Second-Party Opinion Download

Sustainalytics is of the opinion that the PostNL Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023 and Sustainability-Linked Loan Principles 2023. This assessment is based on the following: 

Selection of Key Performance Indicators

The PostNL Sustainability-Linked Financing Framework defines three KPIs: i) Absolute scope 1 and 2 GHG emissions (ktCO₂e); ii) Absolute scope 3 GHG emissions (ktCO₂e); and iii) Share of females in senior management positions. Sustainalytics considers KPI 1 and KPI 2 to be very strong and KPI 3 to be strong based on materiality, relevance, scope of applicability and comparability to external benchmarks.  

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with PostNL’s sustainability strategy. Sustainalytics further considers: i) SPT 1 and SPT 2 to be highly ambitious; and ii) SPT 3 to be moderately ambitious based on comparison with historical performance, targets set by peers and science-based trajectories, as applicable. 

Instrument Characteristics

PostNL will link the financial characteristics of the instruments to its performance against the SPTs, where non-achievement may trigger a coupon step-up for bonds and margin increase for loans. This is aligned with the SLBP and SLLP. 

Reporting

PostNL commits to report on its progress on the KPIs on an annual basis in its Annual Report published on its website. PostNL may also disclose relevant information that may affect the KPIs’ progress in its Annual Report.  

Verification

PostNL commits to have external limited assurance conducted against each SPT for each KPI at least once a year, which is aligned with the SLBP and SLLP.