Corporate responsibility

Among the important principles guiding the Bank in its work with corporate responsibility are transparency, accountability and integrity. These three principles promote sustainable growth, which is at the heart of NIB's mission. Sustainable growth means achieving long-term growth without significant or permanent damage to the environment and the economy's natural productive capacity.

The Bank focuses on sustainability at all levels of its activities. Efficient and productive use of resources requires the Bank to focus on its mandate and to rate the impact of potential projects according to the mandate's two pillars: competitiveness and the environment. It also means that NIB must recruit the right staff and ensure its well-being.

NIB is an international organisation entrusted with public funds. At the same time, it is also a financial institution that aims for a reasonable return on its capital. These two roles mean that NIB must be accountable to its stakeholders and transparent in its operations. The Bank has zero tolerance for corruption and misconduct. In addition, NIB must apply sound banking terms to its operations and safeguard the confidential information of its clients. Proper governance increases the public's confidence in the Bank.

Environmental impact

Indirect impact
For sustainability, the environmental effects of projects financed by the Bank are especially significant. NIB is committed to ensuring that its projects are managed in a manner consistent with the requirements of relevant EU environmental principles, legislation and practices. To meet this commitment, NIB has established an environmental policy that lays out the principles the Bank must follow.

NIB conducts an environmental analysis for all projects that the Bank proposes to finance. The analysis ensures that borrowers have taken into account all relevant environmental impacts, risks, liabilities and costs.

In addition to ecological issues, NIB also examines the social aspects of projects to an increasing extent, and verifies that the investments are in line with sound international practice and World Bank standards.

NIB's environmental analysis is based on environmental impact assessments, environmental audits, other available and relevant documentation and, when needed, site visits. The scope of the analysis depends on the potential environmental impact of the project.

See the section on environmental lending in the Mandate, Mission and Impact chapter for information on the environmental impact of NIB-financed projects.

Direct impact
NIB's direct environmental impact through its daily operations is much smaller than the indirect impact deriving from the projects it finances. However, the Bank emphasises environmentally and socially sound practices in its daily operations as well.

NIB has not received any fines or been in non-compliance with environmental laws or regulations.

In 2010, the Bank joined the World Wide Fund for Nature's (WWF) Green Office programme. The programme motivates staff to act in an environmentally friendly way in their everyday tasks and improves not only environmental awareness but also cost efficiency. NIB aims to reduce business travel by increasing the use of video conferences.

In 2010, waste management and waste procedures were updated and further sorting of waste types such as glass and metal was started. NIB's waste management will continue to be developed in 2011 and the Bank plans to reduce paper consumption by 5% between 2010 and 2012. NIB recycles all internally used paper.

For work-related trips in 2010, NIB employees travelled 4,862,037 km, which equals approximately 27,000 km/employee.