About the Report

Landsbankinn now publishes its ninth ESG Report based on the GRI Standards. The Report also functions as a Communication of Progress report to the UN Global Compact. The Report reflects the Bank's knowledge of the subject matter at the time of its publication. Publication of this Report does not imply that the Bank is fully cognisant of its social impact nor that sustainability has been fully implemented in the Bank. The Report endeavours to provide an insight into accomplishments, identify room for improvement and discuss controversies.

Information in the Report is prepared by the Bank’s employees in various divisions and an outside consultant reviewed disclosure with regard for compliance with the GRI Standards.1 In 2019, a CSR expert was hired2 to a 50% position. The CSR expert edits and supervises reporting.

An index accompanying the Report sets out the extent of disclosure on each indicator. This Report contains detailed discussion of some indicators while others are merely reviewed shortly in the index. Where indicators are not discussed in full it is because information is insufficient or has not been available in comparable form. To avoid repetition, the index in some instances refers to other media and reports from the Bank, as applicable.

Quality assurance of information

  • Determine the extent to which the standards apply to Landsbankinn
  • Determine the level of disclosure needed to comply with each standard
  • Identify the parties responsible for information and determine how to make the information comparable between years

The advancement of social responsibility and sustainability at Landsbankinn can be tracked through perusal of the Bank’s previous ESG reports. This Report focuses on the activities of Landsbankinn and not its subsidiaries, unless otherwise stated. Regard was had for the following in determining the scope and approach of the Report.

  • While this year’s Report includes the same indicators as previous ones, they were updated to reflect changes from GRI G4 to GRI Standards in 2018.
  • The selection of indicators was based on reports by comparable financial undertakings in the Nordic countries, as well as stakeholder views.
  • The GRI 103 table outlines the approach to management of material topics by the Bank and the person or division responsible. The table was initially prepared in 2018 to reflect changes from GRI G4 to GRI Standards reporting. The table responds to the GRI 103 standard in that it shows management’s approach to material topics.
  • In order to identify material topics in the Bank’s operation, the standards were reviewed by Landsbankinn’s employees and a materiality analysis carried out. Once the material topics of the GRI Standards had been identified based on Landsbankinn’s operation, the responsibility for management of each standard was identified by division.
  • The table shows material topics, or GRI Standards, on the y-axis. The Bank’s divisions are arranged on the x-axis and management of each standard recorded in the table’s columns.
  • A review during the preparation for this Report ensured that no changes had occurred since 2018.

All information in the Report is for the calendar year 2019. Landsbankinn encourages readers of the Report to contact the Bank with any comments on the Bank's social involvement, as well as suggestions for improvement of the Report.

The below table outlines the approach to management of material topics by the Bank and the person or division responsible.
The GRI 103 table (pdf)

1. Finnur Sveinsson, sustainability consultant.

2. Aðalheiður Snæbjarnardóttir, sustainability expert.