ORGANISATIONAL PROFILE 102–10 Significant changes to the organisation and its supply chain
In 2021 we acquired Electro-Therm SAS, Go Geothermal Ltd Heat Safe Cable Systems Limited, Heat Trace Holdings Limited, Heat Trace Limited, Brewer and Bunney Limited and Graybar Ltd. The following companies were acquired in 2020 and were included in sustainability reporting for 2021: Heating Group International B.V., Elektrotermija d.o.o, Jac. De Vries Gesta B.V, WATERKOTTE GmbH, VEÅ AB, Termotech S.R.L, VOLTANOVA b.v, Sun Electric Heater Company, Tiki, Üntes, Hydraulik-Service i Markaryd AB and Nathan Holding. There were no significant changes to the supply chain. 102-11
Precautionary Principle or approach.
We apply the precautionary principle in all our development work and comply with applicable national and international chemicals legislation such as REACH and RoHS. We are working actively to phase out chemicals in our manufacturing processes as per the substitution principle. Continuous risk assessments ensure that the right protective equipment is used if there is a risk of exposure and that chemicals are used and stored correctly.
102-12 External initiatives.
NIBE signed the 2014 Global Compact, which is one of our major initiatives alongside the Sustainable Development Goals. Read more about the Global Compact and the SDGs to which we contribute on page 64–65. We also work in compliance with ISO 26000 – Guidance on social responsibility and the ‘Code to Prevent Corruption in Business’ of the Swedish Anti-Corruption Institute (Institutet Mot Mutor (IMM)). As part of our climate work we have started working with the TCFD (Task Force on Climate Related Financial Disclosures) initiative, which identifies climate-related risks and opportunities. The Global Reporting Initiative (GRI) is the reporting standard that NIBE has chosen as the reporting method for stakeholders. This means we commit to conduct business in a global context in a responsible manner in compliance with applicable laws and internationally adopted standards. 102–13 Membership of associations.
NIBE is a member of several trade associations in which relevant short-term and long-term aspects are discussed, for example the GEO-Exchange Coalition, ASHRAE, the Swedish Society of Refrigeration (Svenska Kyltekniska Föreningen), as well as various standardisation organisations. We also work with high-profile universities and organisations such as Tekniska museet (the Swedish Museum of Technology) and the Nobel Prize Museum.
STRATEGY 102-14 Statement from senior decision-maker.
The Chief Executive’s report is on pages 14-17. The annual report contains descriptions of strategic priorities, trends and goals, what has been achieved and the outlook for the future.
ETHICS 102–16 Values, principles, standards and code of conduct.
NIBE’s ethical guidelines are defined in Our Values, Our Business Principles and our policies. There are several related policies at Group level, as well as local adaptations of NIBE’s policies. NIBE’s values and guidelines are, however, generally applicable and all other policies are subordinate to them. Our guidelines are available in 20 languages, on NIBE’s intranet and at www.nibe.com. Read more on pages 12–13 and 149 (our values and policies). NIBE’s employees are urged to report departures from NIBE’s values to their managers or local HR departments or to forward the matter to other senior managers. Employees may also report to a groupwide whistleblower portal (www.https://report.whistleb.com/ en/NIBE). The reporting channel is managed by a third party, and
reports may be made anonymously in the reporter’s own language. NIBE has a strict policy against reprisals against persons who report suspected infringements in good faith. In 2021, five cases were submitted to NIBE’s whistleblower system. Four of the reports were received anonymously through NIBE’s web portal for whistleblowing cases and one was received by the management of one of the subsidiaries. Two of the reported cases were classified as whistleblowing cases and investigated within the framework of the whistleblowing policy. One reported case was without merit and the other two were categorised as HR cases and were submitted for handling by NIBE outside the whistleblower system.
GOVERNANCE 102–18 Governance structure.
The company’s Managing Director and CEO is appointed by the Board of Directors and is responsible for ongoing management of the company’s operations in compliance with the guidelines and instructions issued by the Board of Directors. The Executive Committee and the Board of Directors have the ultimate responsibility for adopting NIBE’s business concept and ensuring that work is governed based on the company’s values and drivers. The sustainability team reports directly to the CEO and is responsible for ensuring that all relevant aspects of sustainability are managed and integrated in all operations and activities of the Group and for the preparation of
NIBE INDUSTRIER AB ANNUAL REPORT 2021
policy documents, strategies and objectives linked to NIBE’s overarching sustainability initiatives. Each operational unit is responsible for sustainability initiatives, which should be implemented according to the strategy and basic requirements adopted by Group management. Each business area is responsible for implementing the sustainability programme in the line organisation. Each company CEO is responsible for their company’s results, comprising financial performance, social impact, compliance and other aspects specified in the NIBE Group’s guidelines for management at company level. Read more about management and governance on pages 173–177.
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