Social responsibility is an important aspect of Landsbankinn's operation and great emphasis is placed on integrating its principles in the Bank's strategy. Landsbankinn intends to play an important role in building future welfare in Iceland.
Landsbankinn's Policy on Social Responsibility was approved in May 2011, and following extensive strategy development work in winter of 2014/2015, a new Policy was introduced in March 2015. The Policy was reviewed and approved on 20 November 2016. The revised Policy is a result of the revision and restructuring work undertaken in the Bank in recent years.
Partnership is a key concept under the Policy. It entails that Landsbankinn, along with its customers, avail themselves of the opportunities involved in working towards sustainability. Landsbankinn aims to be a dynamic force in the community and collaborate with other companies and stakeholders to achieve success in the field of social responsibility.
As before, key emphasis is placed on being a strong financial partner and a model corporation, as regards social responsibility and in other fields. So far, the focus has been on operation - real estate, vehicles and human resources. Now the focus will shift to the Bank's products, loans and investments.
Implementation of the Policy is divided in two; an action plan with a time horizon of year-end 2018 and long-term future aims and projects. The Bank believes that a clear social responsibility policy will have a positive impact on credit quality and investments for the long term and reduce operational risk.
In shaping the Policy, prime importance was placed on involving the Bank's profit-generating units to ensure that social responsibility would become part of the Bank's core operations. The Policy is based on the results of a two-day work meeting attended by the department heads of Corporate Banking, Personal Banking, Markets, Human Resources, Marketing and Operations & IT. The Policy is thus tightly linked to all aspects of the Bank's operation.
Landsbankinn prepares an annual CSR report in accordance with the criteria of the Global Reporting Initiative (GRI) which is published on its website in tandem with its annual report.
Landsbankinn wishes to excel in all matters pertaining to equal rights. The Bank pays equal wages for equally valuable work and ensures that there is no unexplained wage difference between the sexes.
Landsbankinn was awarded the Golden Seal of PwC's Equal Pay Audit for the second time in 2016. It was the first Icelandic bank and the largest company to receive the Golden Seal in 2015. PwC's Golden Seal is an important confirmation of the status of gender equality within the Bank and an encouragement to stay the course.
The Bank's Equality Policy emphasises equal job-related opportunities regardless of gender, age, nationality, sexual orientation, handicap, religion or other cultural markers. Landsbankinn deems it important to hire women as well as men for executive positions. Landsbankinn has a zero-tolerance policy towards bullying, discrimination, gender-based or sexual harassment.
In 2011, Landsbankinn signed the Women's Empowerment Principles – Equality Means Business (WEPs), an international venture by UN Women and UN Global Compact. In becoming a signatory, the Bank undertook to work towards gender equality in-house, in accordance with seven guiding principles, to empower women in the workplace and increase participation by women in business.
In 2010, the Bank determined to work towards the goal of ensuring at least 40% representation by both genders in the Bank's management teams. The Bank's managing directors currently number six, three men and three women.
Landsbankinn hosted a well-attended meeting on the Paris Agreement on climate change in Harpa in February 2016. The aim of the meeting was to shed light on the impact various types of actions to combat climate change may have on Icelandic industry and investment.
The Bank has expanded considerable effort on making the workplace more eco-friendly. Significant success has been achieved in reducing paper use and electricity consumption, to name but a few instances. These matters are discussed in more detail in the Bank's Report on Social Responsibility.
Towards year-end 2016, Landsbankinn purchased four eco-friendly passenger cars. Now over a third of the Bank's vehicle fleet is eco-friendly.
Three of the new vehicles are methane cars and one is electric. The cars are intended for use by employees that need to utilise cars as part of their work for the Bank. The aim is to replace other vehicles in the Bank's fleet with methane and electric cars in the near future.