Telenor Group is committed to report relevant data on social and environmental performance, focusing on material issues and communicating its progress.
We report externally on the risks and opportunities most important to our long-term value-creation potential, and on topics that are strategically important to us and our stakeholders.
Our Key Sustainability Figures present the latest performance data on the social and environmental issues material to the Telenor Group. For reporting and investigation of breaches on compliance, please see Ethics & Compliance.
The Norwegian Accounting Act
In 2013, the Norwegian Parliament adopted a statute requiring large companies to report on how they follow up material sustainability issues. These changes to the Norwegian Accounting Act require this report to be provided by the Board of Directors and to be published in the annual report or in another public document referred to in the report.
The amendment requires a large enterprise to account for what the company is doing to integrate respect for human rights, labour rights and social issues, the environment and anticorruption into their business strategies, daily operations and relationship with stakeholders. The report shall at least contain information on policies, principles, procedures and standards the company uses to integrate the above considerations. In addition to the requirements of the Norwegian Accounting Act, Telenor Group is committed to the disclosure of its social and environmental performance, focusing on material issues and communicating its progress in line with stakeholder expectations.
The focus areas covered in this sustainability report are based on a materiality assessment process in 2015, which is in line with stakeholder expectations. The assessment has been conducted on the basis of Global Reporting Initiative G4 guidelines.
The Board of Directors of Telenor ASA has decided that the statement on how the company is delivering on material sustainability issues should be provided as a separate sustainability report published together with the annual report.
DNV GL has been commissioned by Telenor to carry out an independent review of the Sustainability Report 2017, in particular to assess the accuracy of claims. The engagement has been undertaken in accordance with the requirements in the ISAE 3000 standard as well as DNV GL’s general method for assessments of sustainability reporting.
Key figures of our performance on the social and environmental issues that are material to the Telenor Group are presented in this data section.
Other external Reporting
Following the guidance of international frameworks, Telenor Group reports to various external organisations to ensure structured, transparent and relevant reporting of sustainability performance.
United Nations Global Compact
Telenor submits information to the UN in line with ten globally accepted principles – in connection with human rights, labour, environment and anti-corruption. By participating in the Global Compact, Telenor has undertaken to incorporate the UN Global Compact principles into our everyday operations. Telenor Group reports to UNGC at an advanced reporting level.
Global Reporting Initiative
Telenor Group reports its non-financial performance based on the internationally accepted framework of Global Reporting Initiative. The 2017 report has been prepared in accordance with the GRI Standards: Core option, with an in-depth and targeted reporting focusing on the most material topics to Telenor.
Carbon Disclosure Project (CDP)
CDP (formerly the Carbon Disclosure Project) is an international, not-for-profit organization that is providing a global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP has over the past 15 years created a climate reporting system that today is in line with the reporting framework of TCFD (Task Force on Climate-related Financial Disclosures). For the fourth year in a row, CDP rated Telenor Group to be in their ‘Leadership’ category as part of its climate ranking list for 2017- and Telenor is still the best telecom company with headquarters in Scandinavia.
FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Telenor has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE4Good indices are used by a wide variety of market participants to create and assess responsible investment funds and other products.
ISS-oekom Prime company
Telenor has been classified as a “Prime company” for the telecom industry according to ISS-oekom’s sustainability rating methodology. The Prime status is awarded to companies that fulfil ISS-oekom’s demanding requirements regarding sustainability performance in their specific industry sector. Telenor’s overall sustainability performance is scored as medium (rating C+) on a scale which goes from D- (poor) to A+ (excellent) – where overall Social and Governance categories rated as B- and overall Environmental categories rated as C+ (including Eco efficiency rated as A+).
The ISS-oekom sustainability rating report is based on publicly available company documentation and external Sources, such as NGOs, authorities, trade unions and media. The draft report was submitted to the company for consideration and feedback. The specific ratings are based on publicly available company documentation, such as annual reports, social and environmental reports and sustainability reports, as well as company web pages. In addition, this may include internal documents or other company information (e.g. obtained through interviews with company representatives), if provided.
This is ISS-oekom: In 2018, Institutional Shareholder Services Inc. (ISS), the leading provider of end-to-end responsible investment and governance solutions to the global financial community, announced the addition of oekom research AG, a leader in the provision of environmental, social and governance (ESG) ratings and data, as well as sustainable investment research. Reflecting the strength of both brands, oekom research AG will be renamed ISS-oekom with the new unit complementing the work of ISS’ existing responsible investment teams.
The Dow Jones Sustainability Indexes
Telenor Group has been ranked as top performer on The Dow Jones Sustainability Indexes (DJSI) for 12 consecutive years, from 2001-2013.
In recent years, sustainability reporting frameworks have evolved, and transparency and performance oriented reporting have come to the fore. Simultaneously more extensive legal requirements have been introduced. While DJSI is a highly regarded sustainability ranking, the methodology and results are not transparent, and many stakeholders prefer easy access to info online.
In 2014, Telenor Group decided to stop reporting to DSJI and to focus on providing transparent, timely and accurate reporting on our company’s non-financial performance through open channels. We will continue reporting to the reporting standard GRI, the UN Global Compact and the Carbon Disclosure Project. We will also continue to develop our performance based information on telenor.com/sustainability.