Progress and goals
Progress
In 2020, Stefnir participated in signing a declaration of intent for investments for a sustainable recovery. Capital is an important motive power in shaping the economy and creating jobs. Decisions made today will have a major impact on the development of societies in the coming years, and it is important that they are made with sustainability in mind. By utilizing capital through targeted measures, it is possible to maintain sustainable development and at the same time strengthen the competitiveness of nations and the future of posterity.
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.
Within Stefnir operates an ESG committee that works in accordance with rules of procedure, provides support on asset allocation and assurance that Stefnir works in accordance with the established criteria on responsible investment. Stefnir employees who serve on the ESG committee are the torchbearers for implementing the responsible investment methodology throughout Stefnir. The board and employees of Stefnir have an option to undertake courses at PRI Academy in the methodology of responsible investment. PRI Academy is the global leader for people who want to gain an insight into how environmental, social and governance issues affect companies’ performance and increase value of all stakeholders.
The Iceland Carbon Fund has been responsible for offsetting the carbon emissions produced by the Stefnir's activities since 2020.
Stefnir and the Sustainable Development Goals
The Sustainable Development Goals (SDGs) create a balance between the three pillars of sustainable development: of the economic, social and environmental. Stefnir focuses on the following SDG goals:
- Goal 5: Gender equality
- Goal 8: Decent work and economic growth
- Goal 10: Reduced inequalities
- Goal 12: Responsible consumption and production
- Goal 13: Climate action
- Goal 17: Partnership for the goals
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| Sustainability goal | Sub-goal | SDG |
|---|---|---|
| Sustainability risk assessment | The risk committee defines the impact of climate issues on the company and how they can be prevented. | Partnership for the goals |
| Carbon neutral operation | Reduce emissions of carbon dioxide and other greenhouse gases from our activities by at least 55% by 2030 and to carbon offset all these emissions. Ratio of sorted waste produced by Stefnir to 90% by 2023. |
Climate Action Responsible consumption and production |
| Assess funds carbon footprint | Carbon footprint of Stefnir’s funds verified by an independent third party Impact reports of green funds |
Climate Action Partnership for the goals |
| Diversity, equality and inclusion | Educate employees and other stakeholders on diversity, equality and inclusion in the workplace Introduce the company to diverse communities, including students to increase interest on the company as a workplace Women 40% of total enterprise headcount by 2024 Equal opportunities and pay for equal work |
Reduced inequalities Quality education Gender equality Decent work and economic growth |
Climate change impact and main risks
Non-financial targets and performance indicators, that have been set by Stefnir's board and management team, are regularly monitored and results are published in an annual sustainability report. Stefnir will continue to refine how the main sustainability risks are defined and implemented in its operations.
Climate risk is twofold, real risk and transformational risk, but it is also accompanied by reputational risk and legal risk. Climate risks may prevent Stefnir from achieving its goals, but climate change and the process of combating it will have a significant impact on the economy and, consequently, on the value of investments.
Participation in cooperation
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Stefnir is a signatory to United Nations Principles for Responsible Investment (UN PRI). The principles were developed by an international team of institutional investors and they reflect the importance to investors of environmental, social and governance factors in the investment process. Stefnir‘s signatory report is submitted each year and out newest report can be found here.
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Stefnir participated in signing a declaration of intent for investments for a sustainable recovery. Prime Minister´s Office, Festa – Center for Sustainability, The Confederation of Icelandic Bank and Finance Employees and the Icelandic Pension Funds Association worked on formulating the statement in extensive consultation with representatives of the main parties in the financial market.
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Stefnir is a founding member of IcelandSIF. The aim of IcelandSIF is to promote awareness and debate about the methods of sustainable and responsible investment. Kristbjörg M. Kristinsdóttir, CFO of Stefnir, is the former chairwoman of IcelandSIF.
Stefnir has entered into an agreement with SoGreen for the purchase of carbon units that ensure education for girls in low-income countries.
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The ESG Reporting Guide for the Nasdaq Nordic exchanges provides guidance on data disclosure and the environmental, social and governance impact of listed companies. For more information on ESG reporting see our non-financial information.
Stefnir published its first financed emissions report in 2023 for the year 2022.
Financial Information
Stefnir's financial information can be found here.