Annual Report 2023 (eng) - Flipbook - Side 88
Annex 1
For investments in countries, we use data from an external collaboration partner, Sustainalytics, to assess whether
government bonds from certain countries should be excluded due to a low ESG performance in terms of respect for
human rights, climate issues, efficient and stable governance, etc. In this context, Sustainalytics' Country Risk Rating is
applied, and countries with a score below 25 on a scale from 1 to 100 are excluded. The score is calculated on the basis of
data from accepted sources such as the World Bank, UN bodies and the ILO (the International Labour Organization). On
this basis, 21 countries were excluded in 2023. Moreover, countries covered by sanctions adopted by the UN or the EU
were treated pursuant to applicable sanctions.
For unlisted investments, environmental and social conditions are included in the due diligence process, which is a
thorough investigation before the investment is made. These conditions will be monitored regularly throughout the life of
the investment. Data for sustainability indicators for unlisted investments is still under development, and monitoring of
indicators for this asset class will therefore be further developed as the data improves.
What were the objectives of the sustainable investments made by the financial product, and how did the sustainable
investments contribute to such objectives?
The objectives of the sustainable investments were to contribute to sustainable progress in society through activities
that support the climate, the environment and social aspects. Activities that help mitigate climate change include
investments in renewable energy and investments in companies that have SBTi approved targets for their carbon
emissions approved by the Science-Based Targets Initiative (SBTi). In the environment area, investments are made in
companies with activities that help reduce pollution and waste or have a sustainable approach to use of water and
land resources. Sustainable investments also include investments in activities that help support social conditions
such as access to the healthcare system, nutrition, housing and education.
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