ESG highlights
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Active in the global RI community
Contributing actively to industry-wide responsible investment discussions and promoting.
Participating in investor initiatives is a way for us to exchange knowledge, shape the sustainable finance industry, and to benchmark and develop our own ESG approach and frame- work. During 2025, we were active in 36 investor initiatives across a broad range of ESG topics 14 . We were also active in several Sustainable Investment Forums (SIFs) throughout Europe and participated in numerous engagements in collabo- ration with other investors. While these initiatives and collaborative actions are an extremely important part of our work, we recognize that our role and responsibility in the RI community extend beyond these initiatives. We aim to engage with our stakeholders, to educate and learn. We do this by participating in events and discussions, contributing to publications, engaging with our clients and fostering academic collaborations. Industry Committees Representation In 2025, we continued to play an active role in several key industry initiatives and governance bodies. As founding members of the ISSB Investor Advisory Group 14 (formerly SASB's Investor Advisory Group), we helped shape global sustainability disclosure standards, with our Head of Responsible Investments, Eric Pedersen, representing NAM. We lead company disclosure engagements and demonstrate ISSB standards' investor applications across scenarios. Additionally, we have been supporters of Task Force on Cli- mate-related Financial Disclosures (TCFD) 14 framework, whose reporting principles have now been incorporated into the ISSB standards. These standards provide an important foundation for climate-related financial disclosures and support compa- nies in reporting on the climate risks and opportunities most relevant to their business activities. Our Head of Climate and Nature Team, Cecilia Fryklöf, partici¬pated on the steering committee of the Investor Initia- tive on Hazardous Chemicals (IIHC) 14 , addressing environmen- tal and financial risks associated with chemical use. Since 2018 we have held a unique position as the sole asset manager on the Advisory Board of the Pharmaceutical Supply Chain Initia- tive, promoting responsible practices in the industry. Magdalena Kettis from our Stewardship team serves on the management committee of the Investor Policy Dialogue on Deforestation (IPDD) 14 . Nordea is also an active member of the IPDD Brazil and Indonesia working groups, contributing to investor dialogue with policymakers on forest protection, land- use governance and sustainable supply chains. Additionally,
Magdalena serves on the Leadership Committee of the Corpo- rate Human Rights Benchmark (CHRB) 14 .
Nordea Asset Management is also a founding member of the multistakeholder initiative Guidance for Responsible Invest- ment in Defence (GRID), which focuses on developing guid- ance for responsible investments in the defence sector and is governed by a Steering Group of which we are members. During 2025 Kenn Urhøj, Head of our Sustainability Research team participated in work with interest groups looking into the SFDR 2 regulation. Nordea Investment Management participat- ed in FinanceDenmarks working group on Sustainable Invest- ments and the Eurosif SFDR advisory group. Further Kenn Urhøj participated in the Partnership for Carbon Accounting Finan- cials (PCAF) 14 working group on the methodology for financed emissions from structured products and covered bonds. Industry Conferences We actively contribute to responsible investment discussions by participating in leading industry conferences, roundtables and investor forums globally. These platforms enable us to share insights from our stewardship and ESG integration work, exchange perspectives with peers, and contribute to shaping best practice across the industry. In 2025, we participated in PRI in Person and several PRI-relat- ed events, contributing to discussions on sustainable finance, net zero alignment, stewardship, EU climate policy and emerg- ing sustainability risks. Representatives from our Responsible Investment and Climate & Nature teams engaged in panel dis- cussions and investor forums addressing topics such as climate transition pathways, sustainable finance regulation, corporate sustainability, and investor-company dialogue. Throughout the year, we also participated in investor forums and sustainability conferences across Europe, including inves- tor-company dialogues and sustainable finance events. At these events, we shared insights from our Methane Engage- ment campaign and our work with the Oil & Gas Methane Partnership 2.0 (OGMP 2.0) 14 , highlighting methane reduction as one of the most immediate and cost-effective levers for near-term decarbonisation. This work continues to position us as an active voice in advancing investor expectations on methane transparency, target-setting and implementation. In October 2025 we joined IIGCC and a select group of investor members in a delegation to Brussels to underscore the impor- tance of continued EU climate leadership and the development of the EU’s sustainable finance framework. The delegation met
14) More information about RI Initiatives can be found in the appendix page 43.
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