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Apr 16, 2013 5:55 PM CET

Tele2 one of Nordea’s Swedish Stars

Thanks to its structured and efficient CR work Nordea’s Swedish Stars funds approved Tele2 as being a good Environment Social Governance (ESG) investment. Below a section from Nordea’s Responsible Investment and Governance Annual Report 2012.

Swedish Stars

Swedish companies are often described as mature companies well aware of any environmental and social risks and at the forefront of developing new sustainable technologies. Our analysis shows that this is true for some of them, but not for all. Through our ESG analysis both the leaders and the laggards have been identified.

The leaders have a good structure in place to manage environmental and social risks, and are increasingly integrating their commitment to sustainable business development, eg in group visions, mission statements and strategies. Our analysis has also identified companies that are not top performers in this area today but demonstrate positive momentum and have a strategy for how to further improve, ie our future stars. SSAB and Tele2 are companies that show concrete improvements and also a willingness to go further.

SSAB & Tele2

SSAB made progress addressing health and safety issues, supply chain management and business ethics in late 2011 and in the beginning of 2012. The company is now addressing all key issues at a strategic level in a structured way and with clearly defined responsibilities. To receive an even better rating the company now needs to show the results of its newly established strategies.

Tele2 has been on a very positive journey over the past five years. Analysis conducted five years ago revealed the company’s limited interest in taking group-wide responsibility for social and environmental issues. Today, key issues have been identified through stakeholder engagements, and the relevant policies are now in place. Disclosure has improved with the group publishing an annual corporate responsibility (CR) report (GRI), but detailed information, concrete actions and results are lacking. We have asked the company to furthe r improve its communication regarding privacy protection and integrity and establish a stronger statement through a position paper that describes the situation and disclose actions taken.
Both of these companies have beensubject to closer proactive engagement activities and it is good to see that recommendations from earlier analyses
have been fulfilled.