Kaupthing Bank

Kaupthing Bank believes that a healthy environment is necessary for the well-being of its people, its business and the societies in which it operates. The Bank also realises that a healthy environment is the foundation for a sustainable and strong economy. Therefore, Kaupthing's environmental policy is designed to increase environmental awareness among its employees. Kaupthing endeavours to take environmental issues into account in its business strategies to assure its shareholders, employees and the community that the Bank actively seeks to protect the environment from the impact of its activities.

Kaupthing Bank believes that, as an international financial firm, the Bank should play a proactive role in helping to address the challenges facing the environment. In order to achieve that, the Bank aims to ensure that its human resources, capital, know-how and ideas are used to help find effective solutions to address climate change, ecosystem degradation and other critical environmental issues. In pursuing these objectives, Kaupthing will not deviate from its business objective of creating long-term value for its shareholders, while at the same time serving the long-term interests of its clients.

Kaupthing recognises that an effective environmental policy must first begin with a focus on minimising the impact of its own operations. Accordingly, part of the Bank's goals for the upcoming years is to reduce its environmental impact by, for example, trying to cut down on its use of paper and, whenever possible, having e-meetings instead of travelling. All of these initiatives will undoubtedly help to improve the Bank's energy and resource conservation, and therefore hopefully contribute to the well-being of the communities it works in.

Finally, Kaupthing will continue to support environmental efforts where appropriate, such as the Iceland Carbon Fund, where the Bank calculates the carbon footprint for every car journey and flight undertaken by Kaupthing employees. The money the fund collects is then used to finance the planting of trees in compensation for their carbon emissions. Initiatives of this kind also help to create greater environmental awareness among the Bank's employees and the public at large.

This environmental policy applies to the entire Bank. However, Kaupthing Bank does not wish to take responsibility for or seek to influence its customers' treatment of environmental issues.