Case Study | Danske Bank | CESGA at Scale
How Danske Bank Became the Nordic Leader in ESG Investment Expertise
1. Executive Summary
Danske Bank Asset Management (AM) has certified 114 professionals with the EFFAS CESGA® designation. This makes it the Nordic asset manager with the highest number of CESGA-certified professionals, according to a 2023–2024 study by SustainAX, with numbers confirmed in 2025 by Danske Bank AM.
This case study explores how Danske Bank AM strategically upskilled its team to meet increasing ESG demands and how CESGA supports their credibility with clients and regulators.
2. About Danske Bank Asset Management
Danske Bank Asset Management is one of the largest asset managers in the Nordic area and part of Danske Bank A/S, which has more than 20,000 employees and roots going back to 1871.
As one of the leading asset managers in the Nordics, they also have extensive experience in responsible investing. For several years, sustainability factors have been an integral part of their investment approach and have contributed to performance.
Danske Bank Asset Management approach to responsible investments is based on two essential pillars:
- Aim to protect the value of investments and generate attractive returns.
- Aim to analyse and assess the impacts that investments have on environmental and other societal dimensions.
3. The Challenge
”Navigating regulatory shifts and increasing client expectations”.
For Danske Bank:
The ESG landscape is evolving rapidly. Increased regulatory requirements and sophisticated client expectations made it clear that ESG expertise needed to be embedded across all teams — not limited to a few specialists.
As a leading financial institution, Danske Bank AM believes in the importance of leveraging communication efforts for educational initiatives to elevate the knowledge and skills of the industry, fostering a culture of continuous improvement and innovation in responsible investment.
They aim to transform complex sustainability topics into clear, actionable insights to drive real-world impact.
For our clients:
The CESGA training program, initially reserved for internal use, was extended to our customers in 2023.
At the same time, members of Danske Bank AM’s Responsible Investment team took ownership of parts of the sessions, bridging the gap between clients and content.
This collaborative approach together with EFFAS has proved to be a great way to educate the participants mixing theory and practice.
This initiative capitalises on the valuable expertise of EFFAS faculty members and Danske Bank Responsible Investment team’s deep understanding of the Nordic institutional client base, acquired through hundreds of client meetings over the past few years, further enhancing the programme’s relevance and impact.
4. The Solution: CESGA Certification
EFFAS’ Certified ESG Analyst (CESGA) programme was identified as the most relevant and practical solution.
Its strong European regulatory alignment and focus on financial materiality made it ideal for Danske Bank AM’s needs.
The first Certification aligned with EFRAG ESRS standards and continuously updated adopting regulatory changes.
5. Implementation Journey
Led by: RI TEAM Peter Lindström, CFA – Chief ESG Specialist at Danske Bank AM.
Since its launch, the program has been marketed to most institutional clients of the bank, more than 100 clients have participated in the training, and many have successfully passed the exam. Below you will find a testimonial from one of the participants.
“I am proud to announce that I am now certified as an ESG Analyst under the auspices of EFFAS – The European Federation of Financial Analysts Societies. The programme focuses on integrating sustainability into investment analysis and decision-making. As CFO, the certification strengthens my ability to ensure focus on sustainable value creation in our investments.”
Looking Ahead
Danske Bank AM continues to build on its ESG leadership by integrating CESGA into professional development plans and exploring new applications of ESG analytics in portfolio management.
For CESGA certified investment professionals and clients, in 2026 the focus will shift towards ECRA, the new EFFAS Certified Climate Risk Analyst course, ensuring that continuous professional development will continue to remain at the core of the Danske Bank Asset Management ESG education program.
Interested in raising your team’s ESG capabilities?
Join the growing number of institutions integrating CESGA into their training strategy.
Reach out to: valeria.fauner@effas.com
