- Highlights of the year
- A year of records
- EKN’s mission and objectives
- A year of financial crisis
- All markets and new requirements
- Sweden’s successful industries
- SMEs in more than 90 countries
- Risk exposure
- International cooperation
- Corporate social responsibility
- Employees
- Analysis of results
- Income statement
- Balance sheet
- Cash flow statement
- Accounting principles
- Notes
- Board & executive management
- Audit report
International cooperation
Internationally, the main feature of the year has been the dialogue with countries outside the OECD. Dealing with the financial crisis was also a key element in our agenda.
Sweden’s trade policy, which includes EKN, aims as well to promote poverty alleviation and to reinforce human rights. For EKN, this means that we work closely with exporting companies on CSR issues; we review environmental consequences and social relationships; the consequences of the transactions we guarantee; and we combat corruption. Sustainable development of the business also presumes that we are responsible employers, that we have a good working climate, and that we develop good relationships with other organisations in the exporting arena.
Dealing with the effects of the financial
crisis on export financing was a key element
in our agenda during 2009. Several
countries, including Sweden, have carried
out temporary measures in order to maintain
the flow of trade. This work has been
followed up by an exchange of information
and discussions. It is worth noting that
Sweden was one of the first OECD countries
to take urgent and important decisions
in order to ameliorate the effects of
the crisis.
Harmonised pricing
For several years, the export credit agencies in the OECD have been striving to harmonise their pricing. In the OECD, there has long been an agreement about the pricing of country risks – and now, as of February 2010, there is also an agreement about the pricing of commercial risks. This agreement will come into force in September 2011. The aim is to prevent the distortion of competition, to ensure that international requirements for premiums that reflect the risk are fulfilled, and that there are no subsidies for export credits by agencies.
Longer credits for environmental engineering
In order to promote environmentally friendly exports and to combat climate change, there have been discussions about expanding the OECD agreement on renewable energy and water projects. The aim is to produce a climate agreement in which several types of project could be offered longer credit periods, flexible repayment profiles, and cover for a larger share of local costs. During 2010, EKN will be taking part in the overhaul of the OECD guidelines for environmental concern.
Outside the OECD
Efforts have been made to continue and strengthen the dialogue with competing countries outside the OECD, primarily China. A number of countries outside the OECD have taken part in the OECD discussions about the planned climate agreement.