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The Swedish Club announces plans to advance sustainability agenda

At its recent board meeting, held on 8th October, the Board of The Swedish Club voted to continue to support an Environmental, Social and Governance (ESG) framework policy.

This policy identifies the responsibilities of the Club and commits it to develop a series of practical measures to guide and support both employees and members in creating a truly sustainable organisation fit for the future.

The Club’s organisation will be tasked with strengthening the role that the Club should play on the world stage and how its ESG commitments can translate further across individual departments and member companies.

Lars Rhodin, The Swedish Club’s Managing Director, says: “As a mutual, we have long held the ESG values of transparency, sustainability and accountability close to the heart of our business. This move very much formalises the work that the Club has already been doing to aim for sustainability in our operations and to consider the impact on society and the environment at large in everything that we do. At the same time, we cannot downplay the importance of constant vigilance and the need to set clear goals for the future.”

The Club’s management has recommended that the Club adopt four of the United Nation’s Global Goals for Sustainable Development, providing a clear direction for the Club’s future ESG efforts.

The goals are:

  • UN Goal 3: Good health and well-being.
    The Club will promote health and safety in work life, on-shore as well as off-shore.
  • UN Goal 12: Responsible consumption and production.
    The Club will promote responsible consumption of water, energy, and food.
  • UN Goal 14: Life below water.
    The Club will work to safeguard life below water through active loss prevention and relevant insurance solutions for its members.
  • UN Goal 16: Peace, justice, and strong institutions.
    The Club promotes the rule of law and works against the use of bribes and other illegal measures.

In addition, the Club has also agreed to follow the United Nation’s Principles for Sustainable Insurance roadmap. It has confirmed the following intentions:

  • To embed environmental, social and governance issues relevant to its insurance business in its decision-making.
  • To work together with its clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
  • To work together with governments, regulators, and other key stakeholders to promote widespread action across society and environmental, social and governance issues.
  • To demonstrate accountability and transparency in regularly disclosing publicly its progress in implementing the principles.

These commitments are formal steps in what will be a long term process of constant review and re-evaluation.