Non-financial Information

Stefnir publishes its non-financial information for the first time in 2021. Stefnir wants to inspire others to do the same to alliterate transparency in operations regarding environmental, social and governance factors.

Stefnir receives its scope 2 and 3 data from Arion bank’s Annual and Sustainability Report 2021. Stefnir's scope 2 and 3 emissions are estimated from the Stefnir's ratio of square meters within the bank's headquarters against the total square meters of the bank's headquarters. Stefnir receives its data regarding human resources from its parent company. Data regarding governance factors are based on Stefnir's Corporate Governance Statement. Deloitte has provided an opinion with limited assurance on non-financial reporting by Stefnir in 2021 which is presented in accordance with the Nasdaq ESG Reporting Guide.

Progress in 2021

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 2021.
  • 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 2021 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 2020.
  • 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 2021, while within the company the ratio of women was 30%. 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 2022 

E1. GhG Emissions
Total amount, in CO2 equivalents6,2
- For Scope 10
- For Scope 21,5
- For Scope 34,7
Total emissions offset-3
E2. Emissions Intensity
Emission intensity (kgCO2e/MWh)37,49
Emission intensity per total assets (tCO2e/ ISK bn.)1,9
Emission intensity per employee (tCO2e/no)0,3
E3. Energy Usage
Total energy consumption (kWh)165.505
- Of which energy from electricity41.663
- Of which energy from hot water123.842
E4. Energy Intensity
Energy per full-time equivalent (FTEe) employee (kWh/FTEs)7.881
Energy intensity per total asset (kWh/ISK bn.)51.113
E5. Energy Mix
Renewable Energy (%)100
E6. Water Usage
Total amount of water consumed (m3)3.161
E7. Environmental Operations
Does your company follow a formal Environmental Policy? (Yes/No)No
Does your company follow specific waste, water, energy, and/or recycling polices? (Yes/No)Yes
Does your company use a recognized energy management system? (Yes/No)No
E8. Climate Oversight / Board
Does your Board of Directors oversee and/or manage climate-related risks? (Yes/No)No
E9. Climate Oversight / Management
Does your Senior Management Team oversee and/or manage climate-related risks? (Yes/No)No
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 compensation1,77
Does your company report this metric in regulatory filings? (Yes/No)Yes
S2. Gender Pay Ratio
Ratio: Median male compensation to median female compensation1,003
S3. Employee Turnover
Year-over-year change for full-time employees (%)5
Year-over-year change for part-time employees (%)5
Year-over-year change for contractors and/or consultants (%)0
S4. Gender Diversity
Total enterprise headcount held by women (%)30
Entry- and mid-level positions held by women (%)35
Senior- and executive-level positions held by women (%)40
S5. Temporary Worker Ratio
Total enterprise headcount held by part-time employees (%)10
Total enterprise headcount held by contractors and/or consultants (%)0
S6. Non-Discrimination
Does your company follow a sexual harassment and/or non-discrimination policy? (Yes/No)No
S7. Injury Rate
Frequency of injury events relative to total workforce time (%)0
S8. Global Health & Safety
Does your company follow an occupational health and/or global health & safety policy? (Yes/No)No
S9. Child & Forced Labor
Does your company follow a child and/or forced labor policy? (Yes/No)No
If yes, does your child and/or forced labor policy See also: cover suppliers and vendors? (Yes/No)No
S10. Human Rights
Does your company follow a human rights policy? (Yes/No)No
If yes, does your human rights policy See also: cover suppliers and vendors? (Yes/No)No
G1. Board Diversity
Total board seats occupied by women (%)67
Committee chairs occupied by women (%)100
G2. Board Independence
Does company prohibit CEO from serving as board chair? (Yes/No)Yes
Total board seats occupied by independents (%)67
G3. Incentivized Pay
Are executives formally incentivized to perform on sustainability? (Yes/No)No
G4. Collective Bargaining
Total enterprise headcount covered by collective bargaining agreement(s)100
G5. Supplier Code of Conduct
Are your vendors or suppliers required to follow a Code of Conduct? (Yes/No)100
G6. Ethics & Anti-Corruption
Does your company follow an Ethics and/or Anti-Corruption policy? (Yes/No)Yes
If yes, what percentage of your workforce has formally certified its compliance with the policy?100
G7. Data Privacy
Does your company follow a Data Privacy policy? (Yes/No)Yes
Has your company taken steps to comply with GDPR rules? (Yes/No)Yes
G8. ESG Reporting
Does your company publish a sustainability report? (Yes/No)Yes
Is sustainability data included in your regulatory filings? (Yes/No)Yes
G9. Disclosure Practices
Does your company provide sustainability data to sustainability reporting frameworks? (Yes/No)Yes
Does your company focus on specific UN Sustainable Development Goals (SDGs)? (Yes/No)No
Does your company set targets and report progress on the UN SDGs? (Yes/No)No
G10. External Assurance
Are your sustainability disclosures assured or validated by a third party? (Yes/No)Yes