Sustainability-related information in Savings Banks
Information on sustainability-related disclosures.
One purpose of sustainable finance regulation is to reorientate capital flows towards a more sustainable economy. This will be achieved, for example, by fostering the transparency of financial products from a sustainability perspective.
Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector defines sustainability risk as an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
In Savings banks, the solutions and products recommended in investment and insurance advice are mainly carried out with products issued by entities belonging to the Savings Banks Group. At Savings Bank’s asset management, environmental, social and governance matters are integrated into the investment analyses and investment decision-making processes.
Savings Banks Group will prepare and announce due diligence policies of adverse sustainability impacts in its investment and insurance advise after the ESAs have developed regulatory technical standards on the content, methodologies and presentation of the needed information and they are available. Sp-Fund Management Company analyses certain adverse sustainability impacts and for example excludes certain sectors or individual companies from direct investments. Sp-Fund Management Company also publishes different indicators of their funds like carbon intensity and monitors how the investee companies follow international norms, i.e. the Global Compact.
The Savings Bank Group will prepare policies and develop investment and insurance advice processes and support tools so that customers can make informed decisions on the environmental, social and administrative aspects of products and services after the legislation on investment advice in this regard is completed and available.
The remuneration policy includes information on how the policies are consistent with the integration of sustainability risks. Renumeration must not conflict with responsibility and integration of sustainability risks. Remuneration currently includes certain sustainability risks, such as certain indicators of social factors.