GRI Index
Reporting on sustainability at Arion Bank is now being presented for the second time in accordance with the Global Reporting Initiative standard, GRI Core, which helps companies and institutions report information on sustainability in a transparent manner. The information presented in the GRI Index is valid for 2019 and refers to the main operations of Arion Bank.
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In selecting material for Arion Bank’s 2019 Annual and Sustainability Report, the section on non-financial information and the GRI Index, we take into account ESG reporting guide for the Nasdaq Nordic and Baltic exchanges, UN Sustainable Development Goals and the 10 Principles of the UN Global Compact. We listen to our different stakeholders and incorporate their views on what should be included in this report.
The focus this year is on meeting disclosure requirements on the Bank’s operations, social impact, human resources, environmental impact, corporate governance and economic factors.
Data on the Bank's environmental impact are prepared in partnership with the Icelandic innovation company Klappir Green Solutions. Data is in most cases streamed directly from the services providers to Klappir Core. Wherever data streaming was not available, accounting data was used. The data is then checked and verified by Klappir Green Solutions.
Data on human resources is obtained from the Bank's human resources system and data on corporate governance is based on the Bank's corporate governance statement. Financial information has been audited and affirmed by Deloitte.
Organizational profile |
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| GRI: 102-1 | Name of the organization | Arion Bank |
| GRI: 102-2 | Activities, brands, products, and services | About Arion Bank |
| GRI: 102-3 | Location of headquarters | Borgartún 19, 105 Reykjavík |
| GRI: 102-4 | Location of operations | Branches |
| GRI: 102-5 | Ownership and legal form | |
| 102-6 | Markets served | About Arion Bank |
| 102-7 | Scale of the organization | Non-financial information: Society Human resources Financial statements 2019 |
| 102-8 | Information on employees and other workers | Non-financial information: Society Human resources |
| 102-9 | Supply chain | Suppliers |
| 102-10 | Significant changes to the organization and its supply chain | Highlights of the year |
| 102-11 | Precautionary Principle or approach | Pillar 3 Risk Disclosures |
| 102-12 | External initiatives | Responsible banking: Commitments and certifications |
| 102-13 | Membership of associations | Responsible banking: Commitments and certifications The Bank is also a member of SA Confederation of Icelandic Enterprise, the Icelandic Financial Services Association, and the Iceland Chamber of Commerce. |
Strategy |
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| 102-14 | Statement from senior decision-maker | Chairman's address and CEO's address |
Ethics and integrity |
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| 102-16 | Values, principles, standards, and norms of behavior | Strategy and vision Code of ethics |
Strategy |
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| 102-18 | Governance structure | Governance: Board of Directors and committees Responsible banking: Steering committee |
| 102-20 | Executive-level responsibility for economic, environmental, and social topics |
Responsible banking: Steering committee |
| 102-22 | Composition of the highest governance body and its committees | Governance: Board of Directors and committees |
| 102-23 | Chair of the highest governance body | The chairman is not a member of the executive management |
| 102-24 | Nominating and selecting the highest governance body | Rules of Procedures for the Nomination Committee |
| 102-25 | Conflicts of interest | Information on measures to prevent conflicts of interest can be found in the board's rules of procedure. A list of related parties exists at the Bank but has not been published. Information on the main shareholders can be seen here. |
| 102-26 | Role of highest governance body in setting purpose, values, and strategy |
Rules of Procedures for the Board of Directors |
| 102-32 | Highest governance body’s role in sustainability reporting | CEO |
| 102-33 | Communicating critical concerns | Rules of Procedures for the Board of Directors |
Stakeholders and freedom of association |
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| 102-40 | List of stakeholder groups | Responsible banking: Sustainability policy |
| 102-41 | Collective bargaining agreements | 100% |
| 102-42 | Identifying and selecting stakeholders | Our stakeholders |
| 102-43 | Approach to stakeholder engagement | Our stakeholders |
| 102-44 | Key topics and concerns raised | Our stakeholders |
Subject of report |
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| 102-45 | Entities included in the consolidated financial statements | Financial Statements 2019 |
| 102-46 | Defining report content and topic boundaries | GRI Index |
| 102-47 | List of material topics | GRI Index |
| 102-48 | Restatements of information | Not applicable |
| 102-49 | Changes in reporting | Not applicable |
| 102-50 | Reporting period | 2019 unless otherwise specified |
| 102-51 | Date of most recent report | 20.02.2019 |
| 102-52 | Reporting cycle | Annually |
| 102-53 | Contact point for questions regarding the report | Arion Bank - Corporate Communications, samskiptasvid@arionbanki.is |
| 102-54 | Claims of reporting in accordance with the GRI Standards | This report has been prepared in accordance with the GRI Standards: Core option |
| 102-55 | GRI content index | The reference table contains text and links to the applicable material. |
| 102-56 | External assurance |
Klappir Green Solutions examine and confirm data on the Bank's environmental impact. Data on human resources is obtained from the Bank's human resources system and data on corporate governance is based on the Bank's corporate governance statement. Financial information has been audited and affirmed by Deloitte. |
Economic |
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| Economic performance | ||
| 201-1 | Direct economic value generated and distributed | Financial statements 2019 |
| 201-3 | Defined benefit plan obligations and other retirement plans | Under collective wage agreements, employees pay 4% of salaries into a co-insurance pension fund and Arion Bank pays an additional 6%. The Bank pays 2% of an employee's total salary into a private pension fund for the first three years of employment and 7% after that. |
| 201-4 | Financial aid received from government | Arion Bank received no financial aid from the authorities in 2019 |
| Indirect economic impacts | ||
| 203-1 | Infrastructure investments and services supported | Creative economy and innovation Corporate and Investment Banking Retail Banking |
| 203-2 | Significant indirect economic impacts | Creative economy and innovation Corporate and Investment Banking Retail Banking |
| Procurement practices | ||
| 204-1 | Proportion of spending on local suppliers | Suppliers |
Environment |
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| Energy | ||
| 302-1 | Energy consumption within the organization |
Non-financial information: Environment |
| 302-3 | Energy intensity | Non-financial information: Environment |
Emissions |
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| 305-1 | Direct (Scope 1) GHG emissions |
Non-financial information: Environment |
| 305-2 | Energy indirect (Scope 2) GHG emissions |
Non-financial information: Environment |
| 305-3 | Other indirect (Scope 3) GHG emissions |
Non-financial information: Environment |
| 305-4 | GHG emissions intensity | Non-financial information: Environment |
Effluents and waste |
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| 306-2 | Waste by type and disposal method | Non-financial information: Environment |
Environmental compliance |
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| 307-1 | Non-compliance with environmental laws and regulations | No violations or fines |
Society |
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| Employment | ||
| 401-1 | New employee hires and employee turnover | Non-financial information: Society |
| 401-3 | Parental leave | Information on the total number of employees entitled to parental leave and who took leave, specified by gender, can be seen here. Information on the total number of people who returned to work and were still at the Bank 12 months later is not available. |
Occupational health and safety |
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| 403-3 | Occupational health services | Human resources |
| 403-6 | Promotion of worker health | Human resources |
Training and education |
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| 404-1 | Average hours of training per year per employee | Non-financial information: Society Human resources |
| 404-2 | Programs for upgrading employee skills and transition assistance programs | Arion Bank seeks to ensure people leave the Bank on the best possible terms and the Bank’s procedures aim to provide various levels of support to employees when they leave. Human resources |
| 404-3 | Percentage of employees receiving regular performance and career development reviews |
All employees of Arion Bank receive regular feedback. See section on our stakeholders. |
Diversity and equal opportunity |
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| 405-1 | Diversity of governance bodies and employees | Non-financial information: Society Human resources |
| 405-2 | Ratio of basic salary and remuneration of women to men | Information on equal pay certification of Arion Bank can be seen here. Human resources |
Non-discrimination |
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| 406-1 | Incidents of discrimination and corrective actions taken | Non-financial information: Society |
Local community |
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| 413-2 | Operations with significant actual and potential negative impacts on local communities |
Stakksberg |
Public policy |
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| 415-1 | Political contributions | No contributions were made to political activities in 2019 |
Marketing and labeling |
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| 417-2 | Incidents of non-compliance concerning product and service information and labeling |
Compliance |
| 417-3 | Incidents of non-compliance concerning marketing communications | Compliance |
Customer privacy |
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| 418-1 | Substantiated complaints concerning breaches of customer privacy and losses of customer data |
Data protection |
Socioeconomic compliance 2016 GRI |
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| 419-1 | Non-compliance with laws and regulations in the social and economic area |
Compliance |