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ESG key figures

PensionDanmark has decided to publish a list of ESG key figures (Environment, Social and Governance), calculated according to the guidelines published by FSR – Danish Auditors, Nasdaq and the Danish Finance Society in June 2019. In order to give credence to these ESG key figures, we have also included them in our independent auditor’s report as the first pension provider in Denmark.

Environmental data

Miljødata - Virksomhedens egne udledninger Unit 2022 2021 2020 2019 2018
CO2e emissions from company            
CO2, scope 11 Tonnes 74 45 42 79 -
CO2e, scope 2 (market-based)2 Tonnes 33 71 56 66 448
CO2e, scope 2 (location-based)2 Tonnes 174 455 386 412 448
Energy consumption (scope 1 + scope 2)3 GJ 7,930 9,154 7,247 8,458 7,634
             
Renewable energy share (scope 2)3 % 81 82.2 78.2 73.3 42.7
             
CO2e, scope 3 estimated            
C1: Purchased goods and services1 Tonnes 6,103 6,674 6,229 5,420 -
C2: Capital goods2,4 Tonnes

1,145

 2,524 2,870 - -
C5: Waste1 Tonnes 1.2 1.2 1.1 1.2 -
C6: Business travel1 Tonnes 93.3 15.4

44.2

 117.6 -
C7: Employee commuting2,4 Tonnes 126.8 132.7 121.2 - -
C15: Investments2 Tonnes of CO2e 1,499,314 1,558,168 1,099,284 966,996 540,980
CO2e, scope 3, total2 Tonnes 1,506,783 1,564,992 1,105,680 972,535 540,980
             
Other company-related environmental data:            
Water consumption m3 2,809 2,769 2,552 3,150 3,040
  1. Data not available for performance measurement in 2018.
  2. Scopes 2 and 3 data (C2, C7 and C15) for all five years are reported under changed accounting policies. For more information and definitions, please see accounting policies for key ESG data in our CSR report.
  3. Energy consumption and renewable energy share are calculated based on scope 2 market-based.
  4. Data not available for performance measurement in 2018-2019.

Environmental data - Investments

Environmental data – carbon footprint of investments: Unit Target 2030 Target 2025 2022 2021 2020 2019
CO2 emissions from listed equity portfolio:              
Total emissions Tonnes of CO2e     528,084 727,640 529,224 536,994
CO2 footprint Tonnes/DKKm < 4.4 < 6.3 6.2 6.9 6.3 8.4
CO2 intensity Tonnes/DKKm     14.3 19.9 18.9 20.6
Weighted average carbon intensity Tonnes/DKKm     15.6 18.5 19.4 18.4
               
CO2 emissions from corporate bond portfolio:              
Total emissions Tonnes of CO2e     527,770 551,281 428,185 372,108
CO2 footprint Tonnes/DKKm < 14.5 < 20.7 22.8 22.6 24.1 23.9
CO2 footprint, excl. green bonds  Tonnes/DKKm < 12.6  < 18.0  19.6 20.9 22.2 22.9
               
CO2 emissions from private equity portfolio:              
Total emissions Tonnes of CO2e     72,969 57,096 40,896 47,863
CO2 footprint Tonnes/DKKm  < 2.9  < 4.1 3.3 3.7 4.1 5.9
               
CO2 emissions from private debt portfolio2:              
Total emissions Tonnes of CO2e     77,542 92,263 90,827 -
CO2 footprint Tonnes/DKKm  < 5.5  < 6.4 5.5 7.3 9.2 -
               
CO2 emissions from infrastructure portfolio2:              
Total emissions Tonnes of CO2e     177,485 121,968 - -
CO2 footprint Tonnes/DKKm  < 7.5  < 9.0 10.3 10.5 - -
               
Danish mortgage bond portfolio2:              
Total emissions Tonnes of CO2e     107,104 123,724 - -
CO2 footprint Tonnes/DKKm < 1.8 < 2.3 2.6 2.7 - -
               
CO2 emissions from real estate portfolio:              
Total emissions Tonnes of CO2e     6,360 7,920 10,152 10,031
CO2 footprint Tonnes/DKKm  < 0.3  < 0.35 0.3 0.3 0.5 0.5
CO2 intensity kg/sqm  < 6.9  < 8.0 7.7 8.9 11.6 11.8
               
Total CO2 footprint of equities and corporate bonds  Tonnes/DKKm < 6.4 < 9.13 9.8 9.8 9.4 11.4
Total CO2 footprint of equities and corporate bonds, excl. emissions from green bonds Tonnes/DKKm < 6,.2 < 8.93 9.1 9.5 9.1 11.2
               
Total CO2 footprint of investment portfolio Tonnes/DKKm     6.6 6.9 7.7 8.8
               
Ownership of green infrastructure, capacity4 MW   1,300 952 893 1,108 961
Avoided CO2 emissions from ownership of green infrastructure, estimated4 Tonnes of CO2   >2.000.000 1.309.478 1.511.358 1.902.220 2.297.000
Cumulative renewable energy capacity expansion since 2021 MW 800   254      
  1. Data not available for the computation in 2019.
  2. Data not available for the computation in 2019-2020.
  3. Asset Owner Alliance goals relating to 2024.
  4. PensionDanmark has not set any targets for performance beyond 2025, but has instead set targets for the development of new renewable energy capacity.

Social data

Social data Unit Target 2025 2022 2021 2020 2019 2018
Full-time staff FTE   336 321 291 261 246
Gender diversity % 50.0 43.3 43.8 43.7 44.0 43.3
Gender diversity, other management tiers % 50.0 43.5 43.9 44.3 45.2 41.6
Gender pay gap Times   1.2 1.3 1.3 1.3 1.4
Staff turnover %   18.7 18.1 12.0 15.7 17.9
Sickness absence Days/FTE 4.5 7.1 6.8 4.7 6.6 7.0
Taxes paid DKKm   5,829 2,362 3,565 298 2,826

Governance data

Governance data Unit Target 2025 2022 2021 2020 2019 2018
Gender diversity, Board of Directors (17 members) % 30.0 22.2 27.8 23.5 23.5 18.8
Board meeting attendance % 95.0 91.0 95.0 85.0 82.0 88.0
Salary gap between CEO and employees Times   8.9 8.9 8.7 8.6 8.5

Climate reporting

Active commitment to climate action Unit 2022 2021 2020 2019 2018
Active ownership1            
Climate change dialogues Number 263 240 190 134 108
       of which own dialogues Number 10 - - - -
       of which dialogues via ESG rating agency or the like Number 253  - -   - - 
             
Properties aligned with EU sustainability criteria2,6            
Existing buildings % 35.2 32.2 - - -
New buildings (until commencement of use) % 100.0 100.0 - - -
Total real estate portfolio % 43.7 38.6 - - -
             
Sustainability certified properties            
Existing buildings %

26.4

 20.0 17.8 19.6 18.4
New buildings (until commencement of use)3 % 97.4 97.1 89.4 100.0 87.5
             
Sustainability of business models2            
Investments aligned with EU sustainability criteria            
    Equity portfolio4 % 5.2 5.6 - - -
    Corporate bonds5 % 8.8 7.9 - - -
    Real estate portfolio6 % 43.7 38.6 - - -
    Infrastructure7 % 57.0 54.0 - - -
  1. A response must have been received to the company’s inquiry to qualify as dialogue.
  2. Data not available for performance measurement in 2018-2020.
  3. The assessment of whether PensionDanmark’s new buildings are certified sustainable is based on pre-certifications.
  4. Proportion of PensionDanmark’s equity portfolio aligned with EU sustainability criteria, in terms of revenue, based on MSCI estimates.
  5. The proportion of PensionDanmark’s corporate bond portfolio aligned with EU sustainability criteria is an estimate based on whether a bond complies with ICMA’s green bond principles.
  6. Proportion of PensionDanmark’s real estate portfolio aligned with EU sustainability criteria based on data concerning the property’s energy efficiency.The assessment does not consider the ‘do no significant harm’ or ‘minimum social safeguards’ criteria due to unavailability of relevant data.
  7. The proportion of PensionDanmark’s infrastructure portfolio aligned with EU sustainability criteria is stated as ownership of green energy infrastructure deemed to do no significant harm to other environmental objectives and to comply with minimum social safeguards.