Requirements for suppliers
Sparebanken Møre wants to be a total provider of the best financial services and have the best partners, and the bank has chosen a contract banking strategy. This gives it the flexibility to choose to operate and develop services for itself, or together with partners where this is considered to be the best option.
Overall, Sparebanken Møre has 150 regular suppliers, large and small, which means that the bank has the power to push development in the right direction by influencing how the various stakeholders take responsibility for sustainable development and value creation. Through setting requirements, following up and cooperating, we want to ensure that our suppliers and partners comply with Norwegian law and recognised norms of corporate social responsibility, as well as binding international agreements and conventions.
Goods and services that are delivered to Sparebanken Møre must be produced in circumstances consistent with the requirements enshrined in the bank’s Code of Conduct and corporate social responsibility. These are followed up in dialogues with our suppliers. We want to further formalise our follow-up in this area so that customers can feel confident that the bank has control over its entire value chain, including where we use partners to deliver products and services.
As far as the bank’s fund providers are concerned, there is a close dialogue between the bank and the various providers throughout the year. Sparebanken Møre does not manage funds itself, rather it provides funds to customers through its fund providers: Alfred Berg Kapitalforvaltning, DNB Asset Management and Holberg Fondsforvaltning. The bank must help fund managers encourage the various companies to deliver good long-term returns while also ensuring sustainable development. Our fund providers have signed the following commitments:
- Holberg – UN Principles for Responsible Investments (UNPRI)
- Alfred Berg – Socially Responsible Investment (SRI)
- DNB - UN PRI, UN Principles for Responsible Investments
Measures implemented in 2020
In 2020, efforts were made to incorporate requirements and attitudes related to sustainability. Procedures and guidelines have been established to ensure that sustainability is surveyed and assessed in purchasing processes for ICT solutions, and that sustainability is one of eight criteria that are applied when considering new partners.
Partner meetings have been held with all of the bank’s fund providers, all of which presented the measures they have implemented and the goals they have defined for sustainable investments. We have also entered into agreements with new fund providers, Storebrand Asset Management and SKAGEN, which will be launched in the first quarter of 2021. These have worked diligently and systematically on sustainability for many years, which was a key factor in our overall assessment. They have also signed up to UN PRI.
Sustainability is high on the agenda in the follow-up of other suppliers as well. The following environmental criteria apply when purchasing physical products:
- Suppliers must, wherever possible, use products that can be reused
- Products must have a life cycle with a low environmental impact
- Unnecessary packaging must be avoided
- Suppliers must actively work to minimise their negative impact on the external environment
- Shipping options that have a low environmental impact must be chosen
In 2021, the bank has a clear goal of obtaining an even better overview of how our main suppliers work within various ESG areas. The bank will require suppliers of products and services to submit a self-declaration that explains their work within the environment, social conditions and corporate governance.
Methods and tools will also be developed in order to follow up suppliers from an ESG perspective.
By 2021, all of the bank’s fund providers will mark their funds in line with EU requirements that define what can be marked as sustainable. Once this is in place, the bank will also mark its funds in order to enable customers to make good, informed choices for themselves and their investments.
The Business Support Unit is responsible for system, product and service providers. The Treasury and Markets Unit n is responsible for partners for external finance and equity, including risk coverage.
Measurement and evaluation
The guidelines are subject to annual evaluation, for example the Code of Conduct and CSR Policy are undergoing revision at the start of the new year. The work is currently measured through dialogues with our suppliers and customers.
Key governing documents
- Møre 2024 (Group strategy)
- Procedure for purchasing ICT systems.
- Partners assessments
- Code of Conduct and CSR Policy
103-1, 103-2, 103-3, 308-1