Corporate Social Responsibility
Corporate Social Responsibility
Landsbankinn’s policy on social responsibility is to contribute to sustainability in Iceland, to be a dynamic force in society and operate in accordance with the principles of good corporate governance. Landsbankinn places great emphasis on ensuring equal pay and equal job opportunities.
UN's Sustainable Development Goals
Landsbankinn focuses on three of the UN's SDGs in its operations: Goal 5 on gender equality, goal 8 on decent work and economic growth and goal 12 on responsible consumption and production.
UNEP FI's Principles for Responsible Banking
Landsbankinn endorses UNEP FI's new Principles for Responsible Banking intended to align the banking industry with the Sustainable Development Goals and the Paris Climate Agreement.
Landsbankinn's Policy on Responsible Investment follows the UN PRI as well as its own rules on risk appetite, large exposures, maximum aggregate risk, operational risk, reputational risk, liquidity risk and guidelines on good corporate governance. Landsbankinn systematically gathers data on listed companies with the long-term goal of applying the information in assessing investment objectives.
The Board of Directors of Landsbankinn has approved sector policies for the following industires: fisheries and seafood, real estate companies, construction companies, holding companies, the travel industry, commerce, services, IT and telecommunications. These policies include guidelines on social responsibility that for the first time includes climate risk.
Landsbankinn makes a point of ensuring equal pay and job opportunities for all employees. The Bank has the goal of ensuring at least 40% reprecentation by both genders in the Bank's management teams. Landsbankinn was the first Icelandic bank to be awarded the golden seal of PwC's Equal Pay Audit in 2015 and received it again in 2016. Landsbankinn is a member of Capacent Equality Indicator and has received the legally required equal pay certification.
Landsbankinn has made rapid headway towards becoming a paper-free bank, reduced waste and garbage from its activities and runs a Nordic Swan ecolabeled canteen. Its vehicle fleet is ecofriendly. Landsbankinn has offered retail customers favourable terms on funding of eco-friendly vehicles. It offers transportation grants to employees and offsetts carbon emissions from all workrelated employee travel both domestically and abroad.
Support for the local community
Landsbankinn provides varied support for diverse community initiatives. Financial support is provided mainly through grants from the Bank’s Community Fund; scholarships, environmental and community grants.
Landsbankinn complies with recognised guidelines on corporate governance and publishes a Corporate Governance Statement annually. The Statement includes information on the Board of Directors and its sub-committees.
Landsbankinn places strong emphasis on online security and participates in various international collaborations, including, Nordic Financial CERT. This includes an ongoing comprehensive review of cybersecurity and frequent publication of articles and videos for the public compiled by experts.
Award for best CSR report
In 2018, Landsbankinn received recognition for the best CSR report in Iceland when the award was granted for the first time. Landsbankinn's Report on Social Responsibility is published annually in accordance with principles of the Global Reporting Initiative (GRI, Standard).