Nordic Investment Bank – Annual Report 2010
- This is NIB
- Mandate, Mission and Impact
- Lending
- Treasury
- Corporate Governance
- Financial Report
- Report of the Board of Directors
- Proposal by the Board of Directors to the Board of Governors
- Statement of comprehensive income
- Statement of financial position
- Changes in equity
- Cash flow statement
- Notes to the financial statements
- 1. Segment information
- 2. Interest income and interest expense
- 3. Commission income and fees received
- 4. Net profit/loss on financial operations
- 5. General administrative expenses
- 6. Impairment of loans
- 7. Financial placements
- 8. Loans outstanding and guarantee commitments
- 9. Intangible assets, tangible assets (property and equipment)
- 10. Depreciation
- 11. Other assets
- 12. Debts evidenced by certificates and swaps
- 13. Other liabilities
- 14. Authorised capital—paid-in capital
- 15. Statutory reserve and credit risk funds
- 16. Collateral and commitments
- 17. Fair value of financial instruments
- 18. Maturity profile
- 19. Interest rate risk
- 20. Currency risk
- 21. Average statement of financial position
- 22. Related party disclosures
- 23. Cash flow statement
- 24. Exchange rates
- 25. Post-balance sheet events
- Auditors’ reports
Material bank
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Integrity
To promote sustainability and corporate responsibility, NIB has a compliance function to address integrity and reputational risk in its daily business. Particular emphasis is placed on fighting corruption both in the Bank's external and internal activities and operations. The Compliance function is guided by the Compliance Policy, which also includes the Terms of Reference for the Chief Compliance Officer. The Chief Compliance Officer reports directly to the President.
The Chief Compliance Officer heads the Bank's Committee on Fighting Corruption. During 2010, Compliance dealt with six cases of alleged fraud and corruption. Two of the cases were dismissed following preliminary assessment and the remaining four are still under consideration or investigation.
Following recent developments in the IFI community concerning investigations and sanctioning mechanisms including cross-debarment, Compliance initiated a review of the Bank's anti-corruption strategy. The recommendations of an external consultant will be considered in 2011.
In this context, the Bank's procurement policy is also important and in 2010 the Bank started to revise its guidelines for procurement concerning the projects it finances. The new guidelines are expected to be implemented in 2011.
Codes of conduct
The Compliance function is responsible for providing advice and training on integrity issues and, in particular, on the application of the Code of Conduct for the Staff. The general purpose of the codes is to enhance best practices in relation to the governance of the Bank.
The Bank has separate codes of conduct for:
- the Board of Directors and the President
- the Control Committee
- the Staff
The annual review of the Code of Conduct for the Staff was completed for 2010. It provides guidance for avoiding conflict situations, rules on insider trading and advice on how to uphold proper conduct according to the highest ethical standards.