Atradius N.V.
| Company name | |
|---|---|
| File:Bijdrijfs Logo.svg | |
| Quick Facts | |
| Type | Public |
| sector | Financial Services |
| Headquarters (Benelux Organization) | Amsterdam, the Netherlands |
| Year of Origin | 2004 |
| Emissions (All Scopes) | XXX Megatons of CO2 (2020) |
| Total Revenue | EUR 2.15 billion (2021) |
| Stock Exchange | shares are not traded |
| Key People | Only the executives, Supervisory board in Company Structure |
| Number of Employees | XXX |
| Subsidiaries |
|
Atradius provides trade credit insurance, surety and collections services worldwide through a presence in more than 50 countries around the globe.[1] It is the credit insurance arm of Grupo Catalana Occidente (GCO.MC). The Atradius Group today is the amalgamation of a number of international trade credit insurers and affiliated organizations from around the world. Although now Spanish owned, the holding company Atradius N.V. and its headquarters remain in Amsterdam, The Netherlands. In 2021 the company had a revenue of 2.15 billion euros.[2] The company is rated ‘A (excellent) outlook stable’ by AM Best and ' A2 outlook stable’ by Moody's.[3]
Company Structure
The now international group was renamed Atradius in 2004. In 2008 the group merged with the Spanish credit insurer Crédito y Caución, founded in 1929, and subsequently gained an additional foothold in the Spanish speaking world. Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance. Grupo Catalana Occidente holds 36% of Atradius shares directly, and 64% indirectly through its subsidiary Grupo Compania Espanola de Credito y Caucion. This means Atradius-shares are not traded on a stock exchange.
Management Board
| Name | Function | Remuneration x1000 EUR |
|---|---|---|
| David Capdevila | CEO | |
| Andreas Tesch | Market Officer | |
| Christian van Lint | Risk Officer | |
| Claus Gramlich-Eicher | CFO | |
| Marc Henstridge | Insurance Operations |
The total remuneration in 2020 amounted to Euro 3.300.000,--. No details available.
Supervisory Board
| Name | Function | Remuneration x1000 EUR |
|---|---|---|
| Xavier Freixes | Chairman | |
| Francisco Arregui | Vice-Chairman | |
| Désirée van Gorp | Member | |
| Juan Ignacio Guerrero | Member | |
| Carlos Halpern | Member | |
| John Hourican | Member | |
| Bernd H. Meyer | Member | |
| Hugo Serra | Member | |
| José María Sunyer | Member |
Accountant
The General Meeting appointed PricewaterhouseCoopers Accountants N.V. as the Company’s external auditor for the financial year 2021.[4]
Main Activities
In a few sentences, describe the core activities of the company. In a bit more detail than in the introduction.
Government
To what extent can the government influence company policy? (shareholder, licensing authority, client etc.) Has company received NOW support or royal status?
Shareholdings[5]
- Grupo Catalana Occidente, S.A. (35.77%)
- Grupo Compañía Española de Crédito y Caución, S.L. (64.23%)
Paris Agreement untill Today
Atradius
In the Annual reports from 2016 onwards, no reference is made to the Paris Agreeement 2015. However, at least since 2016 Environmental Key Performance Indicators are published, although it is not clear whether the figures refer to Atradius, or Atradius plus the parent company GCO.
2016
The Annual Report 2016 states on p. 46: As a financial services firm, our environmental impact is small compared to many other industries. However, our customers and other stakeholders still expect us to minimise our impact, and as a responsible business whose operations ultimately rely on natural resources, we are constantly looking at opportunities to make efficient and sustainable use of natural resources. To promote greater environmental responsibility, initiatives have been introduced in respect of energy use, recycling and waste disposal, transportation and procurement. We are a member of the United Nations Global Compact. The Global Compact’s 10 principles resonate highly with our values. The Global Compact focuses on four core areas, to which we respond in different ways. To learn more about our commitment to the UNGC’s 10 principles, please see our Communication on Progress Report.
2020
The Annual report 2020 states on p. 52: The title of the Corporate Social Responsibility chapter in our annual report has been changed to Environmental, Social and Governance (ESG) Sustainability to reflect the renewed ambition, as well as its wider scope and involvement. In 2020, we also established the Group Sustainability Committee to guide and support our ambitions on a senior level. The Sustainability Committee has consulting and decision-making duties in relation to the development of sustainability and embedding it in the group’s strategy. The Sustainability Master Plan goals are amongst others:
- Offer a common working framework in the sustainability area for the entities that are part of Grupo Catalana Occidente, including Atradius.
- Establish a work agenda to continue to promote sustainability for the period 2020-2023 and define responsibilities.
A few examples of ESG Sustainability initiatives that Atradius has undertaken are; creation of a ‘Group HR Policy’ and a ‘Group Human Rights Policy’, the Corporate Social Responsibility Tribe to increase awareness within the organisation through engagement and webinars, and an investigation of whether there is a need/demand from our customers for a ‘sustainable’ product. Comment: the last part sounds passive.
Conclusion
Although there are no SMART objectives in the annual report, and no reference is made to the Paris 2015 climate agreement, Atradius has itself assessed externally in the field of sustainability. Furthermore, Atradius cooperates with the sustainability policy of the parent company GCO. The Master Plan (2020-2023) of GCO can probably be considered as a climate plan. The Master Plan refers to the Paris-2015 agreement and sets a goal to be carbonneutral by 2050, in order to obtain the max. + 1,5 degree objective. In 2021, the GCO-group for the first time tried to establish their scope-3 pollution.
Financial Results since 2015
| Year | Revenue [6] | Profit | Dividend |
|---|---|---|---|
| 2015 | 1.76 billion EUR | 178.200.000 | 71.210.000 |
| 2016 | 1.71 billion EUR | 211.800.000 | 76.748.000 |
| 2017 | 1.83 billion EUR | 186.200.000 | 83.869.000 |
| 2018 | 1.89 billion EUR | 202.700.000 | 91.782.000 |
| 2019 | 2.01 billion EUR | 227.708.000 | 102.859.000 |
| 2020 | 1.97 billion EUR | 44.167.000 | 90.991.000 |
| 2021 | 2.15 billion EUR | 240.249.000 | XXX EUR |
Scandals and Controversies
Current Emissions
Description of the emissions per scope. Critical analysis of (missing) information based on GHG protocol (probably most relevant for scope 3). Describe possible reduction trends.
| Item | 2019 | 2020 | 2021 |
|---|---|---|---|
| Electricity usage kWh | 9.911.723 | 6.911.448 | 7.576.044 |
| Gas usage m^3 | 401.971 | 281.909 | 302.454 |
| Employee air travel km | 15.050.653 | 2.321.249 | 815.182 |
| Employee rail travel km | 2.648.104 | 711.238 | 450.240 |
| Company lease car travel | 9.168.351 | 6.331.731 | 5.662.071 |
| Tonnes CO2 of energy+travel | 13.868 | 6.642 | 6.927 |
| Waste (tonnes) | 693,7 | 560,4 | 814 |
Source: [7] All items show a significant improvement. This could be largely related to the COVID-situation. In 2021 there was an increase in the use of energy and a large increase in waste.
| Scope 1 | Scope 2 | Scope 3 |
|---|---|---|
| 135 tonnes of CO2 (2020) | 2477 tonnes of CO2 (2020) | unknown tonnes of CO2 (2020) |
| 119 tonnes (2021) | 1994 tonnes (2021) | 1433 tonnes (2021) |
In 2021, the scope-3 emissions were partly calculated. The numbers are totals for the GCO-group, not just for Atradius.[8]
Climate Policy and Plans
Description of the climate plans and policy of the company, with special focus on the goals for 2030 and 2050. Make sure to include the baseyear for their targets. Do the goals take the entire company and all scopes into account?
Citation from the Annual Report 2020:
In 2020, we also established the Group Sustainability Committee to guide and support our ambitions on a senior level. The Sustainability Committee has consulting and decision-making duties in relation to the development of sustainability and embedding it in the group’s strategy. The Sustainability Master Plan goals are:
- Offer a common working framework in the sustainability area for the entities that are part of Grupo Catalana Occidente, including Atradius.
- Establish a work agenda to continue to promote sustainability for the period 2020-2023 and define responsibilities.
A few examples of ESG Sustainability initiatives that Atradius has undertaken are:
- creation of a ‘Group HR Policy’ and a ‘Group Human Rights Policy’,
- the Corporate Social Responsibility Tribe to increase awareness within the organisation through engagement and webinars,
- an investigation of whether there is a need/demand from our customers for a ‘sustainable’ product.
Due Diligence
Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.
Conclusion
Recap of the position and influence of the company. Are the climate plans of the company enough to be in line with goals of the Paris Agreement? Is the company doing enough? Are the companies targets realistic?
Atradius cooperates with the sustainability policy of the parent company GCO. The Master Plan (2020-2023) of GCO can probably be considered as a climate plan. The Master Plan refers to the Paris-2015 agreement and sets a goal to be carbonneutral by 2050, in order to obtain the max. + 1,5 degree objective. In 2021, the GCO-group for the first time tried to establish their scope-3 pollution.
References
- ↑ https://atradiuscollections.com/ca-en/about-us/mission-and-vision.html
- ↑ https://atradius.nl/mkbzeker/annual-reports.html
- ↑ https://atradius.nl/mkbzeker/annual-reports.html p7
- ↑ https://atradius.nl/mkbzeker/annual-reports.html p28
- ↑ https://atradius.nl/mkbzeker/annual-reports.html p22
- ↑ https://atradius.nl/mkbzeker/annual-reports.html p7
- ↑ Annual Report 2020 page 54
- ↑ Sustainability Report 2021 p. 43