Corporate responsibility

At Finnvera, corporate responsibility is an integral part of everyday work. Through its operations, Finnvera contributes to the success of the whole of Finland by promoting new enterprises, the growth and internationalisation, and exports.

Sustainability at Finnvera

Sustainability and its aspects, climate change mitigation, environmental and social responsibility as well as financial responsibility are the basis of the strategy.

Efforts to mitigate climate change in particular have been highlighted more strongly than before.

Environmental and social responsibility

We are a responsible financier whose operations are based on risk-based assessment and international standards. We estimate that the most serious risks are concentrated in financing projects in countries where the legislation related to environmental and social risks is weak or its enforcement is lacking.

Read also: Environmental and social risk management in Finnvera’s export financing operations

We promote business and employment all over Finland.

We nurture a good work atmosphere and develop the corporate culture. We take care of our personnel's professional competence.

Climate change

1) We help companies take advantage of the opportunities that arise from the climate actions

As a financier of growth, internationalisation and export, we help our customers to benefit from the opportunities that arise from the actions against climate change. Finnvera's financing is mainly aimed at new investments. Typically, new investments replace older, more polluting technologies. In cooperation with our customers, we strive to increase the share of projects in our portfolio that create solutions to climate change. We encourage our customers to implement these projects. We measure climate impacts.

2) We measure and report the climate impact of our own operations

We identify the climate impacts of the projects we finance, we report on them in accordance with internationally recognised standards. We set a measurable goal of reducing the climate impact of our exposure.

3) We identify the risks of climate change

We identify the risks and opportunities of climate change in credit risk assessment and in our asset management. We include the effects of climate change into financial decisions and risk management. We introduce sustainable investment criteria as part of the investment plan and make the impact of Finnvera's operations on climate change visible to investors. We also set goals to reduce the climate impacts of our own operations.

4) We limit the granting of funding to the most harmful projects

With the industry guidelines, we exclude the most climate-damaging projects.

5) We influence the rules of export financing

We influence the regulatory field of export financing so that projects that are positive for the climate are encouraged and harmful projects are restricted. Key forums are the OECD's export credit negotiations and the E3F coalition.

6) Competence

Sustainabilitys is one of the strategic competences. 

Financial responsibility and risk management

One of the cornerstones of our operations is a long-term self-sustainability, which we ensure through controlled risk-taking.

We develop and enhance risk management and risk transfer methods for large exposure and risk concentrations. We are constantly developing risk management methods to meet the changed requirements of the operating environment.

With Finnvera's ISO 9001 certified operating system, we ensure comprehensive quality control.

Read also: Corporate responsibility in Finnvera's strategy

Impact and corporate responsibility

Corporate responsibility and impact are interlinked in Finnvera's strategy. Responsibility is the basis and impact the spearhead of the strategy. It means that our financing helps clients generate and obtain turnover, financial profit and jobs that would not have been possible otherwise. We seek new ways to measure impact better.

Finnvera has an important social role in facilitating and augmenting Finnish enterprise activities. Through export solutions, Finnvera also contributes to the exports of Finnish know-how abroad. 

Finnvera measures its success in economic responsibility by the impacts of financing and by economic sustainability. Environmental and social responsibility is mainly monitored through the projects financed. This is especially important in export credit guarantee operations where impact assessments are conducted according to international standards.

Responsible financing

Finnvera’s operations are regulated by laws and international agreements. In addition, the company has defined its own principles for ethical conduct and the key objectives of Finnvera’s operations are trust and transparency.

In its operations, Finnvera complies with the principles of good administration, as specified in the Administrative Procedure Act, and with the guidelines on ethical conduct compiled on the basis of these principles for the organisation’s internal use. All of Finnvera’s employees are bound by the ethical guidelines.

Finnvera's ethical guidelines

In iexport financing operations, we follow international rules on export financing and are actively involved in international development and cooperation. We comply with international principles and recommendations related to corporate responsibility, and Finnvera has its own Environmental and social risk management policy. 

Principles guiding Finnvera's export credit guarantee operations and corporate responsibility

We follow the principle of sustainable development in compliance with the Act on the State’s Export Credit Guarantees and comply with internationally accepted principles and procedures for assessing environmental and social impacts. By managing environmental, social and governance risks, we ensure the accountability and risk management of our financing operations.

The process of environmental and social risk management in Finnvera’s export financing operations

The policies guiding Finnvera's financing operations on Code of conduct page

Poseidon Principles

Finnvera has joined the Poseidon Principles climate alignment agreement  regarding the CO2 emissions of Finnveras’s ship finance portfolio. The Poseidon Principles are consistent with the policies and ambitions of the International Maritime Organization, including its ambition to reduce shipping’s total annual greenhouse gas emissions by at least 50% of 2008 levels by 2050. Poseidon Principles provides a framework with which Finnvera can measure the actual CO2 emissions of ship finance on an annual basis and compare them with the established decarbonisation trajectory. Commitment to the Poseidon Principles is a concrete step in Finnvera’s sustainability and corporate responsibility.

Management of corporate responsibility

At Finnvera, implementation of corporate responsibility is monitored by the Management Group. Responsibility for this is vested in the Board of Directors and the CEO. At the practical level, activities are steered by the principles of corporate responsibility approved by Finnvera’s Board of Directors:

  • Corporate responsibility work at Finnvera is built on the company’s values and good governance.
  • Finnvera implements its mission and strategy in accordance with the laws, regulations, and industrial policy goals guiding the company’s operations.
  • Finnvera complies with responsible operating methods with all stakeholders.
  • Corporate responsibility is implemented by means of up-to-date daily tools: environmental, human rights and other policies as well as the ISO 9001 certified operating system.

In its operations, Finnvera complies with law, regulations, recommendations from different authorities, international commitments, and policies defined by Finnvera. In addition, Finnvera has a Code of Conduct that covers the main principles and practices of good conduct.

Finnvera's Code of conduct

Stakeholders

Finnvera’s network of stakeholders is wide. Finnvera has identified the following as its most important stakeholders: clients, banks and cooperation partners, Team Finland organisations, domestic and international organisations, personnel, state owner and investors.

The materiality analysis reflects the current expectations of Finnvera’s stakeholders and the impact of our business operations. At the same time, the analysis aims to describe Finnvera’s impacts on economic, social and environmental themes.

We keep a close eye on similar organisations in other countries and develop our financial services in step with the changing needs of Finnish companies.

Reporting of corporate responsibility

Finnvera reports on its corporate responsibility each year as part of the annual report. In its reporting, Finnvera focuses on matters that are vital to the company’s operations and its stakeholders.

Finnvera reports on corporate responsibility in accordance with the GRI Standards: Core option. The information in the report covers the economic, social, and environmental impacts of Finnvera plc’s own operations.