NN Group

NN Group N.V.
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Quick Facts
Type	Public
sector	Financial Services
Headquarters (Benelux Organization)	Den Haag, Netherlands
Year of Origin	1845
Emissions (All Scopes)	14,6 Megatons of CO2 (2020)
Net Income	1,904 billion EUR (2020)
Key People	David Knibbe (CEO) Delfin Rueda
Subsidiaries	NN Group has 33 subsidiaries. For each country NN is active, there is one or more subsidiaries. Most subsidiaries are located in the Netherlands (6).

Nationale Nederlanden, stylized as NN Group,was founded in 1845. NN Group is a financial services company, active in several European countries and Japan. NN had 15118 employees in 2020, serving 18 million customers. NN is active in portfolio’s ‘life’, ‘non-life’, insurance, asset management and banking. NN’s balance sheet value was 263738 million in 2020. NN’s net result was 1904 million in 2020. Total assets under management are 218,75 billion, of which 175 billion is assesed for its carbon footprint. The effective tax rate of NN was 18 percent. NN Group is headquartered in The Hague, Netherlands.

Company Structure

NN Group N.V. (NN Group) is a public limited company (naamloze vennootschap) incorporated under the laws of the Netherlands.

The authorised share capital of NN Group N.V. consists of ordinary shares and preference shares. Currently, only ordinary shares are issued, while a call option to acquire preference shares has been granted to the NN Group Continuity Foundation (Stichting Continuïteit NN Group). No legal or natural person holds more than 10 percent of the shares.

NN Group is a Dutch company by origin and therefore has its headquarter in The Netherlands. NN Group has 33 subsidiaries. For each country NN is active, there is one or more subsidiaries. Most subsidiaries are located in the Netherlands (6).

Board of Directors

Executive Board

Name	Function	Remuneration x1000 EUR
David Knibbe	Chief Executive Officer	2050
Delfin Rueda	Chief Finanacial Officer	1669

The management Board exists of the executive board and other members appointed by the executive board and supervisory board. Besides the executive board, members of the management board are:

Management Board

Name	Function
Satish Bapat	CEO NN Investment Partners
Tjeerd Bosklopper	CEO Netherlands Non-life, Banking & Technology
Bernhard Kaufmann	Chief Risk Officer
Dailah Nihot	Chief Organisation & Corporate Relations
Leon van Riet	CEO Netherlands Life & Pensions
Fabian Rupprecht	CEO International Insurance
Janet Stuijt	General Council

There is no information available on the individual remuneration of the management Board.

The Supervisory Board is responsible for supervising the management of the Executive Board and the general course of affairs of NN Group and the businesses affiliated with it. The supervisory board exists of:

Supervisory Board

Name	Function	Remuneration x1000 EUR
David Cole	Chair	189,721
Helene Vletter-van Dort	Vice-chair	140,521
Heijo Hauser	Member	134,041
Robert Jenkins	Member	122,254
Hans Schoen	Member	138,152
Clara Streit	Member	122,254

Accountant

The external accountant of NN Group is KPMG. It has been so since the financial year of 2015.

Operations

NN is a financial services company active in 19 countries. NN provides retirement services, pensions, insurance, investments and banking to approximately 18 million customers. NN is active in portfolio’s ‘life’, ‘non-life’, insurance, asset management and banking. NN is mainly active in European countries and Japan.

NN Group has not received royal status. NN Group did not receive NOW support during Corona times.

Paris Agreement to Today

In July 2019, NN signed the commitment of the financial sector to the Dutch Climate Agreement and thereby commits to contribute to the financing of energy transition, to disclose the carbon footprint of our relevant investments and publish an action plan in 2022.

NN has published an analysis on the carbon footprint of their proprietary assets every year since 2019, extending the scope every year so far.

Current Policies and Emissions

In order to achieve net-zero emissions in 2050, NN builds on existing climate initiatives, such as phasing out thermal coal-exposed investments from our investment portfolio by 2030 and NN IP’s active dialogues with investee companies on climate-related matters.

For the third year in a row, NN has disclosed the carbon footprint of its proprietary assets, currently covering 80% of our total portfolio. There is no information on scope 3 emissions.

Carbon Footprint of Proprietory Assets:

	Fixed Income	Equity	Residential Mortgages	Real Estate Investments
Assessed Assets (Billion)	113	6	49	7
Carbon Footprint (tonnes CO2/EUR million invested)	97	112	19	6
Total Emission (in tonnes CO2)	10961000	672000	931000	42000

This table amounts up to 12606000 tonnes of CO2 eq.

Weighted average Carbon Intensity in tonnes per million euro’s of revenu is 106. Total revenu 19960 million. This amounts to emissions of 2115760 tonnes CO2 eq.

Total emissions reported in 2020 amount up to 14,72 mtonnes of CO2 Eq. This however is 80 percent of the assets and covering only scope 1 and 2 emissions.

Climate Plans

we have committed to achieve a net-zero carbon proprietary investment portfolio by 2050. Our approach has two dimensions: decarbonisation of the investment portfolio, and increasing investment in climate solutions. Going forward, we aim to set a science-based target to commit to reducing our absolute scope 1 and 2 CO2 emissions. NN-Group will phase out coal in their portfolio by 2030. Financed emissions associated with the NN mortgage portfolio have remained stable in 2020 compared to 2019.

Our 2020 target is to reduce our CO2 emissions from direct operations by 3% per FTE per year. Going forward, we aim to set a science-based target to commit to reducing our absolute scope 1 and 2 CO2 emissions.

NN has published a set of interim targets to steer and monitor the transition of the investment portfolio to achieve net-zero GHG emissions by 2050.

• Transitioning investment portfolio with asset-class specific strategies
• Decarbonise corporate investment portfolio
• Invest in frontrunners of the transition journey
• More than double investments in climate solutions by 2030
• Sharpening targets for business operations

By 2025, NN aims to reduce GHG emissions of our corporate investment portfolio by 25%, and by 2030 by 45% compared to 2019.

Conclusion

NN is a service provider generating a massive profit of 1,9 billion euro’s annually. NN has an enormous amount of money under management (of which most is public money) , creating great opportunities and responsibilities. NN is internationally active and is therefore morally obliged to make a difference internationally as well. NN has made steps towards disclosure of their environmental impact, and every year broadens the scope of this disclosure. Currently, the carbon footprint of over 80 percent of NN’s portfolio is disclosed. Information on scope 3 is not yet available. NN has clear goals towards 2030 and 2050 that seem to be in line with current international laws and agreements. The interim goals and means to get to these longterm goals are however not concrete enough. Supporting calculations and numerical, measurable goals increase the trustworthiness of the policy and long-term goals. Clear and measurable goals might make it easier for policymakers within NN to confidently steer the investment portfolio towards climate neutrality.

Bedrijfsspecifieke Passage in 'de brief'

U heeft uw duurzaamheidsbeleid vastgelegd in uw jaarverslag over 2020 en in het analysis of carbon footprint of proprietary assets over 2020 . Tevens hebt u in een publicatie op uw website tussendoelen vastgelegd.

Wij constateren dat uw ambitie is om per 2050 een netto klimaatneutrale investeringsportfolio te beheren en in 2030 met 45% emissiereductie te behalen in uw investeringportfolio. Dit zijn heldere doelen, in lijn met het klimaatakkoord van Parijs en in lijn met internationale wetgeving. De tussendoelen zoals benoemd in de publicatie op uw website zijn echter te vrijblijvend en niet concreet genoeg. Concrete financiële getallen en berekeningen dienen deze doelen te ondersteunen.

U rapporteert sinds 2019 de voetprint van uw investeringen. Momenteel omvat deze rapportage 80% van uw portfolio. <https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 50</ref> Dit is een grote vooruitgang in relatief korte tijd. Wij missen echter de rapportage van uw scope 3 emissies.

Wij constateren dat uw rapportage nog niet volledig is, en dat de tussendoelen op weg naar uw lange termijndoelen te vrijblijvend zijn. Daarmee is niet zeker of u binnen uw budget binnen het anderhalve graden scenario blijft.

U lijkt op de goede weg te zijn, maar bovenstaande zijn desondanks tekortkomingen en doen afbreuk aan de geloofwaardigheid van uw ambities.

Zonder duidelijke onderbouwing van uw ambities draagt uw bedrijf bij aan gevaarlijke klimaatverandering en loopt u het materiële risico om mensenrechtenschendingen te veroorzaken.