Climate Change Data

Axcel Management A/S

Climate Impact & Sustainability Data (2022, 2023)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:26,032 tCO2e
Scope 1 Emissions:59 tCO2e
Scope 2 Emissions:55 tCO2e
Scope 3 Emissions:21534 tCO2e
Renewable Energy Share:42%
Total Energy Consumption:754 MWh
Water Consumption:416 m3
Carbon Intensity:49.9 kgCO2e/DKK '000 revenue (location-based) in 2022

ESG Focus Areas

  • Climate change mitigation
  • Own workforce
  • Workers in the value chain
  • Business conduct
  • Circular economy
  • Biodiversity
  • Energy

Environmental Achievements

  • 10% of products sold in 2022 were FSC®-certified
  • 0.75% of sold chairs in 2022 contained recycled plastic
  • Acquired guarantees of origin from a new and non-state subsidized solar park to ensure GUBI sources 100% renewable electricity

Social Achievements

  • Employee engagement score of 50 eNPS (target 40 eNPS)
  • Improved health and well-being at GUBI with an overall score of 59 eNPS compared to 37 eNPS last year
  • Diversity, equality and inclusion engagement survey result at 40 eNPS, 6 above the industry standard

Governance Achievements

  • Whistleblower scheme implemented
  • Double Materiality Assessment conducted
  • Wood Sourcing Policy added to GUBI Policies Catalogue

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Reduce scope 1 and scope 2 GHG emissions by 42% by 2030 from a 2020 base year
  • Underrepresented gender to represent at least 40% of the Board of Directors by 2024
Short-term Goals:
  • Reduce CO2e emissions for scope 1 and 2 by 50% by the end of 2025 (2021 baseline)
  • Reduce employee turnover to 12% in 2025
  • Majority of GUBI plastic collections to be made from recycled plastic by 2024

Environmental Challenges

  • Reducing environmental footprint (understanding emissions baseline, determining climate ambitions, securing FSC® certification, using recycled plastic, developing more responsible bestsellers)
  • Target-setting for GHG emission reduction targets based on available technology, responsible production and sustainable materials
  • Maturity of suppliers and sub-suppliers, securing an increase in the use of recycled plastic as well as developing more responsibly produced bestsellers
Mitigation Strategies
  • Increased use of recycled plastic
  • More sustainable packaging
  • Development of more responsible bestsellers
  • Conversion of company cars from diesel/petrol to electric or hybrid

Supply Chain Management

Supplier Audits: 2nd year of monitoring suppliers' ESG strategy

Responsible Procurement
  • Supplier Code of Conduct
  • ESG strategy obtained from material product suppliers

Climate-Related Risks & Opportunities

Physical Risks
  • Increased severity of extreme weather events affecting sourcing and production
  • Elevated sea levels affecting headquarters in Copenhagen
Transition Risks
  • Increased cost of raw materials with lower CO2e impact
  • Changing customer behavior and shift in consumer preferences
Opportunities
  • Development of long-lasting, cost-effective products

Reporting Standards

Frameworks Used: UN Global Compact, SBTi, TCFD (Axcel is a signatory), Draft Corporate Sustainability Reporting Directive (CSRD) standards

Certifications: FSC® C176589

Sustainable Products & Innovation

  • Beetle and Bat bestsellers
  • Shells for GUBI’s 3D collection made of recycled plastic

Reporting Period: 2023

Environmental Metrics

Renewable Energy Share:100%

ESG Focus Areas

  • ESG Management
  • Climate Change
  • Diversity, Equity & Inclusion
  • People & Culture

Environmental Achievements

  • 5 of our companies have now set approved science-based targets to significantly reduce their GHG emissions
  • 100% renewable electricity sourced for Axcel offices through guarantees of origin
  • Reduced own emissions by 5% by purchasing sustainable aviation fuel (Danish Ship Finance)
  • Successfully moved out of Hungarian data centre (Loopia)
  • Obtained approval for climate targets from SBTi (Loopia)
  • Committed to science-based targets and formulated emissions reduction target (Capture One)
  • Implemented green car policy (SuperOffice)
  • Saved 89 GWh of annual customer energy consumption through sustainable installations (Currentum)

Social Achievements

  • Reached board diversity target of 40% of independent board members being women
  • 40% of additions to portfolio company leadership teams have been women
  • 90% of companies have implemented an employee satisfaction survey
  • 82% of companies reported 0 work-related injuries
  • Launched ESG test internally (SuperOffice)
  • Elected new Sustainability Committee (SuperOffice)
  • Implemented new employee onboarding programme (Oral Care)
  • Held company culture workshops for employees (Oral Care)
  • Achieved 50/50 gender split in leadership in 2023 (Edda Group)
  • Improved female representation in leadership from 31.1% to 31.2% (emagine)
  • Implemented IT procurement and reuse of IT equipment (40% reuse) policy (emagine)
  • Implemented new car policy (only EVs) (emagine)
  • Average eNPS of 85% (BullWall)
  • Achieved 25% of underrepresented gender in new hires (BullWall)
  • Employee turnover of 11% for technical consultants, below the industry average of 16% (XPartners)
  • All XPartners’ companies have adjusted their management teams to fulfil the goal of having both genders represented

Governance Achievements

  • Published Axcel’s first Principal Adverse Indicator Statement, in accordance with the EU’s Sustainable Finance Disclosure Regulation
  • Efforts have been recognised by PRI, the UN-supported Principles for Responsible Investment, with above median 2022 scores
  • Remain committed to the UN Global Compact
  • Implemented all government requirements within one year of ownership for 82% of companies
  • 90% of companies have defined ESG priorities linked to the UN Sustainable Development Goals
  • 90% of companies have implemented all required policies and commitments
  • Implemented governance & compliance tools (BullWall)
  • Released updated employee handbook / Code of Conduct (BullWall)
  • Implemented whistleblower scheme (Init)
  • Developed e-learning on Code of Conduct and Business Ethics (Init)
  • Signed up all suppliers to the code of conduct (DANX Carousel)
  • Created group polices (DANX Carousel)
  • Joined the UN Global Compact Gender Equality Accelerator programme (DANX Carousel)
  • Implemented centralised purchasing (Voff)
  • Implemented a whistleblowing system (Voff)
  • Joined the UN Global Compact (Voff)
  • Implemented sustainability-related policies (Voff)
  • Established a whistleblower scheme (NTI Group)
  • Put in place required commitments and policies (NTI Group)
  • Signed up to UNGC (NTI Group)
  • Finalised sustainability policy (itm8)

Climate Goals & Targets

Long-term Goals:
  • >85% annual sourcing of renewable electricity at Axcel Management
  • 100% of our companies to have set an approved science-based target by 2030
  • Achieve gender balance in leadership positions (Danish Ship Finance)
Medium-term Goals:
  • 100% of our companies to have set an approved science-based target by 2030
  • Achieve gender balance in leadership positions (Danish Ship Finance)
  • From 2024 onwards, we will expand the scope of this target to include not only sustainability-linked loans but also loans that are supportive of clients’ transition towards more sustainable business models. We target >50% of new lending to fall within one of these two overarching categories in 2024 (Danish Ship Finance)
  • 5-10% annual reduction of Scope 1 and 2 CO2e emissions by 2025 (Nissens)
  • Extend to net zero target with SBTi (Loopia)
  • Define specific targets for responsible textiles, responsible packaging, use of materials eligible for recycling and product waste management (GUBI)
  • Continue implementation of FSC® roadmap to achieve 90% certified products by 2026 (GUBI)
  • Implement more responsible packaging materials (GUBI)
  • Source 100% green electricity through guarantees of origin (GUBI)
  • Launch recycled plastic shells for Beetle and Bat (GUBI)
  • Launch upcycled marble for two Gravity table lamps (GUBI)
  • Develop GUBI Responsible Upholstery Score Card (GUBI)
  • Add more sustainable textiles to core assortment (GUBI)
  • Change to a 100% green energy supplier in Japan (Phase One)
  • Promote focus in the organisation to hire more women in technical positions (Phase One)
  • At least 20 of the largest suppliers and all new suppliers to sign the Supplier Code of Conduct (Phase One)
  • Develop Scope 3 emissions reduction plan (Capture One)
  • Sign Women Empowerment Principles (Capture One)
  • Implement granular gender pay gap measurements (Capture One)
  • >90% of employees to complete annual compliance training (Capture One)
  • Create a Workspace Wellbeing Policy (Capture One)
  • Implement DEI strategy (SuperOffice)
  • Increase the share of the underrepresented gender by 2% (SuperOffice)
  • Increase promotion of female talent (SuperOffice)
  • Continue to reduce Currentum’s CO2e footprint (Currentum)
  • Continue to develop EU Taxonomy reporting (Currentum)
  • Increase number of employees completing Currentum College annually (target >100 participants and NPS >40) (Currentum)
  • Develop action plan in all markets to take an industry-leading position on employee satisfaction and training (VetGruppen)
  • Employee NPS score above 60 (VetGruppen)
  • Improve female representation in leadership to 32.0% (emagine)
  • Implement adjusted gender pay gap analysis (emagine)
  • Launch diversity, equity & inclusion training for employees (emagine)
  • Launch unconscious bias training for HR and employees involved in recruitment (emagine)
  • Assess Supplier Code of Conduct (including new supplier contracts) in relation to top suppliers (emagine)
  • Increase amount of green energy to 70% (emagine)
  • Revisit EcoVadis to achieve gold rating (emagine)
  • Implement governance & compliance tools (BullWall)
  • Released updated employee handbook / Code of Conduct (BullWall)
  • Develop cases to showcase customer GHG emissions reductions resulting from Init projects (Init)
  • Set a science-based target (Init)
  • Hire Head of People & Culture (Init)
  • Roll out HR system to Init Norway and Init Sweden (Init)
  • Conduct employee satisfaction survey (Init)
  • Roll out Code of Conduct and Business Ethics e-learning (Init)
  • Implement Supplier Code of Conduct (Init)
  • Embed GHG emissions reporting into existing financial reporting (DANX Carousel)
  • Secure ISO 14064 certification for reporting of GHG emissions for logistics (DANX Carousel)
  • Establish GHG emissions ambassadors in each country (DANX Carousel)
  • Build plans for each country to drive a 10% reduction in GHG emissions by 2025 (DANX Carousel)
  • Complete checklist for all suppliers (DANX Carousel)
  • Perform supplier auditing in the Nordics in 2024; WEU to commence in 2025 (DANX Carousel)
  • Develop policy training (mandatory and function-specific) and embed into HR systems (DANX Carousel)
  • Prepare for CSRD (DANX Carousel)
  • Complete Gender Equality Accelerator programme (DANX Carousel)
  • Establish a gender diversity panel (DANX Carousel)
  • Complete a pilot for at least one commercial product in 2024 (DANX Carousel)
  • Implement new quality management system in Sweden (Oral Care)
  • Implement procurement policy and supplier code of conduct (Oral Care)
  • Implement new group-wide HR system (Oral Care)
  • Calculate GHG baseline 2023 and improve specificity of calculation (Oral Care)
  • Require strategic suppliers to provide annual sustainability reports (Oral Care)
  • Include CO2 emissions as a criterion when acquiring new company cars (Oral Care)
  • Develop Oral Care Academy (Oral Care)
  • Host Oral Care Days for all employees (Oral Care)
  • Update and improve quality of GHG emissions baseline (Voff)
  • Set a 3-5-year plan for Scope 1 and 2 emissions reduction (Voff)
  • Achieve Scope 1 and 2 emissions reduction in line with targets (Voff)
  • Complete UN Global Compact survey (Voff)
  • Implement internal controls for handling partners and suppliers (Voff)
  • Develop and start implementing an HSE framework (Voff)
  • Roll out an online learning tool for code of conduct, diversity & culture, whistleblowing and health & safety (Voff)
  • Set targets for recycled/recyclable packaging share (Voff)
  • Set a 3-5-year plan for improvements (Voff)
  • Implement recycled secondary packaging at relevant BUs (Voff)
  • Establish baseline for share of green consultancy projects (NTI Group)
  • Further improve calculation methodology (NTI Group)
  • Maintain satisfaction level (NTI Group)
  • Establish initiatives for increasing gender diversity at NTI (NTI Group)
  • Onboard acquisitions and employees in governance frameworks (NTI Group)
  • Compliance with CSRD (NTI Group)
  • Establish ESG group with local representation (NTI Group)
  • Sign a sustainability-linked loan (NTI Group)
  • Organise and actively promote NTI sustainability products and services (NTI Group)
  • Hold NTI Group Sustainability Event (NTI Group)
  • Reduce CO2e intensity by 4.2% YoY (contract business) (itm8)
  • Increase energy efficiency of data centres and facilities (itm8)
  • Further increase percentage of renewable energy in the itm8 energy mix (itm8)
  • Meet target of 8.4/10 (itm8)
  • Voluntary churn of less than 19.5% (itm8)
  • At least 80% of all relevant employees to complete governance training within three months of receiving a task (itm8)
  • Prepare for CSRD (itm8)
  • Establish waste baseline (itm8)
  • Set a target for reducing waste through prevention, reduction, recycling and reuse (itm8)
  • Complete UNGC questionnaire (XPartners)
  • Prepare for CSRD reporting (XPartners)
  • Define quantitative baselines (XPartners)
  • Continue annual training courses (XPartners)
  • Investigate possibility of implementing a sustainability-linked loan (XPartners)
  • Set goal for EU Taxonomy-related services and create an action plan for how to achieve this in three years (XPartners)
  • Conduct employee survey on a quarterly basis during Q4 to collect data to set a target for eNPS (long-term target is >40) (XPartners)
  • Long-term target of <10% employee attrition (XPartners)
  • From 2024, XPartners’ target is for 40% of additions to leadership to be women (XPartners)
  • Long-term ambition of reaching at least a 60/40 gender split among employees (XPartners)
  • Complete full GHG emissions baseline for all companies (XPartners)
  • Reported on energy consumption and Scope 1, 2 and 3 GHG emissions (XPartners)
Short-term Goals:
  • 60% of our companies to have set an approved science-based target by 2025
  • 5-10% annual reduction of Scope 1 and 2 CO2e emissions by 2025 (Nissens)
  • Improve results in targeted areas: 80% satisfaction, 85% loyalty, 98% response rate (SuperOffice)
  • Reduce Scope 1 and 2 emissions by 5-10% through electric car policy (SuperOffice)
  • All suppliers with central agreements to adhere to Currentum’s Code of Conduct (target 100% acceptance) (Currentum)
  • Reduce sick leave (<10.7) (Currentum)
  • Reduce work-related injuries (LTIFR <15 – vision is 0) (Currentum)
  • Maintain a balanced employee turnover (<11.5%) (Currentum)
  • Save >90 GWh of annual customer energy consumption through sustainable installations (Currentum)
  • Continue to reduce Currentum’s CO2e footprint (Currentum)
  • Continue to develop EU Taxonomy reporting (Currentum)
  • Develop plan to reduce Scope 1 and 2 GHG emissions (Edda Group)
  • Launch Leadership Development Programme (Edda Group)
  • Improve wellbeing and employee training programme in DK, SE and NO (Edda Group)
  • Implement new engagement system, including eNPS (Edda Group)
  • Measure temp wellbeing and define improvement actions (Edda Group)
  • Measure customer satisfaction and define improvement actions (Edda Group)
  • Improve EcoVadis rating (Edda Group)
  • Increase communication about ESG efforts (Edda Group)
  • Focus on maintaining min. 40% of the underrepresented gender in leadership (Edda Group)
  • Establish group-wide gender diversity targets and action plan (VetGruppen)
  • Create and pilot a process for CSRD reporting (VetGruppen)
  • Finalise agreement with lenders (VetGruppen)
  • Improve female representation in leadership to 32.0% (emagine)
  • Maintain a neutral gender balance (45/55 at worst) amongst employees (emagine)
  • Implement adjusted gender pay gap analysis (emagine)
  • Launch diversity, equity & inclusion training for employees (emagine)
  • Launch unconscious bias training for HR and employees involved in recruitment (emagine)
  • Assess Supplier Code of Conduct (including new supplier contracts) in relation to top suppliers (emagine)
  • Increase amount of green energy to 70% (emagine)
  • Revisit EcoVadis to achieve gold rating (emagine)
  • Continue to measure and report on GHG emissions (BullWall)
  • eNPS 85% (BullWall)
  • 25% of underrepresented gender in new hires (BullWall)
  • No loss of data (BullWall)
  • Implement governance & compliance tools (BullWall)
  • Develop cases to showcase customer GHG emissions reductions resulting from Init projects (Init)
  • Set a science-based target (Init)
  • Hire Head of People & Culture (Init)
  • Roll out HR system to Init Norway and Init Sweden (Init)
  • Conduct employee satisfaction survey (Init)
  • Roll out Code of Conduct and Business Ethics e-learning (Init)
  • Implement Supplier Code of Conduct (Init)
  • Embed GHG emissions reporting into existing financial reporting (DANX Carousel)
  • Secure ISO 14064 certification for reporting of GHG emissions for logistics (DANX Carousel)
  • Establish GHG emissions ambassadors in each country (DANX Carousel)
  • Build plans for each country to drive a 10% reduction in GHG emissions by 2025 (DANX Carousel)
  • Complete checklist for all suppliers (DANX Carousel)
  • Perform supplier auditing in the Nordics in 2024; WEU to commence in 2025 (DANX Carousel)
  • Develop policy training (mandatory and function-specific) and embed into HR systems (DANX Carousel)
  • Prepare for CSRD (DANX Carousel)
  • Complete Gender Equality Accelerator programme (DANX Carousel)
  • Establish a gender diversity panel (DANX Carousel)
  • Complete a pilot for at least one commercial product in 2024 (DANX Carousel)
  • Implement new quality management system in Sweden (Oral Care)
  • Implement procurement policy and supplier code of conduct (Oral Care)
  • Implement new group-wide HR system (Oral Care)
  • Calculate GHG baseline 2023 and improve specificity of calculation (Oral Care)
  • Require strategic suppliers to provide annual sustainability reports (Oral Care)
  • Include CO2 emissions as a criterion when acquiring new company cars (Oral Care)
  • Develop Oral Care Academy (Oral Care)
  • Host Oral Care Days for all employees (Oral Care)
  • Update and improve quality of GHG emissions baseline (Voff)
  • Set a 3-5-year plan for Scope 1 and 2 emissions reduction (Voff)
  • Achieve Scope 1 and 2 emissions reduction in line with targets (Voff)
  • Complete UN Global Compact survey (Voff)
  • Implement internal controls for handling partners and suppliers (Voff)
  • Develop and start implementing an HSE framework (Voff)
  • Roll out an online learning tool for code of conduct, diversity & culture, whistleblowing and health & safety (Voff)
  • Set targets for recycled/recyclable packaging share (Voff)
  • Set a 3-5-year plan for improvements (Voff)
  • Implement recycled secondary packaging at relevant BUs (Voff)
  • Establish baseline for share of green consultancy projects (NTI Group)
  • Further improve calculation methodology (NTI Group)
  • Maintain satisfaction level (NTI Group)
  • Establish initiatives for increasing gender diversity at NTI (NTI Group)
  • Onboard acquisitions and employees in governance frameworks (NTI Group)
  • Compliance with CSRD (NTI Group)
  • Establish ESG group with local representation (NTI Group)
  • Sign a sustainability-linked loan (NTI Group)
  • Organise and actively promote NTI sustainability products and services (NTI Group)
  • Hold NTI Group Sustainability Event (NTI Group)
  • Reduce CO2e intensity by 4.2% YoY (contract business) (itm8)
  • Increase energy efficiency of data centres and facilities (itm8)
  • Further increase percentage of renewable energy in the itm8 energy mix (itm8)
  • Meet target of 8.4/10 (itm8)
  • Voluntary churn of less than 19.5% (itm8)
  • At least 80% of all relevant employees to complete governance training within three months of receiving a task (itm8)
  • Prepare for CSRD (itm8)
  • Establish waste baseline (itm8)
  • Set a target for reducing waste through prevention, reduction, recycling and reuse (itm8)
  • Complete UNGC questionnaire (XPartners)
  • Prepare for CSRD reporting (XPartners)
  • Define quantitative baselines (XPartners)
  • Continue annual training courses (XPartners)
  • Investigate possibility of implementing a sustainability-linked loan (XPartners)
  • Set goal for EU Taxonomy-related services and create an action plan for how to achieve this in three years (XPartners)
  • Conduct employee survey on a quarterly basis during Q4 to collect data to set a target for eNPS (long-term target is >40) (XPartners)
  • Long-term target of <10% employee attrition (XPartners)
  • From 2024, XPartners’ target is for 40% of additions to leadership to be women (XPartners)
  • Long-term ambition of reaching at least a 60/40 gender split among employees (XPartners)
  • Complete full GHG emissions baseline for all companies (XPartners)
  • Reported on energy consumption and Scope 1, 2 and 3 GHG emissions (XPartners)

Environmental Challenges

  • Complex geopolitical developments, subdued economic growth and cautious credit markets driven by increasing interest rates impacted asset valuations in certain sectors and slowed down investment activities
  • Climate change poses significant risks to our economies and societies
  • Diversity, equity & inclusion is a complex topic
  • Low levels of gender diversity amongst investment professionals
  • Changing customer and consumer demands regarding environmental sustainability
  • Increased cost of raw materials with a lower CO2e impact
  • Increased severity of extreme weather events
  • Elevated sea levels
  • Supply chain and operations may be disrupted by extreme weather events
  • Carbon pricing may increase the cost of materials and transport
  • Consumer preferences may shift towards lower-carbon alternatives
  • Reducing data centre emissions to meet changing customer demands may increase costs
Mitigation Strategies
  • Continue to operate at a high level of investment activity
  • Set approved science-based targets to reduce greenhouse gas emissions
  • Aim to reach equal gender representation at Axcel and in our companies’ boards and leadership teams
  • Partnered with Level20 and Women in Finance (Kvinder i Finans) to support change in our industry
  • Integrating environmental assessments in the product design and development process (GUBI)
  • Working with The 0-Mission to subscribe to solar panels (Capture One)
  • Established an in-house Diversity Committee (Capture One)
  • Implemented a rigorous five-step Sustainability Programme in all portfolio companies
  • Implemented new procurement set-up to enable better GHG emissions data collection (Oral Care)
  • Implemented a whistleblowing system (Voff)
  • Implemented internal controls for handling partners and suppliers (Voff)
  • Working closely with data centres, facilities and shipping to minimise CO2e emissions (itm8)
  • Always seeking to ensure that hardware is reused, food waste is avoided and furniture is recycled (itm8)
  • Conducting calculations on EU Taxonomy-related services (XPartners)
  • Investigating possibility of implementing a sustainability-linked loan (XPartners)

Supply Chain Management

Responsible Procurement
  • Supplier code of conduct

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
  • Elevated sea levels
Transition Risks
  • Carbon pricing schemes
  • Changing customer and consumer demands
Opportunities
  • Financing the shipping industry’s green transition
  • Developing products for electric and hybrid vehicles
  • Making line extensions for the electrification of components in traditional vehicles
  • Improve value proposition to customers by offering green hosting
  • Promote reduced flight distance with Phase One aerial cameras
  • Meet increased demand for coastal mapping solutions
  • Provide lower-emissions cybersecurity solution
  • Promote the environmental benefits of Init's solutions to customers
  • Develop and offer low-carbon solutions
  • Increase sales of products that help customers to reduce GHG emissions and increase resource efficiency

Reporting Standards

Frameworks Used: UN Global Compact, PRI, TCFD, EU SFDR, SBTi

Certifications: ISO 14001, ISO 9001, OHAS 18001, EcoVadis, Greenguard

UN Sustainable Development Goals

  • Goal 8
  • Goal 12
  • Goal 13
  • Goal 5