Sustainability

Report 2022
Sustainability Report 2022 02

Sustainability Report 2022

Basis for preparation Progress in 2022 • Exclusion list. To match the industry’s best practices, we have developed and
Our voluntary sustainability report is prepared in The team’s expansion in 2022 has allowed us to considerably alter how we identify, adopted an investment exclusion list (see appendix for the complete list). The list
accordance with the Swedish Annual Accounts Act monitor and report on our ESG progress. As a result, in 2022, VNV Global developed has been inspired by the examples of such well-known international organizations
of 1995 (1995:1554) (“ÅRL”) chapter 6, clause 12, a new ESG Framework to support our ambition to be a responsible investor creating as IFC and covers various controversial and harmful activities. The list has been
first paragraph. durable value by investing in innovative companies solving real-world problems, approved by the CEO and the investment team is in charge of its implementation.
while actively managing ESG risks. Further, we evaluated our processes to integrate As we implement our enhanced stewardship processes, we are committed to
Introduction sustainability and managed to deepen our internal ESG capacity. Importantly, we have monitoring that no breaches occur in our value chain.
Welcome to our sustainability report. identified several strategic paths around ESG that will drive our ESG efforts in the
Like many others, we are worried about the significant coming years. In summary, here is what we have accomplished during 2022. • Employees’ training. Together with Position Green Academy, we have conducted
societal changes and macro-related trends such as firm-wide training for all employees of VNV. The training focused on the following
climate change, growing inequality, and limited access to • Revision and addition of policies. With the rapid development of ESG best prac- topics: Introduction to ESG and Sustainability for Business, Human Rights, and
education, to name a few. The questions and challenges tices, we have initiated the revision of our internal policies to make them up to date ESG Reporting Frameworks and Standards. As of the reporting date, 85% of VNV
can be overwhelming, almost paralyzing. Our approach with industry standards. With support from external consultants, VNV Global has full and part-time employees participated. We intend to build on the acquired
at VNV Global has always been to focus on the things we identified sustainability gaps in the organization and has been able to understand knowledge and to perform similar training in the future on at least an annual basis.
CAN influence. As an investor in pioneering technologies, our context better and prioritize strategic activities.
we are uniquely positioned to invest in companies with the • ESG questionnaire. VNV Global has revised the annual ESG survey and broad-
potential to combat climate change, transform inequali- • Reporting frameworks. Having embraced UN SDGs as one of the core ESG ened the scope of portfolio companies covered. As of the date of the report, we
ties, and drive innovation for real-world problems. frameworks, we also understand that the mandatory reporting requirements collected responses from 30 companies accounting for 55% of total companies
Our primary objective is to maximize shareholder will be enhanced in the future, and we expect to comply whenever required. Our count (ex Scout program) covering 73% of our investment portfolio. In addition,
return, yet financial attractiveness and sustainability current expectations are that we will be affected by the regulatory requirements the top 10 largest holdings have been offered to fill out an expanded, more in depth
go hand in hand. We see this firsthand in many of our sometime in 2026/27. VNV Global will, until the new regulatory requirements, questionnaire and 70% have participated.
portfolio companies (see our case studies later on in the be inspired by recognized sustainability standards such as the Global reporting
report). Therefore, we aim to use our capital and platform initiative and TCFD. Overall, this report has been prepared in accordance with ÅRL. • Partnership with outside consultants. Feeling the need for professional advice, we
to encourage and promote our ESG considerations in (https://lagen.nu/1995:1554#K6R4). have partnered with Position Green to provide us with expertise in the sustainabil-
developing best-in-class technology companies while ity field. This included us signing up on their proprietary platform that has been
achieving solid returns for our shareholders. • Revision of the investment process. As described in the later sections of this used for surveying and engagement with our portfolio companies. This report
While sustainability is deeply embedded in our DNA, report, VNV global has started incorporating new mandatory ESG aspects in every as well as the action plan for the future are largely the result of our numerous
we recognize that there are ways to improve our com- step, starting with due diligence and ending with exit. conversations and workshops with our partners.
munication and structure around the topic. Despite our
progress in 2022 we are humble about the fact that we are
just getting started on our ESG journey. This year we have
further enhanced our internal processes by integrating 2022 in numbers
ESG considerations into decision-making – from capital
allocation to performance management. In addition, we • 94% of the portfolio mapped at • The VNV team comprises 46% of all
started training our investors and portfolio managers to least one United Nation Sustainable female personnel, 25% in management
address ESG-related topics at board level better. Development Goals are female
Over the years, the number of companies in our • 85% of the VNV staff* have partici- • 5 portfolio companies (out of ±60) have
portfolio with a direct sustainability angle to their pated in an ESG training course female founders
business model has grown. Today, roughly one-third of our
• 30 companies accounting for 73% of • Collectiv Food reinvents the whole
portfolio has a direct sustainability angle to the business VNV investment portfolio participated supply chain from Food to Fork –
model. Hand on heart, this is primarily due to investing in in our ESG survey increasing transparency and reliability
early-stage technology companies that solve “tomorrow’s” up to 50% reduced emissions on
• We made 3 new investments in 2022,
most significant problems. We invest in network effect out of which 2 have a direct sustainabil- last-mile delivery
business models operated by exceptional entrepreneurs ity angle to their business model • 2.2 million people in Rwanda can
who build businesses with a +$1B revenue potential. access healthcare via Babylon
Entrepreneurs get drawn to solving big problems around • In 2022 65 million empty seats
were filled by BlaBlaCar resulting in
reducing greenhouse gas (GHG) emissions, reducing food 1.2 million tons of avoided CO2
waste, electrifying micro-mobility, etc. Because there is
apparent consumer demand for it but mostly because it’s
big business today and will be even bigger five years from
* Excluding interns and employees on maternity and parental leave.
now!
Sustainability Report 2022 03

ESG approach and strategy Agenda 2030 and the sustainable

Our ESG mission is to be “A responsible investor development goals (SDG)
creating durable value by investing in innovative The UN has defined sustainable development as
companies solving real-world problems while actively “Development that meets the needs of the present
managing ESG risks”. Our ESG strategy is based on without compromising the ability of future generations
the global development goals, Agenda 2030. The to meet their own needs.” At VNV, we recognize this
investment strategy recognizes that observance of definition and evaluated the SDGs to identify those
sound environment, social and governance practice is most relevant for our stakeholders and have selected
essential if companies are to be successful. We believe the SDGs on which we can have the most impact. We
that ESG integration across our portfolio creates value have classified each of the 169 targets into one of four
for shareholders while making our portfolio companies categories depending on their relevance.
more resilient, future-proof, and fundamentally more
attractive.
In our approach, we distinguish between VNV
Global as a company (direct impact) and our portfolio
companies (indirect impact). We must include ESG in all
steps of the investment process. From (pre)screening
companies to Exit. On page 09, we have described
our actions for each of the five steps in our investment Key stakeholder group Value we create UN SDG
process. Moreover, we recognize that our employees,
especially the investment team, are a vital part of the Shareholders and the Well governed companies, 8.1: Sustainable economic growth
financial community sustainable performance
success of our own business and the ESG strategy. with high financial returns. 13.2: Integrate climate change measures into policies
Therefore, we will continue to invest in our team through
training and education. High level of transparency 16.5: Substantially reduce corruption and bribery
16.6: Develop effective, accountable and transparent
institutions

VNV portfolio companies Financial and operational 5.5: Ensure woman’s full participation in leadership and
and entrepreneurs support, network and decision making
knowledge sharing, aim
at high economic and 8.1: Sustainable economic growth
sustainable performance. 8.8: Protect labor rights and promote safe working
environments
12.5: Substantially reduce waste generation
12.6: Encourage companies to adopt sustainable
practices and sustainability reporting
13.2: Integrate climate change measures into policies and
planning
16.5: Substantially reduce corruption and bribery

Employees Equal opportunities, 5.5: Ensure woman’s full participation in leadership and

competitive compensation, decision-making
healthy work life balance
within a strong corporate 8.8: Protect labor rights and promote safe working
culture environments

Society and Authorities Well governed companies 16.6: Develop effective, accountable and transparent
that contribute positively to institutions
society and environment
Enhance the global partnership for sustainability
Sustainability Report 2022 04

VNV Global sustainability framework

A sustainability framework for VNV Global and portfolio companies
In the table below is an overview of the most relevant UN reflect the key risks and opportunities we focus on, both Our portfolio-level KPIs are a quantitative repre- in developing a clear roadmap with key priorities and
Global Goals, challenges we are solving, corresponding at VNV Global and Portfolio levels. sentation of our portfolio’s sustainability performance objectives. We are distinguishing between our top 10
goals and KPIs to measure progress for each of our Our strategy involves being an active shareholder and a tool to measure progress. However, they do not portfolio companies (as % of NAV) and the rest of the
material topics on a VNV Global and Portfolio level. in our companies with a (sizable) minority shareholding, cover the full extent of VNV Global’s efforts. Many of our portfolio. For the top 10, we have higher requirements
When determining our material issues, we consider allowing us to influence the outcomes. However, this companies are in the early stages of their operational when it comes to climate reporting. Throughout this
topics most important to us and our stakeholders and means that while we can exercise influence over our and sustainability development. We cannot expect report, we have provided more information on a select
the significance of VNV Global’s environmental, social, companies mainly through board representation, we do all companies to meet our expectations regarding number of portfolio companies in the form of case
and governance impact. In addition, the material topics not have direct control over them. sustainability fully. The intention is to support them studies.

Mission A responsible investor creating durable value by investing in innovative companies solving real world problems, while actively managing ESG risks.
Environmental focus Society focus Governance focus
5:5: Ensure woman’s full participation in leadership and
decision-making 8.1: Sustainable economic growth
13:2: Integrate climate change measures into policies and 8.8: Protect labour rights and promote safe working 16.5: Substantially reduce corruption and bribery
Most relevant UN Global goals
planning environments
16.6: Develop effective, accountable and transparent
17.16: Enhance the global partnership for sustainable institutions
development
Material topics Environmental responsibility and reduced climate impact Social equality and good corporate citizenship Sounds governance structures and economic growth
VNV Real-world problem we’re trying to solve Limiting global emissions Lower social barriers in our operations Conducting business with integrity and transparency
perspective
Having net-zero emissions in our own operation, excluding Implementing solid ESG processes and transparently report
Target Foster an inclusive workplace
the portfolio from 2020 and onwards on our progress whilst maximizing shareholders return
Yearly improvement of our ESG rating through external
Objectives Total CO2e emissions from own operations (scope 1 & 2) Gender division in our own operations
ranking service (for ex. Sustainalytics and/or S&P)
Maintain sound corporate governance structures including
Total CO2e emissions per Scope 3 category Employee net promoting score (eNPS)
risk management and compliance
Implement and improve ESG related processes at every step
% of greenhouse gas emissions offset Developing a human rights due diligence process by 2023
of the investment process

Environmental focus Society focus Governance focus

5:5: Ensure woman’s full participation in leadership and
12.5: Substantially reduce waste generation decision-making
8.1: Sustainable economic growth
12.6: Encourage companies to adopt sustainable practices 8.8: Protect labour rights and promote safe working
environments 16.5: Substantially reduce corruption and bribery
Most relevant UN Global goals and sustainability reporting
16.5: Substantially reduce corruption and bribery 16.6: Develop effective, accountable and transparent
13.2: Integrate climate change measures into policies and
institutions
planning 16.6: Develop effective, accountable and transparent
institutions
Material topics Environmental responsibility and reduced climate impact Social equality and good corporate citizenship Sounds governance structures and economic growth
Portfolio Yearly increase of companies with own sustainability man-
perspective Target Measuring our portfolio emissions during 2023 enabling 50 Investing in companies with technical solutions contributing
agement processes and a 5 percentage point improvement in
per cent emissions reductions by 2030 to social inclusion
annual participation of the ESG survey
Share (%) of companies providing technical services
Share (%) of companies that measure and report on Scope 3 Share (%) of portfolio companies with policy statement
Objectives improving accessibility to health services, financial inclusion
emissions in 2023 relating to ESG
and/or circular economies
Share (%) of companies reporting on the gender composition
Share (%) of portfolio companies with own CO2 emissions Share (%) of portfolio companies offering ESG training for its
within the organization, at different levels within in the
reduction goal own employees
organisation
Share (%) of portfolio companies participating in the annual
Total CO2e emissions in portfolio
survey
Sustainability Report 2022 05

2023 roadmap and targets Visual overview of our ESG roadmap, split per investment stage in 2023 and 2024
Having laid down the groundwork this year, we have
2022 2023 2024
developed an extensive roadmap of activities we will
focus on in 2023, as presented in the chart. We are
planning the following: Develop exclusion list Clarify existing Select minimum Board approval
exclusions requirements of exclusion list Implement screening
(negative screening)
Sustainability initiatives: In 2023, we see the signing
of one of the two initiatives – Principles for Responsible Develop template for
Investments (PRI) or UN Global Compact as a priority 1. Pre-investment Update ESG checklist assessing risks and impacts Employee training
for 2023, and we intend to make a final decision over
the course of the year. We will continue to monitor the
External Assess target options
developments on the reporting standards side and shall communication
Develop external communication material across portfolio
update our stakeholders when and if we need to change
our current framework.
Identifying strategic
Establish overall knowledge about various initiatives
Employee training: In addition to our continuous online memberships
ESG education, we plan to engage our investment
team in several educational sessions to implement new Update policy Review of current policies
guidelines on the pre-investment and post-investment and policy gap analysis Update policies
framework
stages.
Policy frameworks: Having identified specific gaps in Tracking ESG Collect & Communicate results Conducting a Send out and analyse
2. Post-investment Update surveys analyse data with stakeholders scope 3 screening 2023 ESG survey to
the existing governing policies, one of the priorities will performance portfolio companies
be to update, approve and implement the enhanced
versions as recommended by our consultants. Engage with ESG Improve Sustainalytics rating Submit S&P survey for
ratings based on rating report benchmark service
ESG ratings: During 2022, VNV Global engaged
with independent 3rd party agencies to understand
Portfolio company Set–up structure for meaningful ESG Consider support-structure for portfolio
further what is required to improve our rankings. companies seeking ESG assistance,
engagement dialogue with portfolio companies ie. training sessions, policy templates etc.
While VNV already receives very high assessments
from Sustainalytics and S&P, we have identified some
addressable points that should help us improve our Integrate ESG in exit Understand investors Develop standard process Employee and portfolio
requirements for ESG integration in company training
overall score close to peers and achieve at least a 10% process exit procedures
improvement.
ESG exit guidance for Prepare credible ESG materials
Portfolio company engagement and tracking ESG 3. Exit
portfolio companies for exit procedures
performance: Following the rollout of the more
comprehensive, revised ESG Survey in 2022, we are Prepare credible ESG materials
targeting to increase participation by at least five External
for external communication
communication and investor dialogues
percentage points next year in our portfolio companies.
While the survey covers a broad range of ESG topics
from climate impact to diversity, we, in particular, plan to
collect more data on Scope 3 emissions by our portfolio
companies to be able to monitor and assess our impact
over time. Stakeholder engagement

We value input from all stakeholders and seek a continu- • Employees • Business partners
ous exchange of information and ideas, in particular from Our employees are at the heart of our success. Their We aim to work closely with our business partners,
engaging with the following: commitment and drive make all the difference. suppliers, and co-investors.
• Customers and users • Investors and shareholders • Society
Our portfolio companies want to help customers and We are a for-profit organization committed to growing. We are committed to making a lasting positive impact
users improve their everyday lives. on society and our world.
Sustainability Report 2022 06

Survey results VNV portfolio companies

Summary of the ESG reporting Environment Environment Social
In 2021 we started to monitor ESG through a survey to We asked the companies about how they work with ESG Gender diversity has some improvements to be made.
better understand the status quo within our portfolio. Leadership on board Climate targets within their organization. Only a few (7%) are signatories The lowest rating of % females to males is in the board
As we move forward, VNV Global amps up the environ- lead the way to climate-related initiatives. Examples of initiatives the of directors (22%) and founders (19%). For the top 10
mental, social, and governance (ESG) reporting and Yes
firms are part of our UN Global Compact, Paris Accord, companies, there are no female founders. There are
decided to expand the ESG survey to all portfolio com- 31% and UN SDGs. About a third of the companies have also only a few companies with an equal pay policy.
panies and extend the number of questions and metrics climate-related targets. The strive for companies to Employee insurance is widespread, and 84% of
to gain deeper insights on their progress. Coming No Yes go beyond what is required in ESG is also witnessed as portfolio companies have some employee insurance.
53% 47%
years, we aim to run the study on a recurring annual about half of the companies have an assigned person
basis. To measure ESG in the portfolio companies, we No for ESG matters and have sustainability on their board
have conducted surveys via a neutral third-party tool – 69% agenda.
asking the firms to report on environmental, social, and
governance-related topics. Of companies have Of companies have any
We sent out two different surveys; one general for sustainability an occuring specific climate-related
all companies and one more detailed survey for the top topic on the agenda of the targets About a third of the 50% of MT have a Gender split based on company role
10 companies in our portfolio based on the value of board companies have dedicated person
ownership. 30 companies accounting for 73% of VNV climate-related target in charge of ESG
investment portfolio participated in our ESG survey Female Male
Yes Employees 41% 59%
Social 31%
Survey results at a glance Management 37% 63%
Overall, we see various ESG incentives happening No Yes
across our portfolio companies. However, there is room Close to 50-50 of non- Less diversity 53% 47% BoD 22% 78%
male and male employees in the BoD
for improvement, and to monitor, their progress VNV Non-male No Founders 19% 81%
Global will follow up on the the to following KPIs coming Non- 22% 69%
years male
41%
Does the company have Is there a dedicated
any specific climate- person on the
Male
59% related targets? management team in
Male charge of sustainability
78%
and ESG-related issues?
41% of employees are Only 22% of Board of
non-male Directors are non-male

47% of companies Only 7% of companies ~80% have employee insurance, but only ~30%
have sustainability on are signatory of climate have equal pay policies
Governance their board agenda related initiatives
Yes No
Are your
Data privacy policy Supplier code of Yes employees 84% 16%
high priority conduct low priority 31% insured?
No
7% Yes No Yes
27%
Yes No
53% 47%
Is there an equal 28% 72%
pay policy?
No
69%

Yes No Is sustainability an Is the company a

93% 73% occuring topic on the signatory to, or a
agenda of the board? participant in any of the
Of companies have a data Of companies have a
global climate-related
privacy policy in place supplier code of conduct
initiatives and accords?
Sustainability Report 2022 07

Governance For Top 10

For governance, we have primarily focused on the For the top 10 companies, we have conducted a more
policies implemented in portfolio companies. detailed survey. This is a good approach since the top About a third of companies measure CO2 emissions
The top 3 policies implemented are data privacy, 10 companies are significant to us because they cover a
code of conduct, remuneration, and health & safety. large part of our NAV. Does the company Yes No
The results between the top 10 companies and other Only a third of companies measure CO2 emissions measure carbon 29% 71%
emissions within
companies are very similar, which is a surprise as the within the companies. However, many companies are the organization?
top 10 companies are a bit more mature and might have very motivated (86%) to implement environmental goals
more policies in place. beyond what is required.
For most companies, the biggest reason to focus on 86% of companies are motivated to adopt
ESG is to stay competitive. Other important motivators environmental goals
for ESG work are improving brand image and reputation Is your company
among customers and managing risk and regulatory motivated to
compliances. adopt environ- Yes No
What policies do the companies have in place? mental goals, 86% 14%
beyond required
Yes No compliance with
environmental
Data privacy policy 93% 7% laws?
Code of conduct 79% 21%

Renumeration policy 66% 34%

Health and safety policy 62% 38%

What’s motivating them to act?
Anti-corruption policy 59% 41% 0% 50% 100%
Anti-bribery policy 55% 45% To stay competitive in the market

Whistleblower policy 55% 45% To improve brand image and reputation among customers

Environmental policy 48% 52% To manage risk and regulatory compliance

Human rights policy 45% 55% Changing consumer purchase behaviors

Supplier code of conduct 27% 73% To achieve cost efficiencies

To attract and retain employees
Increasing pressure from federal regulators
Increasing pressure from state regulators
Increasing pressure from investors and shareholders
To mitigate litigation or fines
Tax benefits or state aid incentives
Sustainability Report 2022 08

Case study: Voi

Company & product description Positive impact on the environment
Founded in 2018, Voi is a Swedish micro-mobility By diversifying the mobility mix, Voi works to provide
company offering e-scooter and e-bike sharing in convenient alternatives to cars and help cities reduce
partnership with towns, cities, and local communities. their car dependency. Voi’s 2022 global user survey
E-scooters can play a central role in changing how shows that two-thirds of users have reduced their car
people move in our towns and cities in the future. usage thanks to Voi and other micro mobility services,
We want to ensure that the micro mobility transforma- of which half say they have ‘drastically’ cut their use of
tion happens correctly – through accurate innovative cars.
technology, open and transparent dialogue with towns, Reduced carbon emissions are not the only impact
cities, and governments, and by adapting our products of reducing reliance on cars in cities. Many co-benefits
to local needs. Voi operates in over 100 towns and cities exist regarding noise and air pollution reduction, mental
across 11 countries. It is headquartered in Stockholm health benefits, productivity gains, freeing up space
and employs approx 700 people. Voi has served over from car parking, and improved accessibility, to name
seven million riders, providing 125+ million rides. a few.
Alongside positive external impact, Voi measures
Sustainability as a key cultural pillar and reduces the emissions linked to its value chain. Voi’s
Voi has been a purpose-driven company from day one. holistic Environmental Action Plan tackles emissions
The company’s mission is to bring safe, reliable, and and promotes renewable energy use and circularity
sustainable mobility to all, and it is committed to working along its supply chain. Voi’s 2022 Environmental Report
collaboratively to ensure cities reach their climate provides more insights into the company’s progress
targets and develop sustainably. toward these targets.
A mission rooted in sustainability presents
opportunities but also requires work and transparency
to ensure Voi is delivering on its claims. In the sector of Impact made
micro-mobility, commercial interests and environmental
Impact in cities. According to Voi’s environmental
interests are often aligned, and genuine sustainability
calculator, developed with researchers from University
can be a source of innovation and competitiveness. For
College London (UCL), Voi’s service will have replaced
instance, energy and resource efficiency innovations
8 million car trips in 2022, avoiding an estimated 2 800
are good for the environment and Voi’s bottom line.
tonnes of CO2. These insights are being shared with
Swappable batteries, for instance, have enabled a 50%
users, showing the CO2 (climate change indicator) and
reduction in operations emissions and substantial cost
PM2.5 (air quality indicator) of their rides to nudge more
savings and operations efficiencies.
sustainable mobility habits.
Corporate sustainability is an evolving and fast-
paced field. Partnerships with expert organizations Impact along the value chain. We are aware that this
give Voi valuable expertise and momentum to anchor sector is exposed to risks in the supply chain. The
and deliver on sustainability targets. The UN Global production of scooters and batteries is a complex
Compact, Science Based Targets initiative, and Leaders process and has potentially a negative impact on things
for Climate Action are essential. like the environment and local communities. In terms
of reducing Voi’s service emissions, the company is
progressing well on its targets to make the vehicles
more circular; for example, the V5, Voi’s latest e-scooter,
contains 30% recycled materials and has an estimated
lifespan of 5 years. In addition, across cities of Voi’s
operations, 72% of operational vehicles are electric,
and 89% of warehouses are powered by renewable
energy. These improvements and more have enabled
the company to reduce the carbon footprint of each ride
by 75% since 2019.
Sustainability Report 2022 09

ESG at portfolio companies

Investment process 1. (Pre) Screening: 4. Post-investment: Active shareholder governance
Our investment process recognizes that observance We have added ESG/sustainability as our fourth main We strive to ensure that the executive management
of the sound environment and social and governance investment heuristic. Next to 1) Network effect model 2) of companies in which we hold an interest identifies
practices is essential if companies are to be successful. operating in a large market (TAM) 3) a strong founder/ and manages sustainability risks and opportunities.
ESG integration across our portfolio creates value for team. The investment team provides a score after Where we hold a Board of Directors’ position, we
shareholders and makes our portfolio companies more interaction with the founding/management team on continuously follow up and monitor sustainability risks
attractive, resilient, and prosperous. While we aim to each of these four dimensions. The write-up and scoring in business reviews with the management of portfolio
invest in businesses and entrepreneurs who recognize are distributed to the entire investment team and stored companies. The management of VNV Global also strives
and embrace the need for more sustainable practices, in our deal flow system. By default, the screening is not to act proactively to ensure that portfolio companies
we don’t expect or demand the finished product but being conducted in industries or activity areas specified adopt and implement appropriate policies and other
instead, ask for a voluntary commitment to meet or sur- in the Exclusion List. routines for ensuring compliance with our expectations
pass our ESG targets during the lifetime of our portfolio. and values, as stipulated in our Code of Conduct. In
However, we do have tools and incentives to reward 2. Due diligence: Sustainability analysis addition, we request that our portfolio companies follow
portfolio companies. We have an ongoing dialogue with Our due diligence process involves, amongst others, internationally recognized human rights and labor rights
our investments throughout the investment process and areas like the diversity of the team, the positive impact and standards for sound environmental, social, and
have implemented a five-step process for integrating of digital service on people and the planet, and an governance. The portfolio company’s Board of Directors
sustainability considerations into our investment analysis of exposure to sustainability risks and how well is responsible for reporting on compliance issues
activities. these risks are identified and managed. In addition, VNV annually.
Global conducts due diligence related to corruption and
other irregularities, including bribery, fraud, and money 5. Exit
laundering, and considers risks related to privacy and We collate historical ESG data through the lifetime of
personal data before investing in a company. Significant the investment to produce a summary of ESG progress.
ESG risks are flagged and escalated to the general We will use the 2022 survey data as the baseline for
counsel. We also screen all prospective portfolio tracking progress. Although rare, in some cases,
companies for potential conflict with the Exclusion List. portfolio companies cease to exist. In those cases, as
investors, we take responsibility to ensure the company
3. Board approval is winded down in the best way possible.
We outline ESG risks and opportunities as part of
the qualitative assessment in the investment memo.
Relevant ESG topics are explored as part of the
investment discussion and decision-making process.
Significant ESG risks are flagged and escalated to
General Counsel.
Sustainability Report 2022 10

Case study: Circular economies in VNV Global portfolio

From 51 billion to zero. Annually we add fifty-one billion Marketplaces enable circular economies
tons of greenhouse gasses to the atmosphere, by 2050,
that needs to be zero. This is undoubtedly one of the
biggest challenges we have faced in the last century. Reduce / Re-use / Recycle
The “HOW” to zero is not 100% clear yet, but incremen- BlaBlaCar is the world’s leading community-based Campspace is a marketplace for overnight stays in
tal steps won’t get us there. One of the solution spaces Example portfolio companies travel network enabling over 130 million members to nature, close to home. It allows users to book camp
is technological innovations. We need breakthroughs in share a ride across 22 markets. BlaBlaCar leverages spots on private property. It’s reminiscent of Airbnb
the way we generate and store electricity, how we make technology to fill empty seats on the road, connecting but for outdoor camping. Spending more time in nature
things, and how we get around. We need governments CO2 members looking to carpool or to travel by bus, and with the people you care about is essential to a happy,
to invest in infrastructure and legal frameworks that will making travel more affordable, sociable and convenient. healthy, and sustainable life.
allow advancement on various dimensions. Every year, the BlaBlaCar community saves over The largest share of tourism’s CO2 emissions comes
However, behavioral change is the underestimated Textile 1.6 million tons of CO2, equivalent to Paris road traffic from transport. After that, accommodation is the second
“tool” in fighting climate change. The 8 billion humans on emissions in one year. In addition to being a carbon-sav- largest driver in tourism’s carbon footprint. Moreover, in
this planet can’t wait for technological breakthroughs ing network, BlaBlaCar connects people from many popular forms of tourism, proceeds do not always
that will solve all our problems. Real change often starts different horizons and creates a unique space for social go to residents and economies. Campspace tourism is,
at the micro level. There are many things we collectively Plastics connection, with over 80 million human connections a therefore, the best choice for the conscious traveler. Its
do that don’t make sense and are relatively easy to year. Travelers split the costs and can start or end their benefits include reducing kilometers traveled, making
change. Two elements are vital for consumers to change journey from anywhere to everywhere, making travel good use of extra space on private property, and
their behavior: it needs to be both affordable and easy Food accessible even in the most remote places with little to stimulating the local economy significantly.
to use. Tech can play a vitally important role in solving no transportation.
these two points. VNV Global sees this firsthand in our
portfolio companies, for example Olio. Goods
Olio is an app that connects people with their
neighbors so they can give away, rather than throw
away, excess food and other household items. The
Tourism
UN estimates that about one-third of all the food we
produce is waste. By creating a marketplace with an
easy-to-use and intuitive user interface, Olio has saved
more than 65 million meals, that’s the equivalent of the
environmental impact of over 190 million car miles taken
off the road.
We have some outstanding examples in our portfolio.
Companies that have created technology designed to Cirplus is a global B2B marketplace for circular plastics. Tise is a marketplace for second-hand clothing. At Tise,
make it easier and more affordable for consumers to The software simplifies the complex trade of recyclates we love fashion, but the clothing industry is speeding
change behavior and positively impact the environ- and plastic waste between waste owners, recyclers, toward environmental disaster. So we want to fight that!
ment - and often their wallets. These companies are and brands. Combining the power of digitization with Our goal is to make it easy, fun, and inspiring to
benefiting from macro tailwinds. There is a global trend standardization, we have built the world’s first standard sell and buy second hand using our marketplace.
where consumers are becoming more conscious of their for high-quality plastic recycling (DIN SPEC 91446). Sustainability is at our core, and we strive to use our
behavior and climate impact. We have highlighted some In live beta since March 2020 with more than 2000 voice and platform to help people make more sustain-
inspiring VNV Global portfolio companies operating registered companies and 1.3M tons of material listed. able daily choices. We are closing in on 2.8 million users
at the intersection of enabling circular economies and With obligatory quotas for recycled plastic in the and have a highly engaged community of Tisers across
financially desirable investments. EU to exceed 30% by 2030 (from today’s <10%), Norway, Sweden, Denmark, and Finland. In September
the market for recycled plastic is on a steep growth 2022, there were more than 330.000 transactions com-
trajectory fuelled by both heightened consumer pleted through the platform. The Tise team now counts
awareness and sweeping new regulations in Europe . By more than 80 people in eight countries, and the majority
lowering the transaction costs for recyclates over virgin work at our headquarters in Oslo.
plastic, Cirplus catalyzes the shift towards a fully circular
plastic economy – a world where no more waste ends in
the environment.
Sustainability Report 2022 11

VNV core investment segments Alignment of portfolio to UN SDGs SDGs breakdown as % of total based on the number of
The United Nations’ Sustainable Development Goals portfolio companies
Marketplaces – creating circular economies (SDGs) were agreed by 193 UN member states in 2015,
A large part of our as an over-arching policy framework through 2030.
portfolio is market- Each SDG includes measurable targets and indicators, 2% ■ 10. Reduce inequalities
places. Digital trading with Governments of member states reporting on these 4%
4% ■ 9. Industry, innovation
platforms are creating a to the UN. During 2022, VNV identified a framework 34% and infrastructure
6%
world of more intelligent for monitoring and measuring our contribution to ■ 5. Gender equality
consumption, extending sustainability goals. First, we identified which specific ■ 13. Climate action
the life cycle of SDGs we contribute the most to on the level of our ■ 11. : Sustainable cities
countless products and portfolio companies. Then, we specified those targets 13% and communities
increasing transparency to a narrower set of indicators and implemented the ■ 3. Good health and
for both buyers and monitoring tools at the level of the portfolio companies. well-being
sellers. From 2nd Thus, as presented in the charts below, we have aligned ■ 8. Decent work and
hand clothing to used car parts and from food sharing our most important investments with the UN SDGs. 19% economic growth
to recycled plastics. The building blocks of a circular This mapping covers 94% of our assets and does not
economy, online marketplaces are a means to re-pur- include our early-stage investments in the Scout pro-
pose and re-sell traded goods, creating multiple lives for gram. As these mature and become a more significant
any product. part of NAV, we intend to have them on the map. Mapped NAV breakdown by SDG, %
We see this mapping to UN SDGs as a powerful
Mobility – Helping cities reach their climate targets tool that allows us to better understand how our total
portfolio is aligned with certain goals in quantitative 1%
We have invested in 3%
10%
innovative mobility terms. It will also enable our stakeholders and us to ■ 3. Good health and
monitor how the portfolio focus related to SDGs will well-being
companies that are
be changing as companies are added to the portfolio, ■ 8. Decent work and
reshaping how we trans- economic growth
port ourselves and our grow in value, when we exit some of them or when the 21%
company’s business model changes. On the engage- ■ 11. : Sustainable cities
products. Combined, and communities
our portfolio companies ment level, this should allow us to better interact
with the companies and monitor their contributions ■ 12. Responsible
transport hundreds of consumption and
millions of people every to sub-targets of the SDGs. Lastly, this gives our production
year. These companies stakeholders and us a clearer picture of which SDGs we 58% ■ 13. Climate action
are fundamentally changing the way we move from A are not yet targeting with our investments.
to B. From inter cities to intra-cities and even across Our three most important SDGs based on the
borders. In most cases, in an electrified way minimizing number of companies contributing to each particular
the carbon footprint and optimizing for livable cities. goal are 8. Decent Work and Economic Environment; 3.
Good Health and Well-being and 11. Sustainable Cities Number of companies in the portfolio per SDG
and Communities. We have intentionally mapped our Mapped NAV breakdown into UN SDG 5Ps, % of total
Digital health – Making health more accessible most significant investments, like Voi, BlaBlaCar and
16
and affordable Gett, into the last goal while there is certainly a sig-
Our global health plat- nificant overlap with other purposes like, for example, 10%
forms provide health- 13. Climate Action. As for the SDGs 5P, VNV’s portfolio
care more accessible focus is on Planet, Prosperity and People.
and affordable. These 9 22%
■ People
platforms deliver a step-
change in patient and 6 ■ Prosperity
user experiences while ■ Planet
extending access to 3
2 2
healthcare to a broader 1
62%
and often a female
focused population.
Sustainability Report 2022 12

Case study: BlaBlaCar

Company & Product Description
BlaBlaCar is the world’s leading community-based
travel network enabling over 130 million members to
share a ride across 22 markets. BlaBlaCar leverages
technology to fill empty seats on the road, connecting
members looking to carpool or to travel by bus, and
making travel more affordable, sociable and convenient.

Positive impact by design

Since 2006, BlaBlaCar has been at the forefront of the
sharing economy, putting technology at the service of
mobility, the environment and people. By making empty
seats in cars available, BlaBlaCar has created a global
transportation network that creates social ties and Bringing people closer
reduces emissions and travel costs at scale. Carpooling creates a unique opportunity for social
This network, initially built around carpooling, connection. Through digital tools and a secure platform,
became multimodal in 2019 with the integration of BlaBlaCar members are able to generate a real sense of
buses and soon trains. In the longer term, our network trust in peers that they never would have met otherwise.
aims to become intermodal, connecting different modes The sense of community is strong: in a 2016 study, 88%
of transport to create a unique door-to-door solution, of BlaBlaCar members reported having a “high level of
accessible to all. trust” in another BlaBlaCar member with a complete
In a world of rising emissions, inflation, and travel profile (compared to 42% for a neighbor or 58% for a
aspirations, shared mobility is more than ever a reliable colleague).
solution for millions of people looking to reduce costs In 2022, BlaBlaCar enabled 90 million human
and their impact on the environment. High-impact by connections worldwide.
design since 2006, BlaBlaCar will continue to innovate
and collaborate with actors to lead the transition Connecting places
towards more sustainable and inclusive mobility. Unique to BlaBlaCar’s model is not only the savings and
social connections it generates but the broad granular-
A travel solution that generates savings ity of its network. With the car as a universal connector
BlaBlaCar has developed the technology to unlock an relying on no additional infrastructure other than roads,
untapped inventory with infinite potential: empty seats BlaBlaCar has created a network where any place can
in cars already on the road. Through smart-matching turn into a meeting point, thus improving worldwide
algorithms and digital tools to generate trust, BlaBlaCar access to mobility even in remote areas with little to no
enables travelers to optimize the usage of their cars and public transportation.
generate cost and CO2 savings with every ride. By integrating buses, BlaBlaCar has two highly
By sharing their cars, the BlaBlaCar community filled complementary travel solutions that lead to broad
65 million seats on the road and saved 1.2 million tons coverage: a bus network enabling a large number of A visualization of BlaBlaCar meeting points across Europe
of CO2 in 2022. people to travel at low cost between larger cities, with
an infinitely granular carpooling network that connects
smaller cities.
In 2022, the BlaBlaCar community connected over
2 million meeting points worldwide.
Sustainability Report 2022 13

Impact and mitigation of our operations

Team VNV negative impact and mitigation Society
Our offices during 2022 were in Stockholm (HQ) and two satellite offices in Sustainable investing is about doing good while doing no harm. VNV Global VNV’s ability to create value by driving an ambitious diversity and inclusion
Amsterdam and Cyprus. At VNV Global, we are a small team of 12 persons recognises that our activities have environmental, social and governance agenda may be negatively affected by: Inability to source female talent to
who bring together different mindsets, competencies and qualities. Our impacts on many levels. Most of VNV Global’s impact is positive and portfolio companies, boards and management teams.
permanent workforce is composed of 41% women and 59% men. We know happens through the work that we do supporting our portfolio companies VNV Global is actively working to expand our existing pipeline of potential
that diversity of thought positively impacts performance; investor teams and becoming long-term sustainable businesses. Beyond these positive investments and to broaden our exposure to female founded and led busi-
boards are no exception. Hiring from a wider talent pool will lead to better impacts, we recognise that our activities can have a negative impact, and we nesses through conferences, sponsorships and a wide variety of networks.
investment decisions and enrich us as people. Below you can find our team’s try to minimize and mitigate these wherever possible. This is not a compre- We have also created a talent database to track talents and have a ‘virtual’
composition, where we note steps to become more diverse. hensive overview but rather a representation of VNV Global’s key areas of talent bench to share with portfolio companies.
negative impact.
Gender and age per type
Governance
By contract and type of employment Male Female Environment VNV Global’s economic performance may be negatively impacted by
VNV Global’s ability to create value by driving an ambitious environmental portfolio concentration in terms of the relative size of specific companies
Permanent 7 5 agenda may be negatively affected by the inability to deliver on our climate and sectors.
Temporary 0 1 targets for the portfolio. Through our investment management activities and a dynamic allocation of
Full-time 7 4 VNV Global’s management and investment team are working closely with capital, VNV Global seeks to maintain a balanced portfolio across stages
Part-time 0 2 the management of the portfolio companies to raise awareness around and maturity, sectors, share of public vs. private and geographies. Portfolio
ESG related matters. Our strategy involves being an active and supportive concentration is monitored regularly by our management team.
Total 54% 46% shareholder in our companies with a (sizable) minority shareholding which
allows us to influence the outcomes. This means that while we can exercise VNV Global’s economic performance may be negatively impacted by a
influence over our portfolio companies, we do not have direct control over global economic downturn affecting the liquidity, volatility and valuation of
By gender and age Male Female <30 30–50 >50 them. tech stocks.
Many of our companies are in the early stages of their operational and Having conducted several stress tests on our portfolio and financial
Board of Directors 80% 20% 0% 60% 40% sustainability development. We cannot expect all companies to fully meet position before and during the COVID-19 pandemic we had a good view of
Management team 75% 25% 0% 25% 75% our expectations with regards to sustainability. Intention is to support them the potential financial needs of our portfolio. While the pandemic had less
along the way to develop a clear roadmap with key priorities and objectives. impact on 2022, we continue to track the impact of market developments on
Employees 44% 56% 33% 56% 11%
our companies’ ability to cope with a potential downturn. Since the start of
VNV Global has a negative climate impact through business travel, primarily 2022 we have encouraged our portfolio companies to reduce their burn rate
air travel (+90%). in order to extend the runway in 2023 and beyond.
Greenhouse gas emissions from VNV Global’s own operations and business
travel during 2021 are in line with the corresponding emissions in 2020. The
emissions during 2021 and 2020 are at a considerably lower level compared
to 2019 which is mainly the result of significantly less business travel due to
the spread of the Coronavirus.
It is our ambition to continue creating value for our shareholders in
accordance with our financial targets while decreasing our relative impact
on the environment, in essence decoupling economic growth from climate
impact. We believe that in some cases being physically present (at portfolio
companies) outweighs the negative impact of business travel. As part of this
we have decided to only (air) travel when physical presence is important.
This decision is being taken on a case-by-case basis. We are compensating
our CO2 emissions for every flight. See next chapter greenhouse gas
emissions.
Sustainability Report 2022 14

Greenhouse gas emissions from our operations (excl. Portfolio companies) Code of Conduct and Sustainability Framework VNV Governance
Since we have a small team and operations, the climate impact from our own Our guiding document for sustainability policies remains to be the Code As a Swedish limited company, VNV Global is subject to governance
operations is relatively small. We strive to minimize the negative effect of our of Conduct and Sustainability Framework. They are based on the UN requirements of the Swedish Companies Act, and as a listed company,
office and business travels. By being a global investor, our business travels 2030 Agenda, the International Bill of Human Rights, and International the requirements of Nasdaq Nordic Main Market Rulebook for Issuers and
stand for most of our climate impact and the greenhouse gas emissions Labor Organization’s Declaration on Fundamental Principles and Rights the Swedish Corporate Governance Code apply. VNV Global’s governing
generated by our operations. VNV Global’s climate targets include net at Work. The Sustainability Framework is based on the UN 2030 Agenda bodies are the General Meeting of shareholders, the Board of Directors and
zero GHG emissions from the Company’s own operations from 2021 and and focused on economic, social, and environmental issues most relevant the Managing Director. The Board of Directors is elected by the General
onward and an effort to reduce the GHG emissions of the overall investment to VNV Global. The Code of Conduct sets out the standards that all Meeting, and the Managing Director reports to the Board of Directors,
portfolio to a degree in line with the 1.5º C goal of the Paris Agreement by VNV Global’s employees, management, directors, and any other person generally through the Chairman of the Board. The Board has appointed
2030. This effort is mainly pursued through VNV Global’s board represen- representing or acting on behalf of VNV Global, are required to follow. It two sub-committees among its members: the Audit Committee and the
tation at various portfolio companies and regular dialogue with our portfolio also outlines our approach to integrating sustainability into our investment Compensation Committee. The principal task of the Audit Committee
companies as a minority shareholders. From 2020 VNV Global fully offsets process and portfolio companies. The Code aims to ensure the protection is to review the valuation of non-listed portfolio companies and of the
its GHG emissions on an annual basis. For our 2022 emissions, we fully of human rights, promotion of fair employment conditions, safe working Compensation Committee to review and propose modes of compensation
compensate by supporting the Gold Standard verified wind power project conditions, responsible management of environmental issues, and high of the Managing Director and senior management to the Board. In line with
in Karnataka (Gold Standard ID: 6854), which is focused on implementing a ethical standards. Swedish Corporate Governance Code, a Nomination Committee appointed
34.4 MW wind power project in Karnataka, India. Additionally, the Code outlines our expectations on our portfolio by the four largest shareholders is constituted each year with the task of
companies to act in support of the UN 2030 Agenda and operate in line proposing, inter alia, Directors and Auditors. The General Meeting also
Greenhouse gas emissions from our operations with our values and in observance of international human rights laws and appoints an Auditor. For more detailed information on the governance
conventions as well as standards for sound environmental, social and gov- ­structure, including a presentation of the Directors and Senior Management,
By sources (tonnes of CO2) 2022 2021 2020 2019 ernance performance. As part of the on-boarding process at VNV Global, see the separate Corporate Governance Report 2022.
new employees are introduced to the Code and its content. The Board of
Company own cars (Scope 1) 0 0 0 0 Directors reviews the policy on a bi-annually basis, and any amendments are
Electricity for our office (Scope 2) 0 0 0 0.14 communicated to all employees through a follow-up meeting.
Business travel (Scope 3) 49.2 8.3 8.6 53.8

Scope 1 consists of emissions from company-owned cars. Scope 2 is

generated from the purchase of electricity. VNV Global purchases 100%
renewable energy, and any emissions are offset directly by the supplier.
Scope 3 consists of indirect emissions from business travel by flight and are
provided by the supplier.
Sustainability Report 2022 15

GRI Disclosures included in this Report

Reported Reported
GRI Disclosures included in this Report (Y/N) Comment Page GRI Disclosures included in this Report (Y/N) Comment Page
102-1 Name of the organization Y VNV Global AB (publ) 02 Economy
102-2 Activities, brands, products, and services Y 11 Explanation of the material topic and its
103-1 Y 04
102-3 Location of headquarters Y Mäster Samuelsgatan 1, 1 tr, 111 44 Stockholm, Sweden 13 Boundary
102-4 Location of operations Y 13 The management approach and its
103-2 Y 04
components
See separate Corporate Governance Report 2022 for
102-5 Ownership and legal form Y 14 103-3 Evaluation of the management approach Y 04
details
102-6 Markets served Y 11 Direct economic value generated and See the 2022 Annual Report for VNV financial results and
201-1 Y
distributed economic value generated
102-7 Scale of the organization Y 02, 13
Operations assessed for risks related to
102-8 Information on employees and other workers Y 13 205-1 Y 13-14
corruption
The majority of VNV Global’s suppliers are service
Communication and training about Code of Conduct; Anti-corruption policy,
102-9 Supply chain Y providers relating to the Company’s investment operations 205-2 Y
anti‑corruption policies and procedures communicated annually to employees
and office operations
Significant changes to the organization and There have been no significant changes to the organization
102-10 N Society
its supply chain or its supply chain
102-11 Precautionary Principle or approach Y See VNV Global Code of Conduct at vnv.global Explanation of the material topic and its
103-1 Y 04
102-12 External initiatives Y GRI disclosures Boundary
102-13 Membership of associations Y No active memberships to report The management approach and its
103-2 Y 04
components
102-14 Statement from senior decision-maker Y See the 2022 Annual Report for the CEO letter
103-3 Evaluation of the management approach Y 04
Values, principles, standards, and norms of 04, 09,
102-16 Y 401-1 New employee hires and employee turnover Y 13
behaviour 14
See separate Corporate Governance Report 2022 for Percentage of employees receiving regular
102-18 Governance structure Y 14 404-3 performance and career development Y 02
details
reviews
102-40 List of stakeholder groups Y 03
Diversity of governance bodies and
At year-end 2022, no employees were party to such 405-1 Y 13-14
employees
102-41 Collective bargaining agreements Y agreement. Freedom of assembly and association is
stated in VNV Global’s Code of Conduct Significant investment agreements and
412-3 contracts that include human rights clauses Y See VNV Global Code of Conduct at vnv.global
102-42 Identifying and selecting stakeholders Y 03 or that underwent human rights screening
102-43 Approach to stakeholder engagement Y 03-04 Non-compliance with laws and regulations
03-04, 419-1 Y No fines or sanctions
102-44 Key topics and concerns raised Y in the social and economic area
13 Percentage and number of companies held
Entities included in the consolidated financial in the institution’s portfolio with which the 30 portfolio companies (73% of NAV) have participated in
102-45 Y See the 2022 Annual Report for details FS10 Y 06-07
statements reporting organization has interacted on VNV Global’s Annual sustainability survey
Defining report content and topic environmental or social issues
102-46 Y 04, 13
Boundaries
102-47 List of material topics Y 04 Environment
102-48 Restatements of information Y No restatements have been made Explanation of the material topic and its
103-1 Y 04
The report is prepared in accordance with Swedish Annual Boundary
102-49 Changes in reporting Y
Accounts Act (ARL), inspired by GRI Standards guidelines The management approach and its
103-2 Y 04
102-50 Reporting period Y 02 components
2021 Sustainability report published as part of the 103-3 Evaluation of the management approach Y 04
102-51 Date of most recent report Y
2021 Annual Report 305-1 Direct (Scope 1) GHG emissions Y 14
102-52 Reporting cycle Y 05 305-2 Energy indirect (Scope 2) GHG emissions Y 14
Contact point for questions regarding the Björn von Sivers, bjorn@vnv.global 305-3 Other indirect (Scope 3) GHG emissions Y 14
102-53 Y
report or Alex Trofimov, alex@vnv.global
Claims of reporting in accordance with the This report has been inspired by the guidelines of the
102-54 Y
GRI Standards GRI Standards
102-55 GRI content index Y 15
102-56 External assurance 16
Sustainability Report 2022 16

Appendix
VNV exclusion list
Even though our investment mandate is clear and almost by definition
narrows down our investable universe of sectors to a selection of subin-
dustries within the tech and digital space, we feel it is essential to spell out
the specific activities and businesses that VNV has committed not to invest
in. The list relies upon the examples of several internationally recognized
organizations, including IFC, as well as our assessment of critical controver-
sies and has been underwritten by the CEO and acknowledged by the Board
of Directors. VNV will not finance or invest in a company or entity involved in
the following:
1. Forced labor, unlawful child labor, slavery, and human trafficking.
2. A
ctivities or materials deemed illegal under the host country’s laws or
regulations or international conventions and agreements.
3. A
ctivities that compromise endangered or protected wildlife or wildlife
products.
4. Production or trade of significant volumes of hazardous chemicals or
commercial scale usage of hazardous chemicals.
5. E
xtraction or production of fossil fuels.
6. M
ilitary contracting and manufacture, distribution, or sale of arms or
ammunition for military non-defensive use.
7. P
roduction of tobacco and alcoholic beverages.
8. A
ny activities involving pornography and prostitution.
9. H
uman body parts or organs trade.
10. Production or trade of radioactive materials or unbonded asbestos
fibers, excluding the purchase of medical equipment or quality control
(measurement) equipment where the presence of the substance is
required and adequately shielded.
11. Drift net fishing in the marine environment using nets over 2.5 km. in
length.
12. Commercial logging operations for use in primary tropical moist forests.
13. Production or trade in wood or other forestry products other than from
sustainably managed forests.
Sustainability Report 2022 17

Stockholm, Sweden, February 17, 2023

Lars O Grönstedt
Chairman

Josh Blachman
Board member

Ylva Lindquist
Board member

Keith Richman
Board member

Per Brilioth
Managing Director and Board member
Sustainability Report 2022 18

Auditor’s Limited Assurance Report on VNV Global AB (publ)’s Sustainability Report

To VNV Global AB (publ), Introduction The procedures performed in a limited assurance Gothenburg, February 17, 2023
org.nr 556677-7917 We have been engaged by the Board and Group engagement do not allow us to obtain such assurance
Management of VNV Global AB (publ) to undertake that we would become aware of all significant matters
a limited assurance of VNV Global AB (publ)’s that could have been identified if an audit was per- PricewaterhouseCoopers AB
Sustainability Report for 2022. VNV Global AB (publ) formed. The conclusion based on a limited assurance
has defined the scope of its sustainability report on engagement, therefore, does not provide the same level
page 02 within the section “Basis for preparation”. of assurance as a conclusion based on an audit has.
Our procedures are based on the criteria defined by Bo Karlsson
Responsibilities of the Board the Board of Directors and the Group Management as Authorized Public Accountant
and Group Management described above. We consider these criteria suitable for Auditor in charge
The Board of Directors and Group Management are the preparation of the Sustainability Report.
responsible for the preparation of the Sustainability We believe that the evidence we have obtained is
Report in accordance with the applicable criteria, as sufficient and appropriate to provide a basis for our
explained on page 02 within the section “Basis for conclusion below. Johan Brobäck
preparation” in the Sustainability Report, and consists Authorized Public Accountant
of the GRI Sustainability Reporting Standards which are Conclusion
applicable to the Sustainability Report, as well as the Based on the limited assurance procedures we have
accounting and calculation principles that the company performed, nothing has come to our attention that
has developed. This responsibility includes the internal causes us to believe that the Sustainability Report is not
control relevant to the preparation of a Sustainability prepared, in all material respects, in accordance with
Report that is free from material misstatements, the criteria defined by the Board of Directors and Group
whether due to fraud or error. Management.

Responsibilities of the auditor

Our responsibility is to express a conclusion on the
Sustainability Report based on the limited assurance
procedures we have performed. Our assignment is
limited to the historical information that is presented
and thus does not include future-oriented information.
We conducted limited assurance procedures in
accordance with ISAE 3000 Assurance Engagements
Other than Audits or Reviews of Historical Financial
Information. A limited assurance engagement consists
of making inquiries, primarily of persons responsible for
the preparation of the Sustainability Report, and apply-
ing analytical and other limited assurance procedures.
A limited assurance engagement has a different focus
and a considerably smaller scope compared to the focus
and scope of an audit in accordance with International
Standards on Auditing and generally accepted auditing
standards in Sweden.
The audit firm applies ISQM 1 (International Standard
on Quality Management) and accordingly maintains a
comprehensive system of quality control including doc-
umented policies and procedures regarding compliance
with ethical requirements, professional standards and
applicable legal and regulatory requirements. We are
independent in relation to VNV Global AB (publ) accord-
ing to generally accepted auditing standards in Sweden
and have fulfilled our professional ethics responsibility
according to these requirements.