EUROPE - Storebrand, the Norwegian pensions and insurance provider, is the only Nordic entrant within its industry in the Dow Jones Sustainability World Index (DJSI World) for 2010-11.

This is the twelfth consecutive year Storebrand has been included in the index. The qualification means Storebrand is among the top 10% within its industry worldwide in terms of sustainability.

Elin Myrmel-Johansen, executive vice-president for corporate responsibility at Storebrand, said inclusion in the index was recognition of her company's long-term environmental and social performance and the work it had done to integrate CR into the core business.  

DJSI World consists of the world-leading sustainability-driven companies. Based on analysis of more than 2,500 companies worldwide, the top 10% of each sector are selected based on their performance within the economic, social and environmental areas.

In other news, Sweden is the only country in the European Union that has higher taxes on pensions than on income from employment, according to a report by the Swedish parliament.

The report compares the income from the public pension system in the first year after retirement with the income for the last year of employment for the average person.

The average Swede receives 66% of his or her salary in pension income before tax, but only 65% after tax.

By comparison, in Hungary, the average person receives 64.4% of his or her salary in pension before tax, but 105.4% after tax.

Meanwhile, the Swedish regulator, Finansinspektionen, has proposed new guidelines governing investment guidelines, risk management within asset management and derivatives for insurance and pensions providers.

The regulator believes new guidelines are needed because of the risks associated with asset management as a result of the increase use of derivatives and other financial instruments.

The regulator argues that these changes will bring Sweden in line with the principles approved by the International Association of Insurance Supervisors.

Finansinspektionen also believes the proposal will be along the same lines as those proposed under the Solvency II requirements regarding risk management, even if it is not the basis for the Swedish proposal.

The regulator also said risk management of investments was considered in the review of the IORPS directive currently underway in the EU.

The consultation period ends 21 November and is expected to come into force from 1 April 2012.

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