20. December 2022
The Icelandic analysis and assessment company Reitun has published its latest ESG assessment for Kvika, giving the bank a score of 86/100 and an A3 rating, which is an excellent rating under Reitun´s assessment. Kvika scores well above average in all ESG categories, when compared to the 35 domestic issuers who have undergone an ESG risk assessment by Reitun. The average is 72/100 and a rating of B2.
Reitun’s ESG assessment involves an analysis of how well Kvika manages sustainability risks in its operations and measures the group’s performance under the environmental and social factors as well as under governance (ESG). The assessment indicates that Kvika´s increased score in the environmental factor is mainly thanks to the fact that available data on environmental accounting now goes back three years – while the group is generally considered to be performing well in environmental matters. As regards social aspects, the changes and challenges resulting from Kvika’s merger with TM and Lykill in 2021 were handled well and, despite the challenges posed by consolidating the group’s operations in one place, staff handled the changes well, the group achieved good results in the annual workplace analyses conducted in 2021 and 2022, and job satisfaction is high. With regards to the governance factor in 2022 Kvika completed work on a detailed sustainability strategy and a new sustainability policy for the group, which furthermorem focuses on six of the UNDG. The new strategy was worked out across all of the group´s units and subsidiaries.
Marinó Örn Tryggvason, CEO of Kvika: ‘The group has recently been placing greater focus on sustainability issues. For instance, this year we have been conducting detailed strategy work, culminating in the approval of a new sustainability policy. This policy shapes Kvika’s ESG priorities for the coming years – we strive to play a responsible role in society and support sustainable development. Kvika has now received an excellent rating in Reitun’s ESG risk assessment, which is very pleasant and a great motivation for us to continue to improve in this field and manage sustainability risks.’
Reitun’s summary of their ESG risk assessment for Kvika, published in December 2022, can be found here.