forced labor policy See also: cover suppliers and vendors? (Yes/No)NoNo
S10. Human Rights
Does your company follow a human rights policy? (Yes/No)NoNo
If yes, does your human rights policy See also: cover suppliers and vendors? (Yes/No)NoNo
G1. Board Diversity
Total board seats occupied by women (%)6767
Committee chairs occupied by women (%)100100
G2. Board Independence
Does company prohibit CEO from serving as board chair? (Yes/No)YesYes
Total board seats occupied by independents (%)6767
G3. Incentivized Pay
Are executives formally incentivized to perform on sustainability? (Yes/No)YesNo
G4. Collective Bargaining
Total enterprise headcount covered by collective bargaining agreement(s)100100
G5. Supplier Code of Conduct
Are your vendors or suppliers required to follow a Code of Conduct? (Yes/No)Yes100
G6. Ethics & Anti-Corruption
Does your company follow an Ethics and/or Anti-Corruption policy? (Yes/No)YesYes
If yes, what percentage of your workforce has formally certified its compliance with the policy?100100
G7. Data Privacy
Does your company follow a Data Privacy policy? (Yes/No)YesYes
Has your company taken steps to comply with GDPR rules? (Yes/No)YesYes
G8. ESG Reporting
Does your company publish a sustainability report? (Yes/No)YesYes
Is sustainability data included in your regulatory filings? (Yes/No)YesYes
G9. Disclosure Practices
Does your company provide sustainability data to sustainability reporting frameworks? (Yes/No)NoYes
Does your company focus on specific UN Sustainable Development Goals (SDGs)? (Yes/No)YesNo
Does your company set targets and report progress on the UN SDGs? (Yes/No)NoNo
G10. External Assurance
Are your sustainability disclosures assured or validated by a third party? (Yes/No)YesYes