The success of our company can only be sustained in a stable natural environment and only in a society with balanced economic and social relations. This understanding shapes the strategic focus of NORD/LB Luxembourg Covered Bond Bank and the organization of our business model. At the same time, this approach is an important contribution, helping us to organise our daily actions in alignment with the requirements of our interest groups.
A management system that also focuses on requirements that go beyond what is legally required therefore contributes to our sustainability – in the interests of our company success and with a sense of responsibility towards our customers and employees, the environment and society.
We have therefore decided to systematically incorporate sustainability into our corporate and business activities and to establish sustainability management at NORD/LB Luxembourg Covered Bond Bank.
NORD/LB Luxembourg Covered Bond Bank joins the sustainability strategy of NORD/LB group as well as the principles of "Charta der Vielfalt" (Diversity Charta).
NORD/LB is a sustainable bank. As a 100% subsidiary of NORD/LB, NORD/LB CBB integrates sustainability into its core business is an essential lever for permanently securing the forward-looking orientation and competitiveness of the NORD/LB Group, its clients and business partners.
In its North German business territory, NORD/LB is closely linked with the business sector in Lower Saxony and Saxony-Anhalt. The economic profile of these two federal states with their shipbuilding, aircraft manufacturing and renewable energy engineering industries, agriculture and strong small and medium enterprises (SME) community has a direct influence on NORD/LB's business model, with its deliberate focus on Corporate Customers, Ship and Aircraft Customers and Energy and Infrastructure Customers business segments.
As a lender, NORD/LB has a business model which is closely interwoven with the real economy and finances enterprises in all sectors of the economy.
NORD/LB CBB is a dependable financial partner in allied lending business with NORD/LB. As one of the strategic anchors it accounts for the main share of the credit portfolio.
As a bank and public-law institution, NORD/LB bears a special responsibility for economic development and social cohesion. Therefore NORD/LB CBB regards both its social engagement and its conscientious business practices, with clear ethical principles and the status of role model for integrity and legal compliance, as part of this social responsibility.
For the NORD/LB CBB as 100% subsidiary of NORD/LB, sustainability is first and foremost a question of attitude. Direct and indirect support for stable development through its own business practices is part of its public mandate.
NORD/LB CBB is convinced that many aspects of global change will bring opportunities as well as risks for its clients and investors and will therefore influence our business activities. The Sustainability Strategy addresses the key aspects of global change for NORD/LB CBB and its clients and investors and shows ways to efficiently utilize emerging opportunities and responsibly manage risks. By taking a systematic approach to sustainability, the NORD/LB CBB ensures that the necessary sustainability aspects are taken into account in its business activities.
As a bank and public-law institution, NORD/LB bears a special responsibility for economic development and social cohesion. NORD/LB CBB as a subsidiary of NORD/LB regards both its social engagement and its conscientious business practices, with clear ethical principles and the status of role model for integrity and legal compliance, as part of this social responsibility.
The Extended Group Managing Board (Erweiterter Konzernvorstand) of NORD/LB is the supreme representative of the sustainability strategy. The "Marktvorstand" bears the primary responsibility for sustainable development at NORD/LB CBB. The Managing Board is supported in its duties by the Sustainability Control Committee. This committee consists up of the sustainability management group along with representatives of various business units.
Together with the sustainability management group, members of the Control Committee analyze the requirements in each unit, develop objectives and action plans and submit them as proposals to the Managing Board for implementation. Concurrently, they implement these action plans in their respective areas of responsibility.
All management levels are included in the discussion and decision processes by the Sustainability Control Committee and the sustainability management group, and they also contribute their own ideas. This broad knowledge base is continually expanded through internal communication channels and consultations on specific sustainability topics.
Among other things, sustainability means assuming responsibility for one's own conduct of business in order to survive on the market in the long term. Accordingly, the term "sustainability" can also be understood to include the future viability of an enterprise. If NORD/LB CBB is to secure jobs and remain competitive not only in the present, but also in the future, sustainability management will play a major role.
The sustainability management group engages in a continual dialogue with NORD/LB CBB's stakeholders and addresses important social and business issues which impact on the bank and must therefore be taken into account in its conduct of business. Besides collecting important information, the sustainability management group also passes information so that NORD/LB CBB processes can be improved continually.
ESG risks are risks that can arise in a business or business relationship in consequence of environmental, social or governance factors.
ESG risks contribute to reputational risks, which in turn are classified and summarised under operational risks.
For more information on ESG risks see the chapter "Governance of NORD/LB" in the "Sustainability Report".
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