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Created before Nov 2016
Last update: 2016-08-02 16:16:51
Johan Frijns, BankTrack
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DnB, founded in 1822, is Norway’s largest financial services group. The Group consists of brands such as DnB, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson. The group's activities are primarily focused on Norway. It is one of the world's foremost shipping banks and an international player in the energy sector and the fisheries and seafood industry.
Dronning Eufemias Gate 30
Rune Bjerke |
Group Chief Executive
|Annual report||Annual Report 2015|
listed on Oslo Stock Exchange & Stockholm Stock Exchange
State-owned (34%) and Public shareholders
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Voluntary initiativesDnB has committed itself to the following voluntary standards:
- Carbon Disclosure Project
- Dow Jones Sustainability Indices
- Equator Principles
- Extractive Industries Transparency Initiative
- Global Reporting Initiative
- ISO 14001
- OECD Guidelines for Multinational Enterprises
- Principles for Responsible Investment
- UN Guiding Principles on Business and Human Rights
- UNEP Finance Initiative
- United Nations Global Compact
DnB and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. DnB adopted the Equator Principles in 2009.
Reporting on the Equator Principles
DnB must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
DnB is involved in financing the following Equator Principles projects that BankTrack considers controversial.
Implementation and reporting
DnB is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
DNB has sold its part of DAPL loan
Since November 2016, DNB has reviewed various options for its involvement in the project financing of the Dakota Access Pipeline. The bank has now entered into an agreement to sell its share of the loan (source press release DNB).
Six banks step away from Dakota Access Pipeline (DAPL) and backers
In November 2016, BankTrack coordinated a global call on the 17 banks behind a loan to DAPL to halt further loan disbursements. In February 2017 this was supported by petitions signed by over 700,000 people. While the disbursements ultimately went ahead, in February ABN AMRO, ING, BayernLB and Nordea all announced they would step away from financing the project or its backers. ABN AMRO committed to end its financing for Energy Transfer Equity (ETE) if the pipeline proceeds without consent from the Standing Rock Sioux or with further violence. Nordea excluded three companies behind the Dakota Access Pipeline from investment. BayernLB stated it will withdraw from financing DAPL at the earliest opportunity, and not provide further finance.
In March, ING became the first bank to sell its portion of a project loan to the pipeline. A good move followed by DNB (entered into an agreement to sell its part of the loan) and by BNP Paribas (sold its part of the loan in April).
DNB sells stakes in companies involved in Dakota Access Pipeline over indigenous rights concerns
Norway's biggest bank announced in November 2016 that it has sold its stakes in companies that are involved in the construction of the Dakota Access Pipeline. DNB’s holdings were worth around $3 million (26 million kroner). Additionally, DNB is reconsidering three separate loans it has made to help finance the pipeline. Read more.