Transparency and accountability 

NIB works to maintain an open dialogue with its external stakeholders. In addition, the various policy documents, rules of procedure, instructions and guidelines provide for elaborate reporting to the Board of Directors, the Control Committee, and within the organisation, also to the President and senior management.

As part of the Environmental Policy, NIB publishes category A projects—projects with the potential for large environmental impacts—on its website for a 30-day period before any final decision on the projects is taken by NIB. Comments received during the public disclosure are taken into consideration in the project appraisal.

NIB's Disclosure Policy, which was revised in 2010, safeguards the public's access to information about the Bank. NIB's guiding principles for external communication are outlined in its Communication Policy, which also defines key target groups and communication tools.

External conferences are one platform to interact with various stakeholder groups. NIB participated in several events during the year, such as the World Climate Solutions conference in Copenhagen, and the North European Renewable Energy Convention in Oslo. NIB is also an active participant in the Baltic Sea Action Plan implementation group, focusing on identifying viable projects for the preservation of the Baltic Sea.

In 2010, NIB also shared its past experience in setting up gender-based financial mechanisms at various seminars; for example in Istanbul under the auspices of the UN Economic Commission for Europe, in St Petersburg at a seminar in cooperation with the City Government and in Beijing at the Global Summit for Women.

NIB considers other international financial institutions (IFIs) to be very important stakeholders. In addition to annual or semi-annual gatherings between chief officials responsible for different areas of activities, NIB and the IFIs work closely on several institutional initiatives and programmes as well as in concrete transactions. This helps to safeguard a harmonised approach to the market and to meet the expectations of our respective member countries. During 2010, cooperation with European IFIs focused to a high degree on fighting fraud and corruption by investigating common cases of alleged corruption.

To cater for our investors particularly interested in sustainable investments, NIB issued its first environmental support bond in 2010.

During the year, NIB was approached by several institutions for the purpose of rating the Bank's performance in terms of corporate responsibility. The ratings provide good benchmarks for further development of the Bank's sustainability work. The Bank reports on the economic, environmental and social aspects of its operations according to the Global Reporting Initiative.