SEB's Sustainability Report 2009

Corporate Sustainability Report 09
About this report
This Corporate Sustainability Report, our third, provides

in-depth information on seb’s sustainability efforts. We regard
it as an important tool in our dialogue with stakeholders.
The report presents all major sustainability initiatives seb applies international principles for corporate
within seb. It is published annually since 2008, cover- sustainability accounting. We report our results
ing the preceding fiscal year, and is intended for seb according to the gri g3 Guidelines and to the Finan-
stakeholders with a particular interest in sustainabil- cial Services Supplement. We also draw on guidance
ity. Since the last report, published in April 2009, we from the Greenhouse Gas Protocol for our carbon
have increased the scope of reporting. This reflects reporting. We currently account for the co2 emis-
both our new sustainability strategy and feedback sions from operations over which we have control,
from our stakeholders showing that they want more such as energy and electricity use in our own build-
information and transparency on our efforts. ings, paper consumption and business travel (Scope
2 and 3 emissions according to the Greenhouse Gas
The report is divided into four sections. The first Protocol). We include the emissions from eleven
includes our President’s statement and an overview countries, accounting for more than 90 per cent of
of the Group. Section two describes our approach our income and 98 per cent of our employees.
to working with sustainability. Section three
highlights our eight sustainable business priorities, Currently, we report according to level c in the gri
which are based on the gri reporting guidelines application level system. Our gri compliance table
and follow leading banking practices. The report of contents is found at www.sebgroup.com/sustain-
concludes with our key performance indicators, ability. The report has not been reviewed by an
which have been revised and expanded. external party.
Go online!
For more information visit
www.sebgroup.com/sustainability
Contents
Executive summary 02
Together for the future

President’s introduction 05
OUR ROLE About seb and our role 06
A long term commitment 08
OUR APPROACH Sustainability strategy 10
Stakeholder dialogue and engagement 12
Sustainability governance 14
OUR PRIORITIES Reducing our footprint 16
Sustainable finance and investments 20
Responsible selling and marketing 24
Tackling financial crime 26
Responsible ownership 28
Access to financial services 30
A great place to work 32
Investing in communities 36
OUR REPORTING Key performance indicators 40
International commitments 48
seb corporate sustainability report 2009 1

Executive summary
In 2009, we:
• Developed a new strategy for corporate sustainability.
• Set out to significantly reduce seb’s carbon emissions and decided to
compensate for emissions starting in 2009.
• Arranged an internal seminar for 100 employees to generate sustainable
business ideas and launch employee engagement activities.
• Worked together with customers and other stakeholders to develop
sustainable products and enter new partnerships.
Business highlights
We continued to support our We sold off all investments in We participated in a Swedish
customers in challenging times. arms and weapons manufacturers banking coalition against child
In the Baltic countries, we worked governed by international conven- pornography. The model will be a
with private homeowners to tion and established a pri Council, role model for similar work within
secure that they could remain as to manage our ownership role the eu.
owners of their property. going forward.
Governance
We launched a co2 emissions re- The World Bank made a further We began work to develop indu-
ductions project; “Carbon Chasing two green bond issues with seb as stry sector policies and position
at seb” to reduce emissions by sole lead manager, as well as aug- statements on sustainability
45 per cent until 2015. We follow mented its initial offering on two topics. These will guide our finan-
progress and report results on a occasions. A fourth issue, in early cing and investment decisions in
quarterly basis. 2010, meant the total amount the future.
raised now exceeds usd 1bn.
Environment
To facilitate financing for entre- We expanded our engagement in In a collaboration with Arbets-
preneurs with a foreign back- Mentor Foundation to also include förmedlingen, the Swedish job
ground in Sweden, we partnered Lithuania and Germany. We con- centre, we offered 100 unem-
with Tillväxtverket and ifs. We tinued to support sos Children ployed a three-month internship
developed a web-based e-learning Villages in Latvia and successfully within the bank. The purpose was
game targeting advisors and sales used the Baltic Basket Ball league to make a contribution in a chal-
staff at banks, highlighting diffe- to raise funds. lenging economic climate.
Social rences in business cultures.
2 seb corporate sustainability report 2009

executive summary
The bottom line

Economic
seb’s operating profit was sek 3.4 bn (12.5). Large parts of the Group performed well;
3.4 bn two of our divisions recorded their highest operating profit ever. Total operating profit
was hampered by the macroeconomic developments in the Baltic countries, which led
to significant provisions for credit losses.
Environmental
Our total co2 emissions decreased by 6 per cent to 47,320 t co2 (50,404). During the
47,320 t year, we added significantly more activities to our emissions scope, principally branch
offices in six countries, and therefore revised our 2008 figures upwards. The current
scope includes our main buildings and data centers, our branch network, the leased
car fleet, business travel and paper use.
Social
The 2009 employee survey showed clear improvement within all major areas,
89 % including more motivated employees and better knowledge about seb’s vision and
goals. 89 per cent of our employees participated in our voice survey.
Assets under management with a Socially Responsible Investment/ethical profile
15.1 bn nearly doubled to sek 15.1 bn (8.8), due to increased customer demand and the global
equities market rebound. Redesigning the seb Ethical Global Index Fund to institu-
tional client needs also contributed to the growth.
Governance
We work extensively on embedding our values and business principles among our
87 % people, through team discussions and e-learning programmes. 87 per cent of our em-
ployees have completed tailored training on seb’s Code of Business Conduct.
Achievements and priorities

Priorities for 2009 Accomplished 2009 Priorities for 2010
• Establish a platform to become co2- • Decision to reduce co2-emissions by 45 per • Targets for co2 emissions to be broken down
neutral, based on both emissions reductions cent until 2015 on units
and offsetting • Launched co2-emissions reductions project; • Deliver on co2 emissions reductions project
• Continue efforts to improve seb's indirect “Carbon Chasing at seb” • Evolve the scope to include more Scope 3
impact, secure business integration • Decision to offset the carbon emissions emissions, i.e. security transports
• Evaluate seb's current performance and re- through a Gold Standard project in China • Automate reporting and follow-up
newal efforts amongst stakeholders • Arranged a three days seminar for 100 em- • Start integrating sustainability into our
• Develop a Group Corporate Sustainability ployees “A Business Case for Sustainability” business
strategy and governance model • Performed a stakeholder survey on seb's • Develop and implement sector policies
sustainability performance • Develop an ownership and engagement policy
• Developed a Corporate Sustainability Strategy • Further improve stakeholder dialogue and
• Appointed Head of Corporate Sustainability engagement
• Recruited an Environmental Manager • Develop a Social Strategy
• Created a “cs Ambassador” group amongst • Increase the cs Ambassador group
employees • Implement the cs governance model

Sustainability challenges can only be
solved through joint responses. Businesses
play a crucial role in finding solutions. At SEB,
we have significantly raised our ambition.
Annika Falkengren, President and CEO

president’s introduction
Together for
the future We are already doing work in the area
of sustainable finance and invest-
ments, as presented later on in this
report. Let me just mention the World
Bank Green Bonds, where seb as the
financial intermediary is supporting the
The sharp global recession, clear that businesses have a key role to build-up of more sustainable econo-
play in delivering on public expectations mies in developing countries. It is a
increased evidence of natural re-
of change. clear example of how we as a bank can
source constraints and the global contribute, but we can do much more.
financial crisis have redefined The impetus for the banking sector to And we will do more. Last year we
the agenda for many businesses take on broader responsibility has been gathered some 100 people from within
around the globe. underscored by the financial crisis. seb for a three-day brainstorming and
knowledge sharing seminar to generate
At seb, we raised our sustainability business ideas.
Based on what we know today, unsus-
tainable environmental and social prac- ambition significantly during 2009,
addressing both our own footprint As a bank and with our approach to
tices are going to affect the livelihoods
management and business practices doing business we aim to continue to
of billions of people in the decades to
throughout the Group. We decided, make a significant contribution to the
come. Rising awareness and a desire to
among other things, to reduce our car- economies where we are present long
do “good” are changing the landscape
bon footprint by 45 per cent until 2015. into the future. We therefore also con-
– people and organisations are seeking
tinue to support un Global Compact and
ways to work together to create real,
other international commitments.
lasting change. We aim to build a
We actively engage in corporate sustain-
Individual and collective change is sustainable business for ability because we believe it brings
needed. Some people argue that this
is not the case, but I believe we can- the long term: supporting benefit to our customers, our people,
our shareholders and society at large.
not afford inaction, neither at seb nor our customers; continuing Therefore, it is of benefit also to our
anywhere else.
business.
to value our people and
As a Nordic bank with large corporates,
small and medium-sized enterprises, being an innovative
institutions and private individuals financial partner.
among our customers, our business car-
Annika Falkengren
ries impact in many countries and local
President and Chief Executive Officer
communities. We want to be the trusted This is a challenge in itself. The greater
partner for customers with aspirations challenge will be to make sustainability
and know that we must meet increas- a fully integrated part of our business –
ingly higher expectations on responsible making it a core capability for seb.
corporate behaviour if we want to
remain successful. The opportunities are certainly there,
since many of the activities required to
Sustainability topics were frequently meet sustainability challenges involve
debated during 2009. After the un a financial solution. Think of all the
Climate Conference in Copenhagen in planned renewable energy investments,
December it has become increasingly for example.

our role
About SEB and

our role a range of suppliers and strategic
business partners. Through dividends,
tax payments and targeted community
investment projects we bring tangible
economic benefits to our stakeholders
and the societies in which we operate.
seb is a leading Nordic financial Our mission and vision
services group founded in Our mission is to help people and busi- Our impact
Sweden in 1856. We are a ness thrive by providing quality advice Our direct impact is primarily related to
diversified bank with a strong and financial means. Our vision is to be the ecological footprint we make as a
the trusted partner for customers with services organisation, how we act in re-
focus on wholesale banking
aspirations. The corporate sustainability lation to our employees and to the stan-
and wealth management. seb strategy has been developed to support dards we set for our business conduct.
offers a wide range of financial this vision. In our role as a provider of financing
services to private, corporate and and as an investment manager, we have
institutional customers in eight Our contribution significant indirect impact.
countries in northern Europe. seb Banks have a fundamental role in
is also a leading life insurance intermediating flows from savers to bor- Our sustainability efforts are guided by
provider. The international rowers in ways that enhance economic international initiatives and codes of
growth, for instance through supporting conduct, including the un Global Com-
nature of our business is reflected
the development of enterprises. This is pact and the Principles for Responsible
in a presence in 21 countries our most important contribution. We Investment, pri. A list of our internation-
worldwide. In total, seb has also create employment opportuni- al commitments is found on the inside
21,000 employees. ties and buy goods and services from back cover.
SEB stakeholder universe Customers

• 2,500 large and medium-sized companies,
financial institutions, banks and commercial
real estate clients
Professional bodies • 400,000 small and medium-sized corporate
Carbon Disclosure Project, United Nations Global customers
Compact, unep fi, etc • 5 million individuals
Local communities Business partners

Local communities in our main markets 15,000 suppliers and strategic business partners
21,000 employees
Shareholders in 21 countries Policy makers and authorities
300,000 shareholders, of which the majority Governments, regulatory bodies, supervisory agencies,
are private individuals central banks
Media and financial markets Civil society organisations

Journalists, analysts, investors, rating agencies Including unions and non-governmental organisations

our role
PRESENCE IN 21 COUNTRIES WORLDWIDE

Our activities principally embrace the Nordic and Baltic
countries and Germany. We are a universal bank in
Sweden, Estonia, Latvia, Lithuania and Germany. In
Norway, Denmark and Finland, we pursue a strategy
centered on corporate and investment banking, life
insurance and wealth management. seb branches and
representative offices are found in Beijing, Geneva,
Kiev, London, Luxemburg, Moscow, New Delhi,
New York, Nice, Paris, São Paulo, Shanghai, Singapore,
St Petersburg and Warsaw.
Distribution of economic benefits 2009 2008 2007 Financial highlights 2009 2008 2007
SEK bn unless otherwise indicated Operating income, SEK bn 44.2 41.1 40.4
Dividends (shareholders) 2.2 * 0 4.4 Operating profit, SEK bn 3.4 12.5 17.0
Employee compensation (employees) 15.6 16.2 14.9 Net profit, SEK bn 1.2 10.1 13.6
Taxes (governments) 2.2 2.4 3.4 Dividend per share, SEK 1.00 * 0 4.60
Supplier payments (suppliers) 8.1 7.6 6.9 Tier I capital ratio, per cent 13.9 10.1 9.9
Social investments (communities), SEK m 30.0 18.3 18.2
* Proposed
Operating profit by division 2009 Operating profit by region 2009

Total SEK 3,372m Total SEK 3,372m
11,699
6,676
4,129
1,644 2,115 944

1,142
–10,363 –2,865 –8,282 –95
Merchant Retail Wealth Life Sweden Nordic Germany Other
Banking Banking Management countries
Other (excl Sweden)
Baltic
Baltic
Our customers
2,500 400,000 5 million
Large Corporates & Institutions SME customers Private customers
seb is the leading corporate and investment seb offers small and medium-sized corporate seb provides some five million individuals with
bank in the Nordic countries, serving large customers several customized products that products and services to meet their financial
companies, financial institutions, banks and were initially developed in co-operation with needs. These include products and services for
commercial real estate clients with corporate seb’s large corporate clients. In addition, numer- daily finances, savings, wealth management
banking, trading and capital markets and global ous services are specifically designed for small and life insurance. seb strives for excellence in
transaction services. We also offer comprehen- companies and entrepreneurs. customer service and are available to many of
sive pension and asset management solutions. our customers around-the-clock, all-year round.
Channels
Channels Small and medium-sized corporate customers Channels
Large corporations and institutions are served by are served by our Retail and Baltic divisions Private individuals are principally served by the
our Merchant Banking division, with operations as well as the Life and Wealth Management Retail and Baltic divisions in Sweden, Germany,
in 17 countries, and by the Wealth Management divisions. Key markets are the Nordic and Baltic Estonia, Latvia and Lithuania and also by the
division. Key markets are the Nordic countries countries. Life and Wealth Management divisions.
and Germany.

our role
A long term
commitment took place in 1995. It amounted to
signing international guidelines, to the
first group-wide environmental policy, a
specific environmental paragraph in our
credit policy as well as employee train-
ing and engagement.
seb’s contribution to society the role of banks in supporting indus-
date back to our founding days. trial activity and promoting economic An activity that still forms part of our
development. community investment strategy is our
In the mid-1990s, we adopted
partnership with the Mentor Founda-
our first environmental policy Even though it is only in the past three tion, which began in 1997. Mentor is
and began active community years that we have publicly disclosed a non-profit foundation engaged in
engagement work. information and compiled reports on anti-violence and drug-prevention
our progress within corporate sustain- activities, primarily through mentorship
The greatest community service a bank ability, our commitment dates back programmes between young people
can do is managing its business respon- longer in time. and adults.
sibly, for the long-term. This has been
our goal ever since we were founded by One example is the Swedish environ-
A O Wallenberg in 1856. He pioneered mental engagement initiative which
2001
1995 Introduced Mentor
Signed the Interna- Programmes for our
tional Chamber of employees. Enables
Commerce Business seb employees be 2003
Charter for Sustain- mentors for young First group wide re-
able Development people. The aim is to view on Sustainable
1997 prevent drug misuse
and promote youth
Development and its 2005
Environmental criteria were included in seb’s implication on seb’s Signed the un Global
advancement
credit policy current and future Compact’s ten
business principles
1999
1998 2002 2004 2006
The oecd guidelines
for Multinational Enterprises
were adopted by seb 2007 The “Green
Engaged and educated 10,000 Car Loan” finances
employees in Sweden on the en- 2000 600 cars and the
vironment, through video and tv. campaign receives
Group workshops and discussions the Swedish ad-
followed vertisement award
Guldägget
Gå in på seb.se/lana eller ring 0771-365 365 för
1996
mer information. Du kan även besöka närmaste
SEB-kontor. Välkommen.

create lasting value, not only a short-
term profit maximising system.
Business as usual is no longer an
option for companies wanting to stay
in the lead. Future business models will
have to take into account the full costs
of doing business and incorporate a
company’s long-term impact on the
environment and on local communities.
“ Companies Mitigating climate change is

urgent – most scientists agree that
must think global warming should not exceed 2°c.
To reach this goal, global emissions of
like Pippi greenhouse gases need to be reduced

as soon as possible. Many countries are
Longstocking considering rules and regulation, taxa-

tion and trade of emissions rights, to
reduce emissions in their own countries.
Attempts are made to negotiate a global
seb’s former chief economist Klas Eklund is now a senior advisor to agreement through the United Nations.
But global governance is difficult,
seb and one of our foremost corporate sustainability ambassadors. as the failed negotiations of Copen-
In this column, he outlines how fundamental shift in values are af- hagen proved. Nonetheless, national
fecting people’s expectations of corporate behaviour. governments will move on, individually,
or by narrower accords. Thus, business
In the 1970s, the Friedman argued in a famous article should count on rising prices of carbon
Nobel laureate in the New York Times that ‘there is and greenhouse gas emissions. Adjust-
one and only one social responsibility ments will be required both in industrial
Milton Friedman of business – to use its resources and production, in transports, energy supply
said “the business of engage in activities designed to increase and agriculture. The earlier that action is
business is business”. Period. its profits so long as it stays within the taken, the more effective it will be.
rules of the game’. But that was in an Climate change will affect com-
era when the free market concept was panies in all sectors, leading to cost
challenged by leftist movements and increases but also to new business
there were many more centrally planned opportunities. There will be a great need
2007 2009 economies than today. for investments in renewable energy,
First Nordic Bank First Nordic Bank We all know that the market clean-tech, energy efficient real estate
to adopt the un to announce economy won. Today, however, many and water infrastructure – both in the
Equator Principles Carbon Compen-
sation through
people feel that there are shortcomings industrialised world and in developing
Contributed to the a Gold Standard to markets. Thus, business must act more countries.
un Environment Project in the spirit of Pippi Longstocking, the fic- Companies and investors that are
Programme Finance tional character immortalised in the books able to grasp this opportunity when as-
Initiative First group-wide
Corporate Sustain-
by the Swedish author Astrid Lindgren: ‘He sessing risks in innovation and r&d will
85% of all suppliers ability Strategy who is very strong must also be very kind.’ be winners.
submitted their envi- and framework People expect corporations to The financial sector has an impor-
ronmental policies decided upon meet high ethical standards and take a tant task in channeling green invest-
greater responsibility for the environ- ments, creating new funding for climate
ment and society in general. This is not projects and creating new products.
Adopted the un Prin- a short-term trend but a fundamen- But this is truly a global challenge. No
ciples for Respon- tal shift in values – and it has been individual, households, companies or
sible Investments strengthened by the financial crisis. For even countries can solve
those of us who represent the busi- it alone. We must all work
Signatory of the
Carbon Disclosure
ness community this means we must together.
Project work harder to ensure that the market
economy is a humane system, able to klas eklund
2008
our approach
Sustainability We want to add value for

strategy our business and for the
markets in which we are
present. These are mainly
We want to support our customers, create
countries located around
Working together with our
employees, customers, suppliers value for our shareholders and contribute the Baltic Sea.
to the economy as a whole. Not least, we
and other stakeholders we want
want to be a a good corporate citizen in
to minimise our negative imprint the markets were we are present. Improving our sustainability
while maximising the opportuni- performance – the roadmap
ties for positive contribution. In Building on the decision in 2008 to fur- We are currently establishing the plat-
2009, we developed a new ther strengthen our efforts and to adopt form to make sustainability issues fully
Corporate Sustainability Strategy. a sustainability plan, during 2009 we integrated in our business. Our plan for
launched several activities and initiatives. the next three years is based on taking
Five key decisions taken in late March incremental steps to gradually reach
made way for many of the later activities. higher levels of sustainability. By 2012
we aim to have made sustainability a
We decided to: core seb capability. We focus mainly on:
1. Reduce seb’s carbon emissions by 45 per cent until 2015.

2. Compensate for remaining carbon emissions corresponding to 2008 years level
seb’s target for reducing co2
through a Clean Development Mechanism/Gold Standard project in China.
emissions, until 2015.
3. Engage stakeholders through a stakeholder survey on seb’s current sustainability
the sustainability issues facing the performance and renewal efforts.
world are complex. As shown by reports
4. Arrange “A business case for sustainability” seminar for 100 employees to capture
from the un and other organisations,
innovative business ideas and engage our employees.
the challenges posed are for real and
cannot be neglected. 5. Strengthen communication and activate all areas (Environment/Social/Governance).
Much of the debate currently focuses on

climate change. Additional challenges seb’s new Corporate Sustainability • Competence build-up, including
are brought on by globalisation, urbani- Strategy was finalised towards the end group-wide training and education
sation and a rising population. of the year. Our work is now conducted • Reduction of our direct impact –
within three main responsibility areas; diminishing our carbon emissions
At seb, sustainable development means our environmental responsibility, our • Stakeholder engagement
building a sustainable business as a social responsibility and our governance • Internal and external communication
bank. Our business shall be underpinned responsibility. Each area has a defined • Generating revenues from sustain-
by strong ethics and good governance, set of priorities (see next page). We enable products and services
long-term relationships and highly com- gage in activities that are of importance • Implementing environmental, social
mitted people delivering the corporate to our markets and want to use our and economic policies in divisions
strategy and managing the social and resources, know-how and infrastructure and major markets.
environmental impact of our business. wisely to increase positive return.

SEB’S CORPORATE SUSTAINABILITY
STRATEGY
Our higher ambitions rest on

n Kn
tio ow
ibu l
Governance
ed
tr
on
ge
ic c
an
Responsible selling & marketing
a new strategic framework,
om
de
Tackling financial crime
con
con
Eth
ics
Responsible ownership
nd e
om
ic co
Eth
ics
dge a
significant emissions
ntribu
Knowle
tion
To be the trusted partner
reductions and work to for customers with

aspirations
integrate sustainability efforts Environment Social

in all business activities. Reducing our footprint
Sustainable finance &
investment
A great place to work
Access to financial services
Investing in communities
The purpose of our Ethics

Kno
engagement in corporate wledg
e and economic contribu
tion
sustainability is:
• to continue to be a successful our sustainability strategy is focused on eight business priorities, inspired by
company; Standard Chartered Bank’s Sustainable Business Model. By focusing our efforts on
• to assist and enable our stakeholders these priorities, we can contribute to protecting the environment, enhance our social
to become more sustainable; contribution and contribute to better banking governance.
• to contribute to the communities in
which we are present; Our priorities are supported by seb’s Code of Business Conduct, which aims to ensure
• to contribute to the international that we conduct business in compliance with existing external and internal rules and
community’s overall environmental, in line with our values: Commitment, Continuity, Mutual respect and Professionalism.
social and economic goals. Our people have received training on the Code.
Eight business priorities A great place to work

Create a modern workplace that provides
scope for individual development and
promotes diversity and work-life balance.
Access to financial services

Responsible selling and marketing Reducing our footprint Promoting equal access to financial services
Assist our customers in reaching their finan- Managing our direct environmental impact. regardless of socio-economic standing, ethnic
cial objectives. Ensure that our customers origin or other factors.
understand the consequences of our advice Sustainable finance and investments
and their overall dealings with us. Together with our customers, reduce the Investing in communities
risk for negative social and environmental Supporting the development of local
Tackling financial crime impact related to our finance and invest- communities, including support of youth
Actions to prevent money laundering, fraud ment activities. Work to increase our and development and the growth of small and
and financing of criminal activity. our customers positive contribution through medium-sized enterprises.
offering sustainable products and services.
Responsible ownership
Ensure that we perform our ownership
role responsibly, promoting good business
ethics and governance, and displaying good
corporate citizenship.
our approach
Stakeholder dialogue
and engagement ity and social responsibility for seb’s
success in the marketplace.
The results showed that seb stakehold-

ers expect us to do more in all three
areas, asking for concrete actions to
We want to work together with That is why the development of our new manifest our commitment and in-
our stakeholders to address our sustainability strategy was preceded by creased communication on progress.
a survey among employees, customers The survey also provided us with a
sustainability impact. In 2009, we
and other stakeholders. baseline Stakeholder Corporate Sustain-
carried out a survey among our ability Satisfaction Index.
stakeholders and held a three- The survey was designed to measure
day internal seminar to gather the perceptions about seb’s current The main recommendations from the
momentum for sustainable busi- sustainability performance and renewal survey, and our response to them, are
ness development within seb. effort, as well as to understand what our presented below.
stakeholders expect in terms of actual
activities. The overriding objective was Employee engagement
We are expected to do more to let external and internal insights serve To make sustainability a truly integrated
in all areas; environmental as important input to the creation of a part of our daily work and the way we
comprehensive and ambitious strategy. do business, we must firmly establish
protection, social and our efforts among seb employees,
The survey was conducted through inter- within each division and support func-
governance responsibility views with all major stakeholder groups tion and in all countries. Only through
and ethical behaviour. including employees, shareholders, dedicated work by our people can we
investors, large corporate and institu- reach our targets.
Stakeholder survey on sustainability tional customers, private customers, and
We want open, honest and transpar- strategic business partners and suppliers. The most important engagement event
ent dialogue with our stakeholders to We measured the importance of busi- during 2009 was the “Business Case
influence our approach to sustainability. ness ethics, environmental responsibil- for Sustainability Seminar”, a seminar
Recommendations from SEB’s stakeholder survey

Define and anchor a collective Formulate distinct corporate Integrate corporate sustain- Increase communication
understanding about seb’s sustainability goals and strate- ability into the business plan around corporate sustainability
corporate sustainability within gies that connect to and sup- and business system to secure activities.
all levels of the organisation. port seb’s overall vision. implementation and follow-up. An internal sustainability portal
We have begun this work, through seb’s sustainability strategy, includ- This work started during the and a carbon reduction engage-
numerous engagement activities, ing key targets and performance autumn 2009 and will gradually ment site were launched in
new sustainability governance indicators, was developed during be implemented throughout seb 2009. A communication strategy
functions and the development 2009, decided upon by the Group during 2010–2012. Corporate will be developed during 2010.
of a new corporate sustainability Executive Committee in December Sustainability forms part of seb’s Communication is among the key
strategy. 2009 and supported by the Board business plan for 2010–2012. responsibilities of the new Group
in February 2010. Corporate Sustainability function.

our approach
I am proud
that we are now
100 people
committed to this
Business Case for Sustainability seminar
We want to create innovative financial solutions
440 business ideas
that address sustainability concerns. To examine
what we can do to support our customers’ own
contribution to sustainable development, we held
a three-day seminar involving more than 100 rep-
resentatives from across seb’s business divisions.
Invited guest speakers from acknowledged sustain-
ability leaders including Electrolux and hsbc shared
their experience. The seminar resulted in over 400
ideas for sustainable business development. These
have since been condensed and prioritised for
further handling in the business planning process
at the divisions.
held in June with staff from across ability communication and reporting.
seb’s business divisions and geogra- We also developed a specific carbon Voice of our
phies. The seminar explored how seb reduction engagement web site,
can improve its efforts within sustain- www.carbonchaser.com, dedicated stakeholders
ability but primarily focused on what to engage seb employees in the work
we can do to support our customers’ to reduce carbon emissions. It will be
“Everyone is dependent on a
own contribution to sustainable de- made public during 2010.
velopment through financial products bank. If a bank doesn’t manage
and services. Read more about the Divisional engagement work started its business right, it loses trust
event above. At our Life division, some 450 em- at the same time as it causes
ployees participated in sustainability harm to society.”
Over 200 seb employees workshops and team discussions during
2009. The purpose was to provide
have chosen to become employees with an opportunity to
“It will become expected of
companies to take a social
internal Corporate Sustain- influence divisional sustainability efforts
responsibility, more than just in
and to generate concrete proposals for
ability Ambassadors. improving divisional sustainability per- the form of charity projects.”
formance. Follow-up workshops will be
To increase awareness, we have invited held during 2010 and sustainability will “This is a question of
our employees to become Corporate be a key theme in divisional seminars
generations – to have
Sustainability Ambassadors. By year- and conferences throughout the year.
end, this group comprised some 200 knowledge about the
seb employees and it has continued to During 2010, we aim to increase the environmental impact of one’s
grow afterwards. general knowledge on sustainabil- business is decisive for not
ity within seb. Our goal is that all our being perceived as provocative
www.carbonchaser.com employees have a minimum level of to younger generations.”
In mid-2009, we launched a Sustain- understanding about the risks and
ability Portal on the Intranet. It serves opportunities involved with creating a
as the platform for all internal sustain- sustainable business.

our approach
Sustainability
governance of Group Staff and Business Support),
an Environmental Manager (post filled
early 2010) and a Corporate Sustain-
ability Communications and Reporting
Manager.
Clear and effective structures the Risk and Capital Committee; the Group Corporate Sustainability has
for responsibility distribution Remuneration and Human Resource the overall responsibility to monitor
Committee; and the Audit and Compli- progress and to support Group entities
ensure that our sustainability
ance Committee. Chairman of the Board in their work on the eight business pri-
efforts address relevant issues is Marcus Wallenberg. orities. The function works closely with
and are underpinned by strong business divisions and group functions
ethics, sound governance and The Group Executive Committee (gec), including Group Human Resources,
adequate reporting. In 2009, we with twelve members, oversees the Group Compliance, Group Procurement,
created our first Group Corporate development and implementation of the Group it, Group Marketing & Communi-
cs Strategy within seb. The gec deals cations and Group Real Estate & Prem-
Sustainability function reporting
with, among other things, matters of ises, to ensure the effective implemen-
directly to the executive common concern to several divisions, tation of policies and instructions. The
management of seb. strategic issues, business plans, financial function is also responsible for engaging
forecasts and reports. Bo Magnusson, with seb’s internal and external stake-
Each business division the deputy President and ceo and also holders on sustainability issues.
Head of Group Staff and Business Sup-
and support function is port, has the overall responsibility for cs Group CS Committee
in the Group Executive Committee. In its work, Group Corporate Sustain-
responsible for delivering ability is supported by the Corporate
on our eight sustainable Group Corporate Sustainability Sustainability Committee, an opera-
On the operational level, the Group tional steering group responsible for
business priorities. Corporate Sustainability function coordination, anchoring and implemen-
takes responsibility for delivery of the tation of our corporate sustainability
the board of directors at seb is re- sustainability strategy and for reaching strategy and action plan. The Commit-
sponsible for safeguarding the delivery agreed targets on the corporate level. tee is chaired by Bo Magnusson and has
of our Corporate Sustainability (cs) Strat- The function was established in 2009 14 members, representing all business
egy. Depending on the issue at hand, and has three staff members: the Head divisions and support functions as
matters are dealt with by the Board or of Corporate Sustainability (reporting well as Group functions such as those
by any of its established committees: to the deputy President and ceo/Head mentioned above.
Code of In our business dealings we are guided by seb’s Code of Business Conduct, which is supported by
the Board of Directors. The Code highlights certain important issues covered in existing external
and internal rules and also provides guidance on how to live by seb’s values: commitment, continu-
Business ity, mutual respect and professionalism. The Code includes specific instructions for whistleblowing
procedures, e.g. for reporting possible violations to the Code.
Conduct The Code is available in eleven different languages and has also been developed into a custom-
ised e-learning tool. All seb employees are expected to abide by the Code in their daily work. By
year-end 2009, 87 per cent of seb employees had completed training on the Code.

Governance
structure for
corporate
sustainability
the board of directors, has
the ultimate responsibility for seb’s
Corporate Sustainability Strategy,
policies and instructions.
Supported by the Board, the

group executive committee
has adopted the sustainability
strategy. Each business division
and support function is respon-
sible for delivering on the eight
business priorities.
group corporate sustainabil-

ity is responsible for safeguarding
and monitoring progress. This
function is supported by the
corporate sustainability
committee, an operational
steering group responsible for
coordination, anchoring and
implementation of the sustainabil-
ity strategy and action plan.
Sustainability risk management controlling roles through several policies the csr Policy (and related policies)
The Board’s Risk and Capital Committee and instructions. The Rules of Proce- and Code of Business conduct. Areas
supports the Board in its work to ensure dure for the Board of Directors, the of Group Compliance responsibility are
that all inherent seb risks are identi- Instruction for the President and Chief Customer Protection, Market Conduct,
fied, defined, measured, monitored and Executive Officer, the Instruction for the Prevention of Money Laundering and
controlled. The most relevant risks from Activities, the Group’s Credit Instruction, Financing of Terrorism and Regulatory
a sustainability perspective are credit Instruction for handling of Conflicts of Systems and Control. The Group Com-
risk, operational risk and reputational Interest, Ethics Policy, Risk Policy, In- pliance function is fully independent
(business) risk. A clear and effective struction for procedures against Money from the business operations, although
structure for responsibility distribution Laundering and Financing of Terrorism, it serves as a support function for the
and governance is essential to manage Remuneration Policy, Code of Business business operations. It is also separated
the risks encountered. seb attaches Conduct and the csr (Corporate Social from the legal functions of the Group.
great importance to the creation of Responsibility) Policy are of special During 2010, the csr Policy will be
clearly defined roles for officers and importance. updated.
decision-making bodies.
Sustainability compliance For further information about Corporate
The Board of Directors and the Group Compliance is responsible for Governance at seb, please consult the
President perform their governing and securing group-wide compliance with Annual Report, pages 57–64.

our priorities environment
Reducing our
footprint Reaching this target requires invest-
ments, collective efforts and a change in
mindset and behavior.
The decision has instigated numerous

action plans throughout seb. We have
Reducing environmental impact is reduce and accurately report on the also devoted resources to make sure
a major concern for seb and our information requested by investors, that we measure our emissions correctly
customers and employees. We also want and capture all emissions we are directly
stakeholders. By expanding the
to engage our stakeholders. accountable for. A specific co2 Emission
use of renewable energy sources, Reduction steering group is in place to
changing travelling patterns and We apply a five-step approach known as safeguard the operational work. The Head
improving energy and resource the carbon management hierarchy: of Group Procurement and Real Estate is
efficiency throughout seb, we aim responsible for managing this initiative.
to reduce our co2-emissions by 1. Measure and report our carbon
footprint Measuring and reporting
25 per cent until 2011 and by 45
2. Avoid carbon intensive activities Our ambition is to measure the full
per cent until 2015. when possible impact of our operations. Currently,
3. Reduce energy consumption and we account for the co2 emissions from
Our ambition is to measure business travel operations over which we have control,
4. Replace fossil energy with renewable such as energy and electricity use in our
the full impact of our opera- energy own buildings, paper consumption and
tions. Currently we account 5. Offset our remaining co2 emissions
through purchasing verified emissions
business travel (Scope 2 and 3 emis-
sions according to the Greenhouse Gas
for the co2 emissions over reductions from high quality projects. Protocol). We include the emissions
from eleven countries, accounting for
which we have control. By 2015, we aim to have reduced our more than 90 per cent of our income
carbon footprint by 45 per cent. and 98 per cent of our employees. →
over the next decades, global warm-
ing will likely lead to rising sea levels,
changing ecosystems, and increasing
occurrence of weather extremes. Cli-
mate research shows there is increasing
risk of serious, irreversible impacts from
Cutting co2- emissions
45%
climate change if substantial action
is not taken. We are conscious of our at seb by
responsibility to do what we can to try to
mitigate these developments.
Our approach to protect the

until 2015
environment
The focus of our work to reduce seb’s di- –15% –30% –15%
rect environmental impact is to measure
our carbon footprint in order to reduce
our footprint over time, compensate for –70%
those of our emissions that we cannot

Carbon Reductions in paper use Ongoing
chasing at SEB Green company car policy Decided 2009

Switching to green electricity in
We expect the Germany, Estonia and uk Germany implemented from January 1, 2010
following items to Introducing energy efficiency
be among key programs in main buildings Ongoing
contributors to More carbon-friendly business travel Ongoing, new business travel policy adopted early 2010
achieving our co2 We have established a dedicated web site to describe what we do to reduce carbon
reductions emissions at seb. It is found at: → www.carbonchaser.com
Carbon offsetting at SEB

we offset our carbon emissions through
investments in carbon-offsetting projects accord-
ing to the un certification scheme under the Kyoto
Protocol (the Clean Development Mechanism, cdm).
All chosen projects must also meet Gold Standard
criteria, meaning that they should not only result in
real and verifiable carbon offsets but also contribute
to sustainable development and social benefits in
those societies where the project takes place.
Solar cooker project in China

Our first carbon offset project is to provide solar
cookers to households in the rural Ningxia Hui
region in the northwest of China. This region is one
of the poorest in the country.
The project is targeted at replacing coal consump-

tion by solar energy in the Haiyuan County, a dry
mountain area in southern Ningxia. Through our
contribution, we subsidise some 17,000 solar cook-
ers that can be used for cooking and water boiling,
ultimately saving 35,000 tonnes of co2 emissions
each year. The project also promotes sustainable
development of this region, in that it trains people
on the use of solar energy and builds awareness in
environmental protection.
Sweden Green Buildings are estimated to account

for 30 to 40 per cent of energy use
The organisation aims to support the
transformation to greener property
Building Council: globally. As a large provider of com-
mercial property financing, we want
construction and real estate manage-
ment by influencing decision-makers,
Promoting to contribute to sustainable building
practices and energy efficiency in
disseminating knowledge and devel-
oping various supportive tools. One
greener real buildings. During 2009, we therefore
co-founded the Sweden Green Building
important task is to champion the
development of commonly accepted
estate Council together with eleven partners. green building standards.
→ We follow progress and report results on that we want to implement. How should A new business travel policy aimed at
a quarterly basis. investments be split between landlord reducing carbon-intensive travel was
and tenant? How can the energy gains developed in 2009. We seek to replace
Emission baseline be shared? These are questions that are air travel with train whenever possible, fly
In 2008, a comprehensive feasibility not always easy to answer. with greener air fleets and reduce overall
study was performed to clarify the business travel through increased use of
current amount of carbon emissions To establish a financial framework for video and web conferencing. This policy
generated by seb. We learned that seb how tenants and property owners can was adopted in early 2010.
affected the atmosphere with some co-operate on energy-efficiency invest-
35,000 tco2 annually. The study formed ments and other measures, we have In 2009, we increased
the basis for the decision to reduce our begun a pilot study together with the
emissions by 25 per cent until 2011 and Swedish Energy Agency, the technical
the share of green
by 45 per cent until 2015. Included in consultancy firm åf and the property cars to 29 per cent
the scope were main buildings and data owners of two of our largest facilities, of the fleet.
centers, our leased car fleet, business air Sergels Torg and Rissne in Stockholm.
travel and paper use. We expect this pilot to be finalised
Reducing paper use
during 2010. The findings will be shared
Each year, we print nearly 80 million
During 2009, we verified the initial data with the wider business community.
account statements, payment notifica-
and added more activities, most impor-
tions and other customer notifications,
tantly our branch network. The total We also engage in external green office
and send out some 30 million physical
annual emissions baseline then grew initiatives. seb Finland has adopted
mailings. A large share of these print-
to 51,000 tco2. We did however not the World Wildlife Fund’s Green Office
outs can be eliminated by increasing
change our reductions targets. guidelines to improve office eco-effi-
the use of electronic statements and
ciency and will be audited during 2010.
notifications. The customer output
Reducing energy consumption in
management project we have launched
offices and data centers In 2009, we focuses on reducing paper output and
We are currently involved in numerous
projects related to reducing energy con-
reduced energy developing new customer interface
consumption solutions, so that information from seb
sumption from the office space that we
is easily accessible and presented in
own or rent and the data centers that in own buildings a simple and compelling way across
we manage. These include installing
automatic light switches, using lowen-
by 2 per cent. different media platforms. Our target for
2010 is to reduce paper consumption by
ergy light bulbs and improving energy
20 per cent.
efficiency through better time-steering Reducing carbon-intensive company
of ventilation and lighting systems, for cars and business travel
example. We also review heating and In late 2009, a new company car policy In 2009, we reduced
cooling systems to implement energy for seb was adopted, affecting some total paper
efficiency programs. 1,000 leasing cars. Over a three-year consumption
period, beginning with Sweden, all leas-
Since most of our office space is rented, ing cars will be transferred to green cars. with 156 tonnes.
it is imperative that we find a common After adjustments to local conditions,
ground for dealing with the financial as- the car policy will be implemented in In the uk, where 1,300 customers previ-
pects of the energy-efficiency measures other markets during 2010. ously received up to 10,000 individual

environment our priorities
paper statements monthly, we have space. The annual co2 savings are ergy and end-use energy efficiency, thus
switched to e-mail. This not only re- 10,000 tonnes. promoting a fundamental shift in energy
duced co2 emissions and costs but also use while promoting local economies.
increased customer satisfaction. Offsetting our remaining emissions In 2009, we invested in a cdm project in
We offset our carbon emissions based on northern China (see page 17).
Replacing “brown” energy with the previous year’s emissions. This is done
“green” through a Clean Development Mecha- Working together with our suppliers
Replacing fossil energy sources with nism project, cdm. All cdm projects are We work closely with a number of our
renewable ones is a key concern and will controlled by the United Nations Frame- suppliers in order to improve our envi-
be implemented as soon as possible in all work Convention on Climate Change ronmental performance. We request an
our main markets. This is the case already (unfccc). Our offsetting projects must environmental policy from all suppliers
in Sweden. Effective from January 1, 2010 also meet Gold Standard criteria. with which we have a framework agree-
all our energy use in Germany is green, ment. All of the major suppliers have
affecting a total of 185,000 sq.m. office Projects are restricted to renewable en- supplied such policies.
Engagement activities 2009

Engaging youth and students to participate in a breakfast seminar,
In Latvia, we carried out the “Ideas-Peo- discussing what an effective climate and
ple-Changes” campaign, highlighting energy policy look like.
climate change and the global warming
problems to young people. The film Engaging policy makers and
“The 11th Hour” was a central part of the professional bodies
campaign and the campaign web site seb was among the group of 950 global
www.11stunda.lv generated thousands corporations that signed the Copenha-
of ideas for a greener life style. In all, gen Communiqué in the run-up to the
11,000 young people from all over 2009 United Nations Climate Change
Latvia got involved. Conference, cop 15.
We also arranged a seminar to- In advance of the un negotiations, Klas

gether with the Gothenburg School of Eklund participated in an international
Economics in Sweden, targeting the research cooperation together with
school’s partner companies, alumni leading Chinese economists, sir Nicho-
and students. Klas Eklund, our senior las Stern and the Stockholm Environ-
economist, presented his views about ment Institute. The aim was to perform
the need for economic instruments, how a climate economic analysis of forth-
organisations and businesses will be coming challenges for China. The work
affected and how to act smartly in the and its implications on Europe, was also
era of “green capitalism”. presented by Eklund for the European
Commission’s economic advisory group.
Engaging customers
We are committed to sharing our experi- During cop 15, our Head of Corporate
ence with customers in various ways. In Sustainability was invited as the key
2009, some 60 investors, investment note speaker in a seminar for financial
advisors, and representatives of envi- industry representatives arranged by
ronmental organisations and agencies, unep Financial Initiative and Danske
were invited to a workshop seminar on Bank. The purpose was to discuss cli-
green bonds in London. Also, during the mate change issues and how to ensure
Swedish Open tennis tournament, we funding for necessary investments in
invited 140 customers and employees this field.

Sustainable finance
and investments We finance the development and
production of equipment used in waste
management and water purification. We
are engaged in the build-up of renew-
able energy infrastructure and the
introduction of new, “greener” products.
As a large corporate bank and a low-carbon economy and a more
asset manager we have signifi- sustainable world, both capturing the We are also engaged in arranging capital
opportunities and managing the risks. markets solutions with a sustainability
cant indirect impact and recog-
In the process, we will be looking more profile. As the sole lead manager, we
nise our responsibility to contrib- actively for opportunities that have an have assisted the World Bank in four
ute to sustainable development. environmental and social benefit as well consecutive raisings of green bonds for
Addressing environmental and as a viable economic return. a total of more than usd 1 billion (see
social aspects in financing and page 23). The investor interest for these
investments is not only a question Solutions to the social and environ- bonds has inspired other issuers, includ-
mental challenges that the world faces ing governments and corporates.
of risk, but also of opportunity.
require financial assistance in order to
be realised. seb can today provide some
products and services that help indi- SEB:s credit portfolio 2009
viduals, companies and governments
respond to the challenges. Share of credit portfolio, per cent %
Banks 17
Financing change
At seb, the financing of industrial activ- Corporate 36
ity and commercial property accounts Finance and insurance 4
Growth of world’s wind power-
for a significant share of our business. Wholesale and retail 4
generating capacity in 2009 Transportation 3
We have assisted Nordic industrials for
(Source: Global Wind Energy Council) well over a century and today count Shipping 2
many of the largest companies in the Business and household services 6
adapting to and mitigating climate region among our clients. Construction 1
change is just one of the challenges Manufacturing 10
facing the world in the coming decades. Through our financing activities, we Agriculture, forestry and fishing 0
The rapidly growing population, expected are exposed to sectors that carry Mining 1
by the United Nations Population Fund substantial environmental and social Electricity, gas, water supply 3
to rise from 6.6 billion today to 9.2 billion impact, including energy, transporta- Other 2
by 2050, urbanisation and continued tion, mining and manufacturing. We Property Management 14
globalisation are other factors that will are also engaged in sectors with less Commercial real estate 8
put tremendous strain on energy and pronounced impact, including busi- Multi-family housing 6
food supply, waste handling and access ness services, media & entertainment
to clean water, among other things. The and retail. Public Administration 5
demand for solutions and technologies Households 28
to mitigate and help to adapt to sustain- Many of our customers have come far Households mortgages 22
ability challenges will be immense. This in their sustainability practices and Other 6
development has already started. we support them through lending,
global payment solutions and corporate Total 100
We aim to support the transition to finance, for example.

In Estonia our co-operation with the used for large, complex and expensive Assessing the environmental and social
Credit and Export Guarantee Fund installations such as power plants, impacts of providing finance to our cus-
Kredex enables lower margins for in- refineries, waste treatment plants and tomers is embedded into our overall risk
vestment projects that improve energy transportation infrastructure. seb has management processes; environmental
efficiency with at least 30 per cent. not engaged in any project finance ac- criteria have been included our credit poli-
tivities above the ep threshold in 2009. cy since 1997. In 2004, we broadened the
perspective to include other sustainability
Solutions to the social and One of our largest financings to date aspects such as human rights, interna-
environmental challenges was for the construction of a biomass tional labour standards and reputational
powerplant in northern Sweden, risk. A special section of the credit policy
that the world faces require formally inaugurated in 2009. Out of emphasizes our social responsibility.
forest-based biomass the power plant
financial assistance in produces renewable energy in the form
order to be realised. of steam, electricity and district heating.
The plant has a maximal yearly energy
Sector policies
production of 1.1 TWh, equivalent to the and position
For our private customers in Sweden, we yearly energy usage of nearly 60,000
have since 2006 offered the Green Car houses. statements
Loan for financing at subsidised interest
rate levels of cars that meet local envi- Managing sustainability risk For certain industry sectors we are in the
ronmental certification criteria. During In our role as a large corporate bank and process of developing sector policies,
2009, some 1,300 Green Car Loans were asset manager we have considerable in- highlighting the social and environ-
approved, an increase of 30 per cent. direct impact. We want to work together mental standards we expect in order to
with our clients in order to drive sustain- provide services or make investments.
Equator Principles able growth, protect the environment
seb was the first Nordic bank to adopt and contribute positively to societies. As We have initially selected some ten
the Equator Principles (ep) on project part of this work, we need to enhance sectors for review and aim to introduce
financing, a voluntary set of guidelines our understanding of the sustainability our first policies during 2010, beginning
to help the financial industry assess so- aspects that are of relevance to different with the Arms and Defense, and Mining
cial and environmental issues in project industries and let this insight have an and Metals sectors. We focus on sectors
financing. Typically, project financing is influence on our business practices. where there is a high level of environ-
mental and social aspects to be con-
sidered and which are of relevance to
our business. Apart from those, we are
also about to introduce our first position
statement, on Climate Change.
Developing sector policies and intro-

ducing them into our financing and
investment processes is a complex
task. It is particularly challenging when
dealing with small and medium-sized
enterprises, where credit decisions are
often based on credit scoring systems
from external partners and where there
are more limited resources for individual
company analysis.
Our policies are developed by a cross-

functional task force comprising senior
staff members from our divisions, Group
Credits and other key Group functions.

Sustainable investments institutional portfolios with a sustain- Global Index Fund in 2009. The fund
We support sustainable development by ability profile, up from sek 3.3 bn. invests in some 300 companies deemed
offering investment products designed by an independent sustainability advisor
to meet a variety of concerns and Three categories of funds are currently to be among the world leaders in cor-
responsible investment preferences offered: porate sustainability. The fund selection
among seb’s customers. We also act combines positive and negative screen-
through our Venture Capital unit, which • Funds that exclude companies ac- ing criteria, and excludes the tobacco,
provides venture capital and compe- cording to negative screening criteria alcohol, gambling, armaments, firearms
tence to companies with substantial such as weapons, alcohol, tobacco, and adult entertainment industries. Fol-
growth potential. pornography and gambling. lowing the redesign, the fund has grown
• Funds that apply the Global Ethical from sek 95 m to over sek 1 bn.
Our sustainable invest- Standard screening criteria. These
funds exclude companies that have SEB Venture Capital
ments product portfolio violated international standards for Our venture capital arm seb Venture
human rights, labour rights, environ- Capital invests in companies that show
is evolved in tandem with ment, corruption and weapons substantial growth potential, mainly in
customer demands. manufacturing. the technology and healthcare fields.
• Funds that only invest in companies Several investments have a clear sustain-
that are leaders in corporate respon- ability profile. Among investments that
Sustainable investment products sibility (positive screening). have been sold are Procoat (tire recy-
seb manages 12 Socially Responsible cling), BenRad (water purification) and
Investment (sri) funds. By year-end We continuously seek to evolve our Mestilla (production of biodiesel). Cur-
2009, assets under management in product portfolio. Responding to insti- rent portfolio companies include 3nine
these funds was sek 10.2 bn, an increase tutional client requests for a global fund (technology for purifying oil mist and flue
of sek 4.7 bn versus the previous year. with a clear ethical and sustainability gases) and Xylophane (renewable barrier
In addition, we managed sek 4.9 bn in approach, we redesigned the seb Ethical material for packaging based on xylan).
SEB finances
world’s greenest
coast guard vessels
In 2009, the Norwegian coastguard
took the first of three new vessels of the
Barents Sea class into operation. The
vessel, which runs on natural gas instead
of diesel oil, is an ice-strengthened
multi-purpose vessel that will be used for
fishery inspections, oil spill prevention
and search- and rescue operations. It
can also be used as a tugboat to assist
larger boats.
The Barent Sea class is the world’s

greenest coast guard vessel. The ship
is a hybrid, and when running only on
gas it reduces its nitrous oxides, NOx
emissions by 90 per cent and its carbon
dioxide, co2, emissions by 25 per cent.
seb provides financing to two of the

three new vessels. Our relationship with
Remøy Management as, the vessels
operator, and the Norwegian coastguard
started in 2005.
World
Wor
Wo
W orld
orl
rld
ld
dBBan
Ba
Bank
ank
annkk
Improving energy efficiency in public
buildings in Montenegro
Additional capacity and greater energy efficiency is badly
Gre
Gr
G
Green ree
een
ee
en n Bo
Bon
B ond
onnds
nd
Bonds dss needed to meet the growing energy demand in Montenegro,
which currently imports power to make up for diminishing
power production by the state power company due to old
tto o dr
driv
dri
d riv
ive
driveve
e
structures, limited investments and run-down facilities.
The Montenegro Energy Efficiency Project is designed to im-

prove energy efficiency performance in targeted public sector
sus
ssu usta
ust
stai
sta
tain
tai
aina
ainina
na
nab
abi
abil
sustainabilitybil
bili
bilit
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ility
lity
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tyy buildings, including schools. The investments finance energy
efficiency measures such as retrofitting to improve heating
systems, insulation, and thermostatic valves, as well as related
inv
iinnve
nv
ves
veest
esstm
tm
meent
men
investments ennttss
nts heating substations and transmission networks. Through
the project, the Government of Montenegro also seeks to
demonstrate how sustainable energy efficiency improvement
iin
ndde
dev
ev
eve
vel
velo
elo
elop
lop
op
opi
opin
pin
ping
developing ing
ngg
programs can be undertaken.
Scaling up renewable energy systems
ec
eco
eco
con
on
ono
no
nomom
economiesmies
mi
mieess
in Argentina
The World Bank has previously contributed to introduce re-
newable energy systems in dispersed rural areas in Argentina.
The Renewable Energy in the Rural Market Project has pro-
vided access to electricity to 8,000 homes and 1,900 schools
seb and the world bank pioneered green bond financing using primarily solar and wind energy technologies.
in late 2008, when the World Bank introduced green bonds
into its funding programme for the first time. During 2009, the The Green Bonds provide additional financing to scale up the
World Bank made a further two green bond issues, as well as program. Through installation of equipment including 15,500 so-
augmented its initial offering on two occasions. A fourth issue, lar home systems, 630 solar photovoltaic systems to supply rural
in early 2010, meant the total amount raised through green schools and public services and 2 biomass generation projects,
bonds now exceeds usd 1bn. it is estimated that about 19,000 households can get access to
reliable electricity using renewable energy technologies.
The World Bank Green Bonds are designed to raise additional
funding for projects or programs that support low-carbon The goal is to develop a sustainable electricity market served
activities in World Bank client countries. They respond to and financed by private concessionaires. The challenge is to
growing interest from institutional investors for highly rated design a scheme that minimises government subsidies, but
fixed-income products that support sustainable development. enables private investors to obtain a fair return for their par-
A key feature valued by many investors is the due diligence ticipation, and provides power to poor communities at a price
process that the World Bank environmental specialists conduct they can afford.
to identify and monitor green bond supported projects. Two of
the projects are described to the right: → www.worldbank.org

our priorities governance
Responsible selling
and marketing Estonia, Latvia and Lithuania, which
form part of our home markets and
account for some 11 per cent of our op-
erating income. The Baltics experienced
dramatic declines in gdp during 2009
and domestic demand has plummeted.
Our foremost responsibility is to mutual respect and professionalism, and The difficult economic situation has
our customers, many of whom includes specific procedures for reporting resulted in rising loan impairments and
possible violations. credit losses.
have entrusted us with their
business for decades. We are Lending responsibly We work closely with our Baltic custom-
expected to act responsibly and Ensuring that our customers can afford ers in order to minimise losses, both
with a long-term view throughout to manage their debt is a key compo- for the Bank and for our customers.
good times and bad. nent of all responsible lending. This We recognise that this is often a highly
is why our credit decisions are always emotional process and seek to perform
based on the customer’s repayment our duties with integrity, respect and a
In our dealings with abilities. In our Merchant Banking view to strengthen long-term customer
customers we are guided division, which deals with our largest relations. Over 200 people from our
clients, we have a large credit analysis Special Credits Management team
by our Code of Business function whose purpose is to provide are involved in reviewing credits and
balanced, independent advice based on working with our customers to develop
Conduct, which embodies prudent credit practices. action plans.
our approach to all our
In our Retail Banking division, which pri- We apply different work-out strategies
business dealings. marily deals with our private and smaller depending on the type of collateral and
corporate customers, we apply credit customer. For commercial real estate
customers put their confidence, scoring methods and information from and land plots, our strategy is based on
reliance and trust in their relations with credit information agencies to gain in- the experiences of the Nordic banking
a bank. Such a relation requires banks sight into the customer’s entire financial crisis in the 1990s. Shareholder value
to set its clients interest first and not situation before taking our decision. can be protected and markets can
expose itself to undue levels of risk. be stabilised if real estate assets are
We encourage a conservative approach incubated and professionally managed
At seb, we are committed to a conser- to leverage, particularly in these times of until the economic recovery has started
vative banking model. We believe it is exceptionally low interest rates. In late and demand for such assets returns. We
essential for a bank to focus on market 2009, we tightened our credit-granting have three operational real estate hold-
segments and customers it knows well criteria for Swedish mortgage loans, in ing companies in Estonia, Latvia and
and to take a prudent approach in all its order to discourage excessive borrowing Lithuania where we expect to accumu-
business dealings. This model has served and safeguard asset quality. late assets over the next few years.
us and our clients for well over a century.
Working with customers in a downturn For private homeowners, we work to
Code of Business Conduct As this report is written, world econo- find solutions that enable them to
seb’s Code of Business Conduct embod- mies have stabilised after the ex- remain as owners of the property. These
ies our approach to all our business traordinary dislocation brought on by may include a grace period for amor-
dealings, including interactions with the financial crisis. However, several tisations and capitalisation of part of
customers. The Code is based on our countries are still suffering considerably. the unpaid interest amounts. We also
four core values: commitment, continuity, These include the three Baltic countries play an active role in discussions with

governance our priorities
public authorities on contructive crisis We received the award in 2009 for the
resolutions. second consecutive year. Enkla Firman Core values to
is a product that combines basic bank-
Responsible selling and marketing ing products such as cheque accounts, support strong
We emphasize high standards for em-
ployee training, product development,
bank giro numbers and credit/charge
cards in an Internet Office format.
customers relations
marketing and sales as well as after-
sales service processes. It is vital that our Acknowledging when we fail Mutual respect
customers understand the risks involved We strive for the highest professional Ethics and trust are the basis for everything
we do. We care for and respect the individual.
in their dealings with us and that our standards in our customer dealings. We actively listen to and cooperate with our
proposed solutions are appropriate to There are however situations where we customers, colleagues and shareholders. We
the customer’s needs and desired risk fail. In 2009, we decided to compensate value diversity and openness.
appetite. By using focus groups as part institutional investors in Estonia after
of the product development process we failing to fulfill our information obliga- Continuity
seb is a modern bank with a strong heritage and
can acquire customer feedback prior to tions as collateral agent for an Estonian a tradition of building long-term relationships.
product launch and gain insight regard- company’s private bond placement. We stick to our strategy and take tough, but
ing its perceived benefit. We also have well thought-out, decisions and implement
elaborated systems and processes in We also decided to compensate mutual them accordingly. We develop, step by step, as
place to deal with customer complaints. fund investors for failing to inform about we move towards the future. We follow up on
results and learn from experience.
Customer feed-back forums

As part of our work to improve cus-
tomer satisfaction, we regularly perform
customer feedback surveys. In our
Retail Banking business in Sweden, we
perform some 4,000 customer interviews
monthly. These provide insight into the
key drivers of customer satisfaction and
enable us to identify high and low-
performing branches and individuals. As
a result, we can put into place appropri-
ate training programs. Better information
about customer perceptions also allow
us to make customer satisfaction a more
integrated part in how we evaluate and
set targets on the individual level.
Since 2008, our surveys are based on the

Net Promoter tool, which assesses cus-
tomer loyalty on the basis of how likely a
customer is to recommend seb to a friend
or colleague. This methodology was the use of “Swing Pricing” in certain Professionalism
expanded into our Private Banking and funds. Swing Pricing is a method where- We work together with our customers, colleagues
Cash Management units during 2009. by active investors bear a larger share of and society with a high level of integrity and
competence. We are proactive and account-
trading costs than other investors in a able for our actions in order create growth and
Facilitating banking for the fund. It is no longer in use at seb. profitability both for our customers and our
smaller firms shareholders.
In order to make financial services Responding to sustainable products
easier to use for small and medium- Our customers are increasingly looking Commitment
We act on our promises with strong and lasting
sized enterprises we launched the Enkla for financial products that provide dedication. We make every effort to achieve
Firman (“Simplicity for sme’s”) concept environmental and social benefit while our common goals and we show courage along
in 2007. This concept has contributed satisfying demands for a competetive the way. We walk that extra mile to exceed our
to our recognition as the “Best bank return or cost for funding. Our approach customer’s expectations and show discipline in
for sme’s”, awarded by the business is described in the chapter Sustainable the follow-through.
magazine Privata Affärer in Sweden. finance and investments on page 20.

Tackling
financial crime By year-end 2009, nine out of ten seb
employees had passed the general aml
training programme.
Our Head of Group Compliance is

functionally responsible for procedures
Financial crime, in particular standards have been endorsed by more against money laundering and financing
money laundering and terrorist than 180 jurisdictions around the world. of terrorism, ensuring that our control
systems, processes and routines work
financing, has become a large-
Strategy and management in an efficient manner and that our staff
scale international problem. Pre- We devote considerable resources receives adequate training. The Head of
venting it requires international to prevent the damaging effects of each business unit is ultimately respon-
collaboration, trained staff, and financial crime activity on our business, sible for risk assessment, reporting and
sophisticated systems for financial our customers and society. We focus on risk mitigation.
crime detection and compliance. three key areas:
To manage and mitigate financial crime
• Actions to prevent money laundering risks, we apply a risk-based approach.
The largest Swedish banks and financing of terrorism Enhanced due diligence is required
have joined forces to prevent • Compliance with government sanc- for customers, products and countries
tions against criminal suspects where the risk that the Bank is used for
and obstruct payments for • Fraud prevention money laundering and financing of ter-
rorism is deemed higher.
child pornography. We place strong emphasis on employee
training in our efforts, and provide both Enhanced procedures against money
the scale of financial crime activity general and tailored financial crime laundering and financing of terrorism
has risen tremendously, in pace with prevention training programmes. All During 2009, we introduced global man-
increased global connectivity and use of employees must pass our general anti datory minimum standards through-
online services. The fight against money money laundering (aml) e-learning pro- out the seb Group to combat money
laundering and terrorist financing gramme, which is a mandatory part of laundering and financing of terrorism.
is now a priority in the international the introduction for all new employees. We now have a uniform approach in
community, given the concerns about
the possible consequences of these
activities on global economies and on
international financial stability. Online New Fraud Prevention Strategy
fraud schemes, relying on malicious
In 2009, we concluded a two-year project to develop and implement a new Fraud
e-mails or fraudulent Web sites, have
Prevention Strategy for the seb Group, excluding seb Card. This comprised:
also multiplied.
• Updated fraud prevention instruction, including local fraud prevention
In order to prevent and combat financial guidelines and reporting routines
crime, international agreements as well as • Training program for security staff, and awareness program (e-learning)
common measures and rules are neces- for all staff
sary. We are affected mainly by current • Internal anti-fraud measures
European Union anti money laundering - pre-employment screening
legislation, which conforms to recommen- - identity management
dations by the intergovernmental body - standardised rules for physical access
fatf (Financial Action Task Force). fatf • Internet banking security

all our markets and business divisions, Transaction monitoring ruption. We are also required to apply
comprising detailed instructions for risk In addition to the sanction screening enhanced due diligence procedures to
assessment, risk management, risk miti- that is performed before payments are their account. We may ourselves also be
gation and reporting. Deviations from processed, we also monitor transactions directly affected, in that our employees
the new standards are only acceptable if for suspicious activity after they have engage in bribery or corrupt activity.
the deviation means a stricter procedure been executed. We apply trend monitor-
or if local legislation prohibits applica- ing software to identify unusual activity Whistle blowing procedure
tion of the minimum standard. that otherwise would have been difficult Our whistle blowing procedure encour-
to detect by our employees. ages our employees to raise concerns
A sound Know Your Customer program about possible violations to seb’s Code
is instrumental to attain compliance with Credit card fraud of Business Conduct. If employees feel
requirements on financial crime preven- Credit card fraud, a wide-ranging term that they are not getting an appropriate
tion. It helps us to get to know and related to the use of credit cards or or adequate response at the local level,
evaluate information about the customer debit cards as a fraudulent source of or if the issue raised is of importance
from a business and regulatory perspec- funds in a transaction, is one of the beyond the local level, we have estab-
tive. Each customer undergoes due most common financial crimes. lished channels to the Group level.
diligence in our risk assessment process.
Enhanced due diligence measures are The fraud prevention unit at seb Card
applied in cases where the circumstanc-
es indicates higher risk. Our trainings
monitors over 3.2 million credit and debit
cards and some 600,000 daily transac-
Swedish financial
on money laundering are tailored to the tions and authorisations. To combat coalition against
inherent risks applicable within each the rising level of fraud activity we
division and business unit. introduced a more sophisticated fraud child pornography
prevention module, the Fraud Preven-
tor, in our authorisation system during the commercial exploitation of
We provide tailored money 2009. The Fraud Preventor enables us children has increased dramatically in
laundering training for to apply a variety of techniques to stop recent years. To seek to counter this
ongoing fraud attempts earlier and more development, seb in 2009 joined the
employees that deal with efficiently. Together with measures to recently formed Swedish Financial Coali-
improve card security and the security tion against Child Pornography.
client-related matters, of Internet payments, this contributed
operate in areas which to reducing card fraud costs in 2009 by The purpose of the coalition, which en-
more than sek 30m compared with 2008. gages all of the largest Swedish banks, the
may represent high risk Swedish Banker’s Association, the Swed-
Bribery and corruption ish Police and the non-profit organisation
or otherwise have special Bribery and corruption are unwelcome Ecpat, is to join forces to prevent and
needs of money but still exist in international business obstruct payments for child pornography
practices, more prevalent in certain through the Swedish financial system. It
laundering knowledge. countries and industries than in others. builds on existing measures undertaken
Corruption threatens good governance, by the banks and card issuers visa and
sustainable development, democratic Mastercard to prevent payments to com-
Screening to ensure sanctions processes and fair business practices. panies involved in criminal activity.
compliance
The impact of sanctions violations poses Working to prevent bribery and corrup- As part of the agreement, Swedish banks
significant reputational and operational tion touches upon both our procedures will be co-operating closely with the Swed-
risk, as has been demonstrated in a num- against money laundering and our Code ish Police, providing the Police with tools
ber of cases involving banks that violated of Business Conduct. to facilitate the identification of compa-
us sanctions to Iran and other countries. nies that commercialise child pornography
To ensure sanctions compliance, we In our monitoring of potentially suspi- and to block payments to them.
regularly screen our customers against cious financial activity, we are required
applicable sanctions lists. We also screen to identify politically exposed people The Swedish coalition model serves as
all international payments against the (pep’s), persons that hold or have held the role model for the recently
sanctions imposed by the European important political functions in a coun- launched European Financial
Union and the us Treasury Department’s try and are therefore considered to have Coalition against child sexual
Office of Foreign Assets Control. a higher risk of being involved in cor- abuse content on the Internet.

Responsible
ownership The ownership policy of seb Investment
Management has been updated to reflect
the increased emphasis on responsible
ownership (effective as of February 2010).
Incorporation of sustainability
As an institutional investor, seb We perform our ownership role primar- criteria in investment management
seeks to promote sound princi- ily through participation in election To screen the companies we invest in
committees; by exercising our voting regarding their compliance with inter-
ples for corporate governance
rights before and during the Annual national conventions and guidelines on
and corporate responsibility. We General Meeting; through dialogue with environment, labour practices, human
place importance on structured portfolio companies and through col- rights, inhumane weapons and corrup-
sustainability work in our portfo- laboration with other shareholders on tion is an important part of our work. At
lio companies, which we believe corporate governance issues. the end of 2009, we signed an agree-
is a prerequisite for long-term ment with ges Investment Services to
seb was represented on the nomination perform the screening on our behalf, and
value creation and attractive
committees of 23 companies in 2009: to provide company analysis.
financial returns. Avanza, Axfood, Beijer Electronics, Bil-
lerud, Björn Borg, Elekta, Eniro, Fabege, We believe that companies
Investors that have signed Getinge, Hakon Invest, hms Network,
Intrum Justitia, jm, Latour, Loomis, mtg, who actively manage the
the un Principles for Niscayah, Orc Software, Oriflame, sas,
environmental, social and
Responsible Investment sca, Securitas and TeliaSonera.
governance aspects of
collectively manage over Our ambition is to participate at those
Annual General Meetings where we are a their business can reduce
usd 20 trillion of assets. major shareholder or where the holdings
are important for the overall return of the risks and capture new
seb is one of sweden’s largest institu- funds. In 2009, we participated and voted opportunities.
tional shareholders, investing on behalf at around 50 Annual General Meetings.
of private, corporate and institutional
clients in companies around the globe. Principles for Responsible Investment Companies will be screened for possible
To act responsibly as an owner forms By signing the un Principles for Respon- violations twice a year. The assessment
an important part of the mandate given sible Investments (pri) in 2008, we is made within the framework of the un
by our customers. At year-end 2009, recognise that environmental, social, Global Compact, interpreting more than
we had sek 1,275 bn of assets under and governance issues can affect the 50 international conventions including
management. performance of investment portfolios. the un Universal Declaration of Human
We also recognise that the application of Rights, the International Labour Organi-
Corporate governance the Principles can better align investors zation’s Fundamental Conventions and
Our focus as an active owner is con- with broader objectives of society. It is the oecd guidelines for Multinational
centrated to those portfolio companies therefore an important step in our con- Enterprises. Engagement with or exclusion
where we are a major shareholder, i.e. tribution to the un’s efforts to promote of a portfolio company is recommended if
where we own more than 4 per cent of good corporate citizenship and to build at least one of the following criteria is met:
the outstanding shares. In practice, this a more stable, sustainable and inclusive
means a concentration to Nordic listed global economy. We will submit our first • An examination by an official and
companies. pri progress report during 2010. credible body confirms the connec-

tion between the company and the that we are still in the early stages of
reported violation. engaging with portfolio companies and
• Sanctions against the company have that instigating change can take time.
been issued by regional/national
courts or an official body. PRI Council established in 2009
• The company has admitted responsi- To create a governance structure for
bility for the incident(s). dealing with responsible ownership is-
sues, we established a pri Council during
A portfolio company can be subject to 2009. Its members include the Head of
dialogue or exclusion even if it is not seb Investment Management ab, our
violating international conventions, Global Head of Investment Management,
but otherwise can be considered to be our Global Head of International Sales
violating or ignoring sound ethics and and the Head of Institutional Clients
important environmental concerns, or in Sweden. The purpose of the pri Council
some other serious manner is deviating is to develop the ownership dialogues
from desirable governance principles. with selected companies and to integrate
environmental, social and corporate
The development of indu-

governance issues in our policies and Oil sands exploration:
actions.
try sector policies within Consistent with
seb will further advance
Working together with other investors
In 2009, thirteen institutional investors
responsible
our ability to distinguish
responsible for managing nearly 20 per investment?
cent of assets on the Stockholm Stock
between desirable and Exchange formed a joint project labeled
new technology, rising oil prices,
“Hållbart Värdeskapande”/Sustainable
non-desirable corporate Value Creation. As a member of this shrinking conventional reserves and
group, we can influence corporate growing oil demand are making oil
behaviour. decision makers and contribute to sands exploration a priority for several
improving transparency on corporate of the world’s largest oil companies.
sustainability efforts. We also get bet-
Exited investments in arms or ter input to our ownership dialogues. This has given rise to great controversy,
weapons manufacturers The investor group’s first survey on because of the significant environmental
Companies involved in the manufactur- sustainable value creation, carried out and social impact that exploration entails.
ing or promotion of weapons that are among the 100 largest companies on Greenpeace calls it “the dirtiest and most
governed by international conventions the Stockholm Stock Exchange, was energy intensive source of oil on the
are excluded from seb’s investment published in early 2010. Of the 84 planet” and wants the activity banned
universe, following a decision taken in companies that responded, 58 per cent altogether. Oil sands advocates argue
2009. Examples of such weapons are said they systematically follow up and that if future global energy demand is to
landmines and cluster weapons. The measure work on sustainability. be met the sands must be explored. With
decision currently embraces actively the right type of technology and other
managed fixed-income and equity SEB Venture Capital measures, they say, development can be
funds, as well as most index funds. Our venture capital arm funds early performed in a socially and environmen-
and expansion stage ventures, often tally responsible manner.
Dialogue over exit in co-investments with one or several
Through dialogue we believe we can entrepreneurs. Our portfolio includes As we embark on making sustainability
address environmental, social and gov- 28 companies in the technology and a core capability within seb, we will likely
ernance shortcomings more success- healthcare sectors. In addition to abiding be required to take a stand on oil sand
fully than by selling our holdings; only as by seb internal policies, the unit adheres exploration and other types of sensitive
a last resort will we exit relationships. In to the Swedish Private Equity & Venture industrial activity. We are not there yet,
companies where we are major share- Capital Association’s Ethical Code of but will make progress as we develop
holders, our intention is to have a direct Conduct as well as the Code of Conduct our industry sector policies and other
dialogue; for minor shareholdings we and Corporate Governance Guidelines position statements. The issues involved
may be represented by external advisors established by the European Private are often highly complex and must be
and organisations. It should be noted Equity & Venture Capital Association. addressed carefully.

our priorities social
Access to financial
services ents are now executed electronically. In
addition to simplifying trades, electronic
fx trading improves productivity for
both the customer and ourselves.
Community for trade professionals

We are keen to introduce tools also co-operates with some 2,000 life To make it easier for trade finance
and technologies that facilitate insurance intermediaries and brokers. professionals to gather and share
knowledge and experience, we launched
access to banking services; seb
Access to SEB 24/7 the Internet community The Benche in
was among the first banks to In our five main countries of opera- 2008. For instance, the Benche makes it
introduce Internet banking for tion, seb customers can reach us via easier to collect information about trade
private and corporate customers. our branch offices, the Internet and conventions in different countries and
In 2009, we assisted in several personal telephone service. In Sweden regions, which is normally both costly
projects to facilitate access to and Estonia, our call centres are open and time-consuming. We have been
around the clock, all year round. surprised to see the interest this com-
finance for people with a foreign
munity has attracted. The community
background. Our Internet and Telephone banking has nearly 2,800 members and 7–8,000
services have been in operation for more unique visitors per month.
After the first year, our than a decade and today accounts for a → www.thebenche.com
large share of the daily contact with our
community for trade finance customers. In 2009, we had 3.5 million Customer service in more than 20
customers use our Internet banking languages
professionals has attracted services; our call centres answered 5.8 Large shares of the population in the
nearly 2,800 members and million calls and over 600,000 e-mails. markets we serve are of foreign origin.
In Sweden, our largest market, private Our customer centre operatives in
records 7 – 8,000 unique and corporate retail customers made Sweden meet customers in more than
67 million Internet office logons during 20 different languages, including Hindi,
visitors per month. 2009; the annual growth rate for logons Panjabi, Persian, Turkish and Urdu. We
over the past three years was 13 per cent are also working on ways to capitalise
we meet our customers in a wide on average for private customers and 10 on the diversity of our workforce to
variety of contexts and seek to render per cent for corporate customers. make the customer contact in our
our services in such a way that a relation branch offices more adapted to the
with seb is perceived as accessible, Simplifying banking through needs of these customer groups.
engaged and rewarding. Our goal is technology
to serve our customers whenever and We have been early to adopt new Stimulating migrant entrepreneurship
wherever they desire. technology such as the Internet to We are involved in several initiatives to
make financial services more adapted support entrepreneurs with a foreign
We have 565 traditional branch offices to customer needs. The introduction of background. These efforts are mainly
in Sweden, Germany, Estonia, Latvia, the Internet office for private customers concentrated to Sweden and managed
Lithuania and Ukraine, as well as private in Sweden in 1996 is one example. We by our Business Development Manager
banking branches and representative were also among the first banks in the for Diversity and Entrepreneurial Sales.
offices in twelve countries. Large cor- world to offer corporate and institution- In Sweden, there are around 70,000
porations and institutions are assisted al clients the possibility to trade foreign companies run by people with a foreign
by client executives, product experts, exchange via the Internet. Some 70 per background, and this is an attractive
analysts and traders in 17 countries. seb cent of our fx trades with corporate cli- customer group for seb.

social our priorities
Together with external Our support of the ifs award ”New verket) and ifs during 2009 to develop
Entrepreneur of the Year” (Årets Nybyg- a web-based interactive learning tool
partners, we seek to gare) intends to stimulate migrant en- about social codes in different cultures.
trepreneurship. The recipient is a person The game (see box below) was launched
support entrepreneurial who has lived in Sweden less than five in February 2010 and is offered free-
activity by people with a years, and who has started his/her own of-charge to all Swedish banks and
business and contributed to growth in financial institutions.
foreign background. the new country. The national winner
of the award is chosen from among The next step is to launch a correspond-
thirteen regional winners. ing online education targeting foreign
Our collaboration with ifs, International entrepreneurs. This time focusing on
Entrepreneur Association in Sweden, Bridging cultural gaps improving knowledge about credit rules
and almi, a public company charged Getting access to credit is one of the and how bank employees think and act
with promoting growth of small and challenges that migrant entrepreneurs in a credit process in Sweden. Jointly,
medium-sized businesses, intends to face. This is due partly to language these efforts will improve mutual under-
support entrepreneurial activity by peo- skills and difficulties in presenting the standing in contacts between entrepre-
ple with a foreign background. There are business concept according to Swedish neurs and bank employees.
currently 1.7 million people in Sweden, norms and customs, but also to short-
or 22 per cent of the population, which comings within the banking system; At seb, the game will form a mandatory
have their roots in other parts of the more knowledge about meeting people part of the introductory training for
world. Analysis by the Swedish Agency from other cultures is needed. all corporate advisors and customer
for Economic and Regional Growth centre operatives in our Retail division
(Tillväxtverket) show that people with To overcome this gap, we worked from 2010.
a foreign background have a greater together with the Swedish Agency for
tendency for entrepreneurship. Economic and Regional Growth (Tillväxt-
Case:
The Multicultural
Bank
The new web-based knowledge game
”The Multicultural Bank” (“Kulturbanken”),
which has been developed by Tillväxtver-
ket in co-operation with seb and ifs, has
been designed for Swedish bank employ-
ees. The purpose is to increase the level
of understanding between banks and
entrepreneurs with a foreign background.
It is a matter of increasing bank employ-
ees’ knowledge about business, social and
other codes in foreign cultures.
The idea of the game is that the Mul-

ticultural Bank commissions the bank
employee to travel the world in order to
work at local branch offices. In Russia,
Lebanon and Chile he or she will meet
customers with other sets of values and
a different business culture. Only after
having worked at all the offices and learnt
to understand and negotiate with all the
people they meet there will they be ready
to return home.
The game (in Swedish only) is found at:

→ www.tillvaxtverket.se/kulturbanken

A great place
to work Our goal is that all seb employees
should have equal opportunities for
development and for making a career,
regardless of gender, ethnic origin,
age, sexual inclination or religion. Our
long-term goal is that each gender shall
More than 20,000 people work at perspective are key to be a trustwor- be represented by at least 40 per cent at
seb. We strive to create a sound thy partner to our customers and a each level within the organisation.
respected member of society.
workplace environment that
We actively work to identify, develop
values diversity and employee An ongoing dialogue and encourage women to take senior
engagement, and encourages We use several channels in order to keep positions. As a routine, there must
performance tuned to customer an open and ongoing dialogue with our always be at least one female candidate
and shareholder interests. people. We make extensive use of the for senior positions. There are several
Intranet for communication and feed- female managerial programmes, such as
back, for example through regular chats tcm lead, a mentor programme within
Creating a great place to with Group and divisional management. Trading and Capital Markets for about
work is a never-ending Management also meet with our em- 50 female employees. In 2009, the
ployees directly in breakfast seminars. share of women in managerial posi-
effort. Our ambition is to tions was 42 per cent (44). For senior
We have conducted group-wide em- managerial positions we are still short of
be an attractive employer, ployee surveys for more than ten years. our goal; 27 per cent (26) of our senior
where people take pride in Our 2009 survey (see inset) showed clear managers were women in 2009.
improvement within all major areas: more
working. motivated employees, a stronger sense If diversity is reflected in
of an efficient and learning organisation,
to make sure that we understand the higher grades for seb managers and bet- our workforce, we can
needs of our customers and provide ter knowledge about our vision and goals.
them with good advice and appropriate
understand our customers
financial solutions, we need to employ A diverse and non-discriminating better and be more likely
highly skilled people and shape the workplace
workplace so that it brings out the best Access to the right talent is key to achiev- to deliver the products and
in every individual. This is a never- ing high customer satisfaction and our
ending effort that builds on continuous long-term goals. A diversified workforce
services they want.
improvements involving everyone in the increases our ability to deliver the products
organisation. We want to be perceived and services that our customers need. Developing our people
as an attractive employer, where people We are convinced that a sound and
take pride in working. We encourage diversity through our business-oriented working environment
internal job market, where all vacant where employees express well being
Emphasis on core values positions are advertised. Diversity creates good results. Our employees are
seb’s core values – Mutual respect, Con- should also be taken into account when expected to take considerable respon-
tinuity, Professionalism and Commit- nominating people for management sibility for his/her own work, individual
ment – guide the actions of the Group and leadership training courses. During development and career. Performance
and our employees. Emphasising core 2009, 20 per cent of recruitments to our is continuously followed up through
values, maintaining the highest ethical trainee programme in Sweden were of structured dialogue between managers
standards and acting with a long-term non-Swedish origin. and employees. →

SEB Voice 2009. Group results, percentage positive answers
EMPLOYEE Empowered people
SURVEY 2009 Competence
Motivation
Increased employee Accountability
motivation and higher Organisational excellence
grades for seb managers Efficiency and speed
Problem solving and co-op.

As a critical component of our employee engage- Learning and renewal
ment work, we regularly carry out a comprehensive
Voice total
employee survey labeled Voice. This survey tracks
employee engagement and views on the bank’s Direction/leadership
Vision and goals
activities in a number of areas. As a result, our
people’s opinions and ideas help us improve how Leadership
we do business. 89 per cent of our people partici- 0 20 40 60 80
pated in the 2009 survey. 2009 2007
→ The purpose of these dialogues is to

clarify how employees’ individual targets
and performance are linked to seb’s
Managing
M
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Man
ana
nag
agin
gin
ging
ing
ng
g the
tth
hee ssw
swi
swine
wine
win
ine
nee fl
flu
u pan
p
pa
pandemic
and
nde
dem
emi
em
mic
icc
strategy, goals and success. They also In connection with the feared swine flu pandemic, seb formed a task force charged
serve as a platform for competence with activating the Group’s global pandemic plan. The explicit purpose was to make
development and short and long-term sure that we could uphold normal service level to our customers and that the Bank’s
career planning. 90 per cent of our em- operations would function also in a possible crisis situation. Hygiene advice was pub-
ployees took part in a performance and lished on the intranet and alco-gel was immediately put in place in all the premises
development discussion in 2009. of the Bank. As soon as vaccine was available staff vaccination was organised, first of
people deemed to hold positions of importance to society (about 800).
In 2009, we continued to invest in em-
ployee training and development, focus-
ing on developing our people’s potential tors that we know create well-being and enhance our efficiency and competitive-
at various levels in the bank, to provide motivation. We have a strong organisa- ness and by changes in the surrounding
them with the skills and knowledge our tion in place for addressing these issues world. We strive to handle redundancy
business needs to succeed. Besides and a clear health focus. situations in the most responsible way
e-learning activities, 950 managers and possible, with the goal that all people
13,000 employees participated in spe- We have performed successful work in that are made redundant can find a
cific, professional training during the past rehabilitating employees on long-term new job. Job coaching, out-placement
year. Raising the general knowledge level sick leave; in Sweden the number of programmes and financial terms that
on the various aspects of running a sus- people on long-term sick leave has facilitate transfers to new, long-term em-
tainable business is a priority. We expect decreased by 70 percent between 2004 ployments, are used among other things.
to introduce Group-wide management and 2009. We also monitor short-term
training and employee education in this absence closely, in order to inject sup-
area starting in late 2010 or early 2011. port measures at an early stage and We strive to handle
offer tailored support. redundancy situations in
Balanced work-load
We want our people to have a good bal- Workplace security the most responsible way
ance between work and private life and We emphasize a high level of personal
therefore provide a number of different security for our people, at work and dur- possible. Our goal is that
solutions, adapted to local conditions, ing business travel. Making seb a much all people made redundant
rules and laws. Examples include home less attractive target for bank robbery
and family services for employees with has been a key priority in recent years. can find a new job.
children, parents’ insurance and preven- The enhanced security that has been
tive health care benefits. In Sweden, implemented, and which has focused
where 40 per cent of our workforce are on cash handling, perimeter protection Compensation principles
located, we offer benefits in the form of and routines, have had effect. During We believe in a sound and dynamic
extra compensation in connection with 2009, seb was exposed to just one bank performance culture that spurs achieve-
parental leave and continued support of robbery in Sweden, or 2.2 per cent of ments, a desired behaviour and bal-
household services. the total. anced risk-taking, in line with customers’
and shareholders’ expectations.
A healthy workplace Responsible change management
We place high priority on working The rate of change within seb has been The remuneration structure is designed
environment issues, to identify potential high in recent years, driven both by to encourage both short-term results
risk factors and to strengthen the fac- a number of internal programmes to and long-term strategic decisions in
order to support good business results
over time. It is also designed to support
sound risk management by taking the
Educational level Per cent
cost of capital and liquidity into account.
University > 3 years 44 (43)
University < 3 years 10 (11) The composition and size of the remu-
Upper secondary school 31 (31) neration is based on business logic,
Compulsory school 8 (8) market practice, competitive situation
Other/unspecified 7 (7) and our employees’ competence. We
actively promote equal pay for men and

women and continuously evaluate the record profits in some parts of the bank ployees in seb; none of the 60 highest
effects of the remuneration structure contrasted by extremely poor results in managers received short-term variable
and its competitiveness. other parts; maintaining the confidence cash compensation for the year.
of customers, shareholders, employ-
During 2009, remuneration within ees and society at large; the bank’s
the banking industry was frequently lower overall result. Thus, the cost for
debated. In setting the total level of short-term cash based remuneration More information on remuneration
variable cash remuneration for 2009, we amounted to 5 per cent (13) of total staff at seb is found in the Annual Report,
sought to balance a number of issues: costs. The decrease affected all em- on pages 25–27.
Preventive work-
place environment
programs
seb offers a series of different pro-

grammes to tackle stress situations, in
which work load, pace of change and life
puzzles can be identified. Some of the
programmes carried out during 2009 in
Sweden are mentioned below:
• “Big 6”. A series of lectures on basic

health principles during lunch hours,
open to all employees.
• “Elbow-room”. A series of seminars
mainly for employees that have
displayed some sort of risk profile
during a health control and would
benefit from a change in life style.
Offered in combination with indi-
vidual coaching.
• “Man in times of change”. A seminar
for seb teams that are undergo-
ing change, offering managers and
employees a common platform for
discussion and knowledge about the
“four rooms of change”.
• “Prepare for sustainability”. A
theoretical and practical programme
that teaches us to handle the risks
for stress and stiffness that con-
tinuous work with computers in an
office environment can lead to and
knowledge about what we can do to
prevent injuries.

Investing in
communities ing working hours and sharing their
experience and knowledge.
During 2009, in collaboration with

Arbetsförmedlingen, the Swedish job
centre, we offered 100 unemployed a
We are committed to contribute to development of people, businesses and three-month internship within the bank.
economic and social development societies: The purpose was to facilitate their entry
into the job market and to make a contri-
in the communities where we oper-
1. Supporting entrepreneurs and bution in a challenging economic climate.
ate. We promote community devel- people with aspirations
opment through programs focused 2. Protecting children and youth, mak- Playing an active role in society
on a number of key themes, ing them grow through knowledge We provide financial solutions and
working together with carefully 3. Promoting sports and a healthy advice to create added value for our
chosen partners and people. lifestyle customers, and build links with targeted
4. Enriching people’s lives through groups in our local communities. Our
culture. economists and strategists actively
participate in the economic policy debate
Our efforts are mainly concentrated and regularly appear in the media. We
to the Baltic Sea region and our main produce macroeconomic and financial
markets. But we also have some invest- reviews that are widely distributed,
seb’s financial support for community ments in other areas, for instance China including our quarterly and bi-annual
investment projects amounted to (our investment in solar cookers to the publications Nordic Outlook and East-
sek 30.0 m (18.3) in 2009 rural population of Ningxia) and India ern European Outlook.
(support to Hand-in-Hand and Women
our business success depends on Entrepreneurs), where seb also has a Our experts actively
continued positive economic develop- presence through branches and rep-
ments in our home markets and we resentative offices. Up until 2009, our participate in the economic
realise that this requires healthy and contribution has mainly been concen-
strong societies, both socially and trated to manifest our social commit- policy debate and regularly
environmentally. Active involvement ment, but we also intend to enhance our appear in the media. We
with local community initiatives also environmental community investments
motivates and inspires our people, and during 2010. share knowledge through
helps seb to build strong relationships
with the communities we serve. As a first step in this direction, we en- macroeconomic and finan-
tered an agreement with the enterprise cial reviews and reports.
Community investment strategy “The Brig Tre Kronor af Stockholm” in late
The overall purpose with our social part- 2009. The two-masted ship, modeled
nerships and community investments after a 19th century sailing vessel, is used Other seb specialists provide advice and
is to actively contribute to the societies as a platform for cultural and economic analysis to assist entrepreneurs wishing
where we are present. We seek to use networking in the Baltic Sea Region. to set up a business and help house-
our resources and infrastructure so that holds make informed decisions.
we make the most of our investments. Our financial support for social projects
amounted to sek 30.0m (18.3) in 2009. The latest reports and commentaries
We focus on areas where we see a pos- In addition, seb employees are actively are found on:
sibility to contribute to a sustainable involved in many of the projects, invest- → http://newsroom.sebgroup.com

OUR COMMUNITY
INVESTMENT PROJECTS
Supporting entrepreneurs and adults in youth formation and advancement.

The organisations’ programmes enable partici-
people with aspirations pating youths to meet with adult role models
in a variety of situations. seb supports Mentor
junior achievement fund (estonia, latvia) in Sweden, Lithuania and Germany and has
seb supports Junior Achievement programmes supported some 450 teenagers since the start.
in Estonia and Latvia, by supporting business From 2010, we are expanding Mentor to Estonia
education for students and teachers, among and Latvia.
other things. Junior Achievement programmes
aim to promote workforce readiness, entre-
Tennis:
Ten
T
Teenn
nnnis:
nniniss::
seb stiftung (germany)
preneurship and financial literacy through Through its local foundation, seb has provided
experiential, hands-on programs. support for several programmes, including
entrepreneur of the year (sweden)

As the main sponsor of the national “Entrepre-
supporting orphanages in Cambodia, endorsing
a children’s palliative centre in Germany as well
as providing humanitarian aid in the aftermath
Ou
Our
O urr foc
fo
ffocus
ocucus
uss
neur of the Year” award, seb seeks to honour
individuals who have created new ventures
through ingenuity, perseverance and hard work.
of natural disasters.
lithuanian children’s foundation

in spo
in ssports
sppo
por
port
ort
orts
rts
tss
iplanner – a planning tool for small
businesses (estonia)
(lithuania)
For more than a decade seb has been cooperat-
ssponsoring
sp
spo
ponon
ons
nsosor
orin
oriring
ing
ngg
ing with the Lithuanian Children’s Foundation.
seb created “iPlanner”, an internet based The Foundation helps to create safer and seb has promoted tennis for a num-
business planning tool for Estonian small brighter living conditions for children and sup- ber of years, focusing primarily on youth
businesses. It is designed to help new busi- ports their education. For this project, seb has tennis. We are the main sponsor of Sven-
ness start-ups to better define their business won the Swedish Business Award for Corporate
concept and to assist in forecasting when they
ska Tennisförbundet (the Swedish Tennis
Social Responsibility (csr) presented jointly
will break even, their working capital needs and by the Swedish Trade Council and Swedish
Federation) and its Danish equivalent
other key business plan requirements. Embassy in Lithuania. Dansk Tennis Forbund. Together we have
developed the seb Next Generation con-
business plan tournament (lithuania) seb u-assist (sweden ) cept, which seeks to provide more youth
seb supports Business Plan Tournament which seb employees may give donations to seb with an opportunity to get qualitative
encourages entrepreneurship in young, talented u-assist, an employee association channelling
and creative people aiming to develop their
training backed up by the national tennis
support to charities. The association was founded
skills and establish their own businesses. in 1987 and has 700 members. seb covers the
federation. This broad effort aims to give
administrative expenses of the association. more youth a possibility to develop their
millenium technology prize (finland) tennis, give young talent an opportunity
The Millenium Technology Prize is Finland’s trib- exams. don’t worry.lt (lithuania) to grow in a positive environment with
ute to technological innovations that improve seb in Lithuania is a partner in the campaign professional coaching, both as tennis
lives. The prize, which seb supports, is awarded egzaminai.nesinervink.lt (Exams. Don’t Worry. lt)
every second year to inspire and recognise tech-
players and as individuals. Ambassador
and have set up prizes to young students who got
nological innovations that provide answers to top scores in national graduation exams at schools.
for the project is Jonas Björkman, one of
the challenges of our time and improve quality Sweden’s most famous tennis players.
of life. Recent award winning innovations com- estonia charity fund (estonia)
prises a drug innovation fighting cancer, heart Other tennis sponsorships include being
seb is a founder of the Eesti Ühispanga Charity
disease, and numerous other diseases; the led Fund, an Estonian project that offers homeless the lead sponsors to the youth competi-
technique; and the World Wide Web. children shelter from the violence of life on the tion Kalla Anka Cup (Donald Duck Cup)
street. seb has collected donations from clients
Protecting children and youth, to youth projects in the Baltics. Donations have
and atp-tournament Swedish Open
helped fund new furniture as well as cultural in Båstad, Sweden. In Denmark, we
making them grow through and creative activities. sponsor seb Tennis Cup and seb Talent
knowledge Cup. In Lithuania, seb sponsors seb
mentor (sweden, lithuania, germany)
Arena, the largest indoor tennis arena in
Since 1997, seb has co-operated with Mentor
Eastern Europe.
Sweden, a non-profit foundation engaged in
anti-violence and drug-prevention activities → www.sebnextgeneration.se
among youth. Mentor focuses on the role of

sos children’s villages (latvia) seb arena (lithuania) seb musical bank (latvia)
sos Children’s Villages focuses on children who seb sponsors seb Arena, the largest indoor ten- seb sponsors the largest competition for pop
lack parental care and children from families in nis arena in Eastern Europe. and rock music in Latvia.
difficult circumstances. seb assists in sos dona-
tion campaigns by sending letters to customers seb baltic basketball league (lithuania, sinfonietta riga (latvia)
and distributing banners and information on latvia, estonia) Since 2006 seb supports the Sinfonietta Riga
the website and in branch offices. seb also Basketball is among the most popular sport in chamber orchestra. One of the orchestra’s
honors each three-point shot within the Baltic the Baltic States. seb has supported basketball major events is the concert “Sinfonietta Riga
Basketball League (see below) with a eur 3 in Estonia since the beginning of the 2000s, and Discovers Rundãle Palace”, held in the most
donation to sos Children’s Villages Association. the Baltic Basketball League, a tournament for significant baroque palace in Latvia.
the best teams in Lithuania, Latvia and Estonia,
“livslust” (latvia) since 2004. We have a long term agreement kunstnernes hus (norway)
seb supports “Livslust”, a vocational school for with the League, which lasts until 2011. Kunstnernes Hus, “Artists’ House”, is Norway’s
children who lack a social support network. The largest gallery under the direction of artists, and
aim of the school is to give these children a fair has served as a major center for exhibits of Nor-
chance in life, by providing a home and education. Enriching people’s lives through wegian and international contemporary art. seb
culture is the gallery’s main sponsor, in an agreement
Promoting sports and a healthy that runs until 2011.
festival of vilnius (lithuania)
lifestyle
seb is the patron of the international music
seb next generation (sweden, denmark) festival “Vilniaus Festivalis”, arranged by the Na-
tional Philharmonic Society of Lithuania. During
seb Next Generation is one of the largest Swed-
the festival, classical music and jazz concerts
ish youth tennis programmes ever launched
are organised throughout the city. OUR SOCIAL AND
and a partnership between seb and the Swedish
and Danish Tennis Federation. The programme ENVIRONMENTAL
the stockholm concert hall and
targets boys and girls between 10 and 15 years
of age. More youths will get access to training the royal stockholm philharmonic PARTNERSHIPS
orchestra (sweden)
camps supported by the Federation, and young
talents can be given appropriate training under seb is a sponsor of the Stockholm Concert Hall
and its orchestra. As part of the collaboration the • ECPAT
professional guidance.
orchestra performs concerts specifically for seb • Hand-in-Hand
kalle anka cup (sweden) customers, both in Stockholm and at seb sites. • The Brig Tre Kronor af Stockholm
seb is the lead sponsor for the Kalle Anka Cup • The Natural Step
the estonian national opera (estonia) • The Red Cross
(the Donald Duck Cup), one of the world’s
largest youth tennis championships. Each year, seb is Gold sponsor for the Estonian national • The Swedish Cancer Society
some 10,000 youths participate in the champi- opera.
• Unicef
onship, at the club and district levels and the fi-
nal in the city of Båstad. Many of Sweden’s finest cësis art festival (latvia) • wwf, World Wide Fund for Nature
tennis players, including Björn Borg and Stefan The Cēsis Art Festival includes art, theatre and
Edberg, have participated in Kalle Anka Cup. music event in a three-week summer festival.
and Īslīce, with a total of 122 children,

SSOS
SOOSS Children
Child
Chi
Chhild
C ildr
dren
dre
ren
enn Villages:
Vil
Villa
Vi
Villag
lag
age
ges
ges:
es:
s: and two youth facilities in the cities of
Comprehensive
Com
Co
C omp
om
mpre
mprpre
reh
ehe
hen
ens
nsi
nsiv
sive
ive
vee Jelgava and Iecava, with a total of 21
children. In addition to our own financial
support
sup
ssu
upp
ppo
porort
rtt from
fro
from
fromm support, we engage customers in
SEB
SE
SEBB LLatv
Latvia
La
atv
tvi
via
ia
a fund-raising campaigns through printed
materials at all branch offices, releases
seb in Latvia has a close collaboration and banners on seb website and atm’s.
with the international public charity Our employees are involved in various
organisation sos Child Villages, which ways, for instance through donations
runs long-term family-type care for of furniture, clothes, books, etc. The
orphans in more than 100 countries sponsorship of the “Baltic Basketball
around the world. seb supports two chil- League” has successfully been used to
dren’s villages in the cities of Valmiera raise funds.

Youths and adults partnering against drugs
since 1997, seb has co-operated with Mentor adult role models in a variety of situations. The and Berlin on the topics of motivation, skills,
Sweden, a non-profit foundation engaged in co-operation provides seb employees with an and school, with additional insights into work-
anti-violence and drug-prevention activities opportunity for both personal development ing life at seb. In a follow-up workshop, the
among youth. seb has supported the build-up and for making a social contribution. These insights gained will be applied to the managers’
of Mentor in Lithuania and has also expanded meetings take place both through Mentorship own professional and private lives. To raise
its engagement to Germany. Programmes and through other types of meet- funds for the Mentor organisation in Germany,
ings. To date, the Mentorship Programme has over 200 seb employees participated in the “jp
An important part of the Mentor approach given 450 young people in Sweden and Lithu- Morgan Chase Corporate Challenge Frankfurt”
is the role of adults in youth formation and ania support by a mentor from seb. A project footrace in 2009.
advancement. The organisation’s programmes in Germany, “seb at school”, will see 50 seb
enables participating youths to meet with managers interact with students in Mannheim → www.mentorfoundation.org
our reporting key performance indicators
Our ambition is to measure the full economic,

Key
social and environmental impact of our
performance operations. We continuously evolve the scope of
indicators calculations, in particular emissions calculations.
Total co2 emissions, tonnes Employee turnover, per cent Assets under management with sri/ethical
profile, sek m
60,000 15 16,000
14,000
50,000
12
12,000
40,000
10,000
9
30,000 8,000
6
6,000
20,000
4,000
3
10,000
2,000
0 0 0
2008 2009 Target Target 2007 2008 2009 2007 2008 2009
2011 2015
total co2 emissions decreased 6 per cent total employee turnover fell to 11.0 per assets under management with a So-
to 47,320 t co2 (50,404), principally due to a cent (13.8). During the year, 1,367 people joined cially Responsible Investment/ethical profile
reduction in business travel. However, all emis- seb (3,463) and 2,372 people (3,100) ended increased to 15.1 bn (8.8), due to increased
sions sources currently included in the emis- their employment or retired from the bank. By customer demand for such products and the
sions scope contributed positively. During the year-end, seb’s total headcount was 20,835 global equities market rebound during 2009.
year, we added more activities to the emissions people (22,443). 63 per cent (62) of our em- The redesign of the seb Ethical Global Index
scope, principally branch offices in six countries, ployees have been with seb for 5 years or more. Fund also contributed to the growth.
and therefore revised our 2008 figures.
Measuring and reporting

Our ambition is to measure the full impact of control, such as energy and electricity use in our postal services, rental cars, security transports
our operations. During 2009, we put most of own buildings, paper consumption and busi- and taxi transports (extension of Scope 3). We
our focus on seb’s environmental impact; during ness travel (Scope 2 and 3 emissions according include the emissions from eleven countries:
2010 we will progress further on monitoring to the Greenhouse Gas Protocol). Sweden, Norway, Denmark, Finland, Estonia,
social and governance indicators. Lithuania, Latvia, Germany, uk, Ukraine and
We do not account for emissions from opera- Luxembourg. These countries account for more
We follow progress and report our results tions in which we own an interest but have no than 90 per cent of our income and 98 per cent
on a quarterly basis. We account for the co2 control. In the future, we expect to include co2 of our employees. We rely on both internal and
emissions from operations over which we have emissions from purchased services such as external data to quantify emissions.

key performance indicators our reporting
We currently report according to level c in the gri application

GRI compliance level system. Our gri compliance table of contents is found
table online at www.sebgroup.com/sustainability
economic indicators unit 2009 2008 2007

Dire
D
Direct
irec
ect
ct economic
eco
eccono
nom
omi
micc value
valu
va
alue
uee generated
g
ge
gene
ner
erat
ated
ted
d aan
and
nd d
dis
distr
distributed
strib
ribu
bute
ted
ed
Total operating income SEK m 44,213 41,104 40,440
Total operating expenses SEK m 28,397 25,407 23,194
Total operating profit (pre-tax) by region SEK m 3,372 12,471 17,018
Sweden SEK m 6,676 8,344 8,145
Nordic countries (excluding Sweden) SEK m 4,129 2,282 3,113
Baltic countries SEK m –8,282 1,417 3,903
Germany SEK m –95 754 996
Other countries and eliminations SEK m 944 –326 861
Total operating profit (pre-tax) by division SEK m 3,372 12,471 17,018
Merchant Banking SEK m 11,699 8,350 6,863
Retail Banking SEK m 1,644 3,245 6,009
Wealth Management SEK m 1,142 2,011 2,637
Life SEK m 2,115 1,063 1,802
Baltic SEK m –10,363 1,017 n/a
Other including eliminations SEK m –2,865 –3,215 –293
Reinvested in the company (difference in total equity during the year) SEK m 15,940 7,010 9,452
Dividends SEK m 2,193 0 4,442
Employee compensation SEK m 15,574 16,241 14,921
Taxes to government SEK m 2,200 2,421 3,376
Supplier payments SEK m 9.2 9.5 9.3
Financial assistance recieved from government SEK m 0 0 0
Mark
M
Ma
Market
rket
kett p
pres
pre
presence
esen
senc
nce
ce
Market presence (number of countries with seb employees) Number 21 21 21
Markets with universal banking offering (locations of significant operations) Number 5 5 5
Other markets and strategic locations Number 16 16 16
Com
C
Community
omm
mmmun
unit
nity
ty inv
in
investment
nves
est
stm
men
ent
nt
Economic contribution to social partnerships, share of operating profit % 0.9 0.1 0.1
Economic contribution to social partnerships (excluding management costs) SEK m 30.0 18.3 18.2
By theme
Environment (climate compensation) SEK m 10.0 n/a n/a
Entrepreneurship SEK m 3.2 n/a n/a
Children and youth SEK m 6.0 n/a n/a
Culture SEK m 3.5 n/a n/a
Sports SEK m 6.5 n/a n/a
Other SEK m 0.8 n/a n/a

environmental indicators note unit 2009 2008 2007

General
Geneera
Gen rall indicators
in
ndi
dica
cat
ator
orss
Number of offices reporting 625 625 37
Whereof branch offices 559 559 0
Net internal area of reporting offices covered 1 m2 707,537 707,537 324,726
Full-time employees (fte) covered FTE 20,235 21,291 19,506
Carbon
Ca
Car
arbo
bon
onn dioxide
d
dio
diox
oxid
xide
de (co2)
((co
co2
o2)) emissions
emis
eem
miss
ssio
ion
onss
Total co2 emissions 1&2 Tonnes 47,320 50,404 n/a
co2 emissions from energy consumption Tonnes 28,979 29,401 n/a
co2 emissions from business travel Tonnes 11,280 15,547 8,021
co2 emissions from paper consumption Tonnes 3,121 3,369 n/a
co2 emissions from company cars Tonnes 3,940 4,087 n/a
Total co2 emissions/employee Tonnes 2.3 2.4 n/a
Total co2 emissions by region
Sweden Tonnes 10,221 11,457 n/a
Nordic countries (excluding Sweden) Tonnes 2,722 2,608 n/a
Baltic countries Tonnes 15,047 14,960 n/a
Germany Tonnes 14,156 14,839 n/a
Other Tonnes 5,174 6,540 n/a
Energy
En
Ene
nerg
ergy
gyy con
consumption
cons
nsu
sum
mpt
ptio
tion
on
Total energy consumption (in buildings) MWh 150,889 153,944 n/a
Electricity MWh 126,262 123,737 n/a
Other energy sources MWh 24,627 30,207 n/a
Total energy consumption/m2 MWh/m2 0.21 0.22 n/a
Total energy consumption/employee MWh 7.5 7.2 n/a
Res
Resource
Re
eso
soururce
rcee effi
efficiency
cien
ccieency
ncyy
Paper
Total paper consumption Tonnes 2,327 2,483 2,744
Graphic paper consumption Tonnes 1,007 1,407 1,757
Supplies paper consumption Tonnes 1,320 1,076 987
Environmentally labelled paper consumption Tonnes 1,334 1,129 589
Environmental paper use, share of total % 71 63 41
Total paper consumption/employee (fte) Tonnes 0.11 0.12 0.14
Waste
Waste Tonnes 1,710 2,150 1,909
Total waste/employee (fte) Tonnes 0.08 0.10 0.10
Waste recyling Tonnes 606 729 869
Percentage waste reused or recycled % 37 34 46
Water
Total water consumption in buildings m3 147,628 196,925 n/a
Total water consumption/employee (fte) m3 7.30 9.25 n/a
Notes
N
Not
oteess
1 2008 figures have been restated following an extension of the emissions scope. These included the addition of more than 550 branch
offices in six countries (Sweden, Estonia, Lithuania, Latvia, Germany, Ukraine).
2 Courier, taxi and security transportation is not included in emissions scope.
3 Excluding leasing car mileage.
4 Only Sweden in scope.

→ environmental indicators note unit 2009 2008 2007

Business
Bu
Bus
usin
sine
ness
sss travel
tra
trav
avel
el & company
com
ccompa
pan
any
ny car
carr fl
fleet
eet
eet
Total business travel 3 Million km 47.4 55.9 57.6
Total business travel/employee Km 2,344 2,624 2,952
Air travel Million km 43.8 51.5 54.5
Domestic air travel Million km 12.7 n/a n/a
Nordic air travel Million km 3.3 n/a n/a
International air travel Million km 27.8 n/a n/a
Train travel 4 Million km 3.6 4.3 3.1
Air travel, day trips vs total number of air trips % 78 76 49
Green company cars, share of company car fleet % 29 22 13
Legal
Leegal
Leg al ccom
compliance
omp
mpl
plia
ianc
nce
cee & mon
mo
m
monetary
one
neta
tary
aryy fines
n
nes
Reported environmental prosecutions Number none none none
Monetary value of significant fines due to non compliance with
environmental laws and regulations SEK m 0 0 0
Suppliers
Su
Sup
upp
pplie
liers
erss
Number of suppliers Number 15,000 16,500 18,000
Total spent on procurement SEK bn 9.2 9.5 9.3
Notes
Notes
Notess
1 2008 figures have been restated following an extension of the emissions scope. These included the addition of more than 550 branch
offices in six countries (Sweden, Estonia, Lithuania, Latvia, Germany, Ukraine).
2 Courier, taxi and security transportation is not included in emissions scope.
3 Excluding leasing car mileage.
4 Only Sweden in scope.
sseb
se
eb
b ca
car
c
carbon
arb
rb
bon
bo
on
n em
emi
eemissions
miss
mis
ssio
ss
sio
ons
on
nss 200
20
2
2009
009
09
9
Distributed
Dis
Distr
trib
ibut
uted
ted
d byy geography
ge
geog
g ogra
grap
aph
phyy and
an
and em
eemissions
mis
issi
sion
ons
ns sou
so
source,
ourc
urce
ce,, ton
ttonnes
onn
nne
ness co
co2
o2
country energy paper air travel train travel company cars grand total
Sweden 303 1,445 7,533 39 901 10,221
Finland 17 173 632 0 42 864
Denmark 219 5 337 0 105 666
Norway 452 185 335 0 219 1,191
Estonia 8,853 111 132 0 103 9,199
Latvia 1,972 116 99 0 396 2,582
Lithuania 2,224 174 294 0 573 3,266
Germany 12,172 514 311 0 1,159 14,156
UK 997 211 66 0 164 1,438
Ukraine 1,578 34 946 0 0 2,558
Luxembourg 192 153 0 0 250 595
Others 0 0 556 0 28 584
Total 28,979 3,121 11,241 39 3,940 47,320

social indicators note unit 2009 2008 2007

Headcount
Head
Hea dco
cou
ounntt
Total headcount, including part-time employees Number 20,835 22,443 22,177
Headcount by division and support function
Merchant Banking % 13 13 11
Retail Banking 1 % 25 43 53
Wealth Management % 5 5 6
Life % 6 6 6
Baltic 1 % 16 n/a n/a
New markets % 6 7 7
Group it % 10 9 6
Group Operations % 11 9 7
Group Staff and other % 8 8 4
Headcount by region
Sweden % 40 40 40
Nordic countries (excluding Sweden) % 8 7 7
Baltic countries % 26 26 26
Germany % 17 16 16
Other % 9 11 11
Employees by age
–29 % 20 22 22
30–39 % 31 30 30
40–49 % 29 28 28
50– % 20 20 20
Employees by gender
Male % 42 42 41
Female % 58 58 59
Employee
Em
mplploy
oye
yee
ee tu
tur
turnover
urno
nov
over
ver
Total employee turnover % 11.0 13.8 12.1
Length of employment at seb
Less than 2 years % 18 22 21
2–4 years % 19 16 13
5–9 years % 15 17 22
10 or more years % 48 45 44
Recruitment
Recru
Rec ruit
uitm
mentt
men
Employee growth rate, net change % –7.2 1.2 6.2
Joiners, total headcount Number 1,367 3,463 3,124
Leavers, total headcount Number 2,224 2,948 2,275
Retired, total headcount Number 148 152 335
In-house job postings
Total positions posted (Group, excluding Germany) Number 1179 n/a n/a
Number of successful internal applicants (Sweden) Number 643 n/a n/a
Notes
Noteess
Not
1 New organisation in place since 2009.

→ social indicators note unit 2009 2008 2007

EEmployee
Emmpplo
loye
yee
ee engagement
eeng
nga
gag
agem
eme
men
ent
nt
Employee survey Voice; participation rate % 89 n/a 87
Voice index % 72 n/a 67
Share of employees who gladly would recommend a friend to work at seb % 70 n/a 64
Share of employees who say their workplace is characterised by humour and positive
thinking % 75 n/a n/a
Number of intranet chats with executive management conducted Number 18 n/a n/a
Total number of questions in chats Number 500 n/a n/a
Average employee participation rate (live or passive reading afterwards) % 45 n/a n/a
Corporate Sustainability Ambassadors Number 200 n/a n/a
Dive
D
Div
Diversity
vers
rsity
ityy an
and
and eq
eequal
qua
ual
al opportunities
op
opp
ppo
port
rtun
uni
nitie
ties
es
Gender by region (male/female)
Sweden % 48/52 48/52 47/53
Nordic countries (excluding Sweden) % 54/46 53/47 52/48
Germany % 49/51 50/50 50/50
Baltic countries % 26/74 25/75 25/75
Other % 37/63 37/63 39/61
Gender by management type – all managers (male/female) % 58/42 56/44 60/40
Senior managers % 73/27 75/25 74/26
Middle managers % 61/39 64/36 64/36
First line managers % 51/49 46/54 54/46
Staff % 40/60 39/61 37/63
Nationalities
Employees with a foreign background, share of total headcount 1 % n/a 11.0 10.2
Recruitment of employees with a foreign background, share of total recruitment 1 % n/a 16.0 14.9
Managers with a foreign background, share of total 1 % n/a 6.7 5.3
Number of nationalities represented in global trainee programme Number 6 6 5
Total number of employees on parental leave during the year 2 Number 1,842 1,789 1,673
Men % 44 43 40
Women % 56 57 60
Com
Co
Competence
omp
mpe
pete
eten
ence
ncee development
d
dev
de
evel
elop
opm
pme
men
ent
nt
Educational level
University > 3 years % 44 43 40
University < 3 years % 10 11 12
Upper secondary school % 31 31 33
Compulsory school % 8 9 9
Other/unspecified % 7 6 6
Employees who together with the manager have formulated a development plan % 72 n/a n/a
No
N
Notes
ote
tess
1 Foreign-born persons and persons born in Sweden with both parents born abroad. Data for 2009 not available upon publication.
2 Sweden.

→ social indicators note unit 2009 2008 2007

H
Hea
Health
ealt
alth
th and
andd workplace
wor
wo
w orkp
rkpl
plac
ace
ce safety
ssaf
afet
fety
ty
Sick-leave rate, share of ordinary working hours 1 % 3.0 3.5 3.9
Long-term sick leave rate 1 % 1.3 1.8 2.2
Male 1 % 0.5 0.7 0.9
Female 1 % 2.0 2.8 3.4
Short-term sick leave rate 1 % 1.7 1.7 1.7
Male 1 % 1.3 1.3 1.3
Female 1 % 2.0 2.0 2.1
Work
W
Wo
Work-life
rk-l
-life
ifee bala
ba
balance
lan
ance
cee
Employees with health insurance 1 % 100 100 100
Employees that receive work-out/training/health support 1 % 65 n/a n/a
Total economic contribution 1 SEK m 9.9 n/a n/a
Employees with household/family service support 1 % 9 n/a n/a
Total economic contribution 1 SEK m 20.3 n/a n/a
Employees with mobile workplace (portable pc) 2 % 26 22 n/a
Employees with mobile workplace (Office at Home access) 3 % 34 n/a n/a
Pe
Per
Performance
erfo
form
orm
man
anc
ncee management
manag
mana
m agem
gem
men
ent
nt
Participated in regular performance and development discussion (pdd),
share of employees % 90 n/a 80
Received feedback on their performance, share of employees % 88 n/a n/a
Employees that understand how their targets are linked to seb’s vision, strategy & goals % 78 n/a n/a
Com
C
Compensation
omp
mpe
pen
ensa
sat
atio
ion
n & ben
b
benefi
ene
nefi
efits
Total employee renumeration (including social charges) SEK m 15,574 16,241 14,921
Short-term variable cash compensation in relation to total employee remuneration % 5 13 20
Redundancy payments SEK m 404 1,050 281
Inte
In
International
nter
erna
nati
atio
iona
nal
al m
mo
mobi
mobility
bilit
lity
ty
Employees on international assignments (Swedes sent abroad) Number 103 115 146
Employees on international assignments (other nationalities sent abroad) Number 97 94 79
Lab
La
Labour/management
abo
bour
ur/m
r/m
man
ana
nage
agem
eme
men
ent
nt re
rela
relations
lati
ation
ons
ns
Percentage of employees covered by collective bargaining agreements 1 % 100 100 100
Minimum notice period(s) regarding operational changes, including whether it is
specified in collective agreements. 1 Months 3 3 3
Sus
Su
Sustainable
usta
stain
aina
nab
able
le pro
p
products
rod
oduc
uct
ctss and
an
nd
d services
sser
serv
rvic
ices
ess
Number of Socially Responsible Investment/ethical funds Number 12 12 11
Assets under managements in sri/ethical funds SEK m 10,211 5,534 7,638
Assets under management with sri/ethical profile, institutional clients SEK m 4,883 3,298 3,938
Total assets under management with sri/ethical profile SEK m 15,094 8,832 11,576
Equator Principles, number of investments
Category A transactions approved Number 0 0 0
Category B transactions approved Number 0 5 8
Category C transactions approved Number 0 0 0
Not
N
Notes
oteess
1 Sweden.
2 Excluding the Baltic countries, Ukraine and Russia.
3 Sweden and Germany.

governance indicators note unit 2009 2008 2007

Tackling
Taackl
Tac klin
ing
ng financial
nan
na
anc
ncia
iall crime
crim
ccriime
me
Percentage of employees completed anti-money laundring education % 89 n/a n/a
Percentage of employees completed fraud prevention education 1 % 43 n/a n/a
Markets with “Know-Your-Customer” (kyc) process and instructions implemented 2 Number 19 n/a n/a
Responsible
Reesp
Resspon
ons
nsib
sible
blee selling
selli
sselling
ng
g and
aan
nd marketing
m
ma
mark
arke
keti
ting
ng
g
Business conduct and ethics
Percentage employees completed Code of Business Conduct training % 87 n/a n/a
Percentage employees registered private share holdings in Ethixs (preventing insider
trading) % 100 100 100
Notes
Noteess
Not
1 Primarily targeting front line sales and employees managing transactions.
2 seb Germany and seb Ireland in final stage of implementation.

international commitments
International commitments
ICC Business Charter on Sustainable Development. Adopted: 1995 → www.iccwbo.org
The International Chamber of Commerce (icc) is a global business
organisation championing the global economy as a force for economic
growth, job creation and prosperity.
The OECD guidelines for Multinational Enterprises. Adopted: 2000 → www.oecd.org

oecd Guidelines for Multinational Enterprises are recommendations by
governments to multinational enterprises providing voluntary principles and
standards for responsible business conduct.
The UN Global Compact. Adopted: 2005 → www.unglobalcompact.org

The United Nations Global Compact is a strategic policy initiative for
businesses that are committed to aligning their operations and
strategies with ten universally accepted principles in the areas of human
rights, labour, environment and anticorruption.
The Equator Principles. Adopted: 2007 → www.equator-principles.com

The Equator Principles (ep) are a voluntary set of standards for
determining, assessing and managing social and environmental risk
in project financing.
UN Environment Programme Finance Initiative (UNEP FI). Adopted: 2007 → www.unepfi.org

The United Nations Environment Programme Finance Initiative is a global
partnership between the United Nations Environment Programme (unep)
and the financial sector.
Principles for Responsible Investments (PRI). Adopted: 2008 → www.unpri.org

The Principles for Responsible Investments (pri) are a voluntary set of
principles developed by the world’s largest institutional investors in
partnership with United Nations Environment Programme Finance
Initiative (unep fi) and the un Global Compact.
Carbon Disclosure Project. Signed: 2008 → www.cdproject.net

The Carbon Disclosure Project (cdp) is the world’s largest survey of large
corporations’ ambitions on climate change and environmental protection.

AWARD/RECOGNITION AWARDED BY
Awards and Best bank in the Nordic countries Carbon Disclosure Project
recognitions European 12th among sustainable banks Goldman Sachs GS Sustain
2009 Included in “Nordic Sustainability Star index”

Included in “ECPI Ethical index Europe”
Ethixs SRI Advisor
ECPI
Top Employer CRF market research institute, Germany
Most attractive employer Verslo Žinios, Lithuania
4th Greenest Company Reputation Top 2008, Latvia
Best employer among banks, young professional survey Universum, Sweden
9 Best employer overall, student survey
th
Universum, Sweden
Best bank for gender equality Veckans Affärer, Sweden
Contact us Cecilia Widebäck West

Telephone:
Head of Corporate Sustainability
+46 8 763 50 00
E-mail: cs@seb.se
Internet: www.sebgroup.com/sustainability
Addresses HEAD OFFICE

Postal Address: SE-106 40 Stockholm, Sweden
Visiting address: Kungsträdgårdsgatan 8, Stockholm, Sweden
Telephone: +46 771 62 10 00
Corporate registration number: 502032-9081
© Copyright Skandinaviska Enskilda Banken ab, 2010. All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted,

in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise,
without the prior written permission of Skandinaviska Enskilda Banken ab.

The fsc logo identifies products which contain wood from well-managed forests certified in
accordance with the rules of the Forest Stewardship Council.
Production: SEB and Rewir AB • SEGR0032 2010.04
Welcome to SEB
Our vision is to be the trusted partner for customers with aspirations. We want to help people
and business thrive by providing quality advice and financial means.
2,500 large corporations and institutions, 400,000 small and medium-sized companies and
five million private individuals have chosen to bank with us. Our 21,000 people work to earn
their trust every day and promise a rewarding relationship. We are located in 21 countries and
60 per cent of our employees work outside Sweden.
We strive to make banking services more accessible and easy to understand and use. We
meet our customers in our main markets, in 565 traditional branch offices, on the Internet
and through personal telephone service. We have private banking offices and representative
offices in twelve countries around the world and our large corporate and institutional clients
are assisted by client executives, product specialists, analysts and traders in 17 countries.
We also cooperate with some 2,000 life insurance intermediaries and brokers.
We have been in business for more than 150 years; engaging our people, supporting our cus-
tomers and playing an active role in the economy and in the society at large. We take an inte-
grated approach to corporate sustainability because we know it is good for business – we
want to continue supporting our customers also in the future.
We work to reduce our own environmental footprint. Our target is to reduce the carbon emis-
sions from our own operations by 45 per cent until 2015 but also to increase positive return.
We want to offer sustainable finance and investments to help mitigate climate change and to
tackle other environmental and social challenges. We are a climate compensated company,
offsetting our emissions through a project meeting un Clean Development Mechanism and
Gold Standard criterias.
To learn more, visit sebgroup.com/sustainability or contact us at cs@seb.se

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Corporate Sustainability Report 09

About this report

This Corporate Sustainability Report, our third, provides

Together for the future

OUR ROLE About seb and our role 06

A long term commitment 08

OUR APPROACH Sustainability strategy 10

Stakeholder dialogue and engagement 12

OUR PRIORITIES Reducing our footprint 16

Sustainable ﬁnance and investments 20

Responsible selling and marketing 24

Tackling ﬁnancial crime 26

Access to ﬁnancial services 30

A great place to work 32

OUR REPORTING Key performance indicators 40

seb corporate sustainability report 2009 1

2 seb corporate sustainability report 2009

The bottom line

Assets under management with a Socially Responsible Investment/ethical proﬁle

Achievements and priorities

seb corporate sustainability report 2009 3

Annika Falkengren, President and CEO

seb corporate sustainability report 2009 5

About SEB and

SEB stakeholder universe Customers

Local communities Business partners

Media and ﬁnancial markets Civil society organisations

6 seb corporate sustainability report 2009

PRESENCE IN 21 COUNTRIES WORLDWIDE

Operating proﬁt by division 2009 Operating proﬁt by region 2009

1,644 2,115 944

seb corporate sustainability report 2009 7

8 seb corporate sustainability report 2009

“ Companies Mitigating climate change is

like Pippi greenhouse gases need to be reduced

Longstocking considering rules and regulation, taxa-

Sustainability We want to add value for

1. Reduce seb’s carbon emissions by 45 per cent until 2015.

Much of the debate currently focuses on

10 seb corporate sustainability report 2009

Our higher ambitions rest on

a new strategic framework,

reductions and work to for customers with

integrate sustainability eﬀorts Environment Social

The purpose of our Ethics

Eight business priorities A great place to work

Access to ﬁnancial services

The results showed that seb stakehold-

Recommendations from SEB’s stakeholder survey

12 seb corporate sustainability report 2009

seb corporate sustainability report 2009 13

14 seb corporate sustainability report 2009

Supported by the Board, the

group corporate sustainabil-

seb corporate sustainability report 2009 15

The decision has instigated numerous

Our approach to protect the

16 seb corporate sustainability report 2009

chasing at SEB Green company car policy Decided 2009

Carbon oﬀsetting at SEB

Solar cooker project in China

The project is targeted at replacing coal consump-

Sweden Green Buildings are estimated to account

18 seb corporate sustainability report 2009

SEB's Sustainability Report 2009

SEB's Sustainability Report 2009