Swedbank Establishes Sustainability Committee

By Dominic Chopping

STOCKHOLM--Swedbank AB said Tuesday that its board of directors has decided to convert the remuneration committee into one for both sustainability and remuneration.

The Swedish bank said the refocused committee's main task will be to support and strengthen the bank's strategic sustainability efforts relating to operating models and reporting.

"We have put sustainability at the core of our business strategy," said Chairman Goran Persson.

"We are now clarifying the role of the board in these matters and highlighting Swedbank's high ambitions."

Swedbank said that since 2017 it has reduced its financing of companies in the oil and gas sector, to 3.9 billion Swedish kronor ($375.8 million) from SEK21.4 billion, and in 2021 it stopped financing prospecting for new oil and gas resources.

Last year the bank established climate targets to reduce the bank's financed emissions by up to 50% within mortgages, commercial real estate, oil and gas, power generation and steel.

The climate emission reduction is in line with the 1.5-degree global target and is part of Swedbank's commitments within the Net-Zero Banking Alliance, it added.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 28, 2023 02:48 ET (06:48 GMT)

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