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Corporate responsibility

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Corporate responsibility

At Finnvera, corporate responsibility is an integral part of everyday work. The basic pillars of corporate responsibility consist of

  • Financial profitability
  • Thorough risk analysis in financing decisions
  • Analysis of the impacts of the company’s own operations
  • Open and active stakeholder work.

Finnvera has significant impacts on society: through its operations, Finnvera contributes to the success of the whole of Finland by promoting new enterprises, the growth and internationalisation of companies, and exports. The largest impacts are realised through the enterprises financed.

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:

For Finnvera, corporate responsibility means adherence to responsible modes of operation in dealings with all stakeholders.

Finnvera carries out its mission and strategy in accordance with the laws, regulations and industrial and ownership policy goals guiding the company’s operations.

Finnvera’s corporate responsibility rests on the foundation of the company’s values and good governance. In practice, it is manifested as financial, social, and environmental responsibility.

The daily tools for acting responsibly at Finnvera include theme-specific policies and guidelines and a certified operating system that is kept up to date.

Stakeholders

Finnvera’s network of stakeholders is wide and constantly evolving. 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.

Finnvera has identified the following as its most important stakeholders: clients, domestic and international organisations, personnel, banks, owners, and cooperation partners, which also include the Team Finland actors.

Impact on society

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.

The main indicators of impacts include the number of new enterprises and jobs created by means of financing and the ratio of exports covered by export credit guarantees to Finland’s total exports.

As a State-owned company, Finnvera can take greater risks in financing than banks can. According to the goal of self-sustainability set for Finnvera, the company’s income from operations must be sufficient in the long-term to cover its operating expenses and its share of any credit and guarantee losses incurred.

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.

The principles of good administration cover, for instance, the following issues:

  • The impartiality of actions, i.e. the rules on disqualification.
  • Guidelines on hospitality, based on the precautionary principle: A Finnvera employee may not accept or receive any financial or other benefit if it can undermine confidence in the party concerned or in the impartiality of Finnvera’s actions.
  • Equal treatment of clients, regulated in accordance with generally accepted and equally applied principles.

Finnvera’s ethical guidelines are explained during the orientation of all new employees. Training on the various sections of the guidelines is provided as needed. Finnvera’s employees are ultimately subject to the regulations on official accountability under criminal law, including legal provisions concerning sanctions for bribery.

In its export financing operations, Finnvera complies with the following OECD guidelines and principles for responsible business operations:

  • Sustainable lending to the low-income countries  
  • Anti-bribery measures in export credit operations
  • Agreement regarding environmental and social responsibility.

In addition, Finnvera wishes to call the OECD Guidelines for Multinational Enterprises to the attention of all its export credit quarantee applicants regarding for example respecting human rights, sustainable development and principles for responsible management of product chain as well as openness, employment and employee organisation.

Additional information on OECD Guidelines for export credit agencies.

Finnvera’s policy for reviewing the environmental and social impacts of projects.

Reporting of corporate responsibility

Finnvera reports on its corporate responsibility each year, including the corporate responsibility report as part of the annual report. Combining the two reports is only natural, as Finnvera’s operations have a broad impact on Finnish business and employment, and thereby on society as a whole. In its reporting, Finnvera focuses on matters that are vital to the company’s operations and its stakeholders.

Finnvera's reporting contains the basic features of the GRI Standards responsibility reporting guidelines. The information in the report covers the economic, social, and environmental impacts of Finnvera plc’s own operations.

Annual Review 2018/Corporate Responsibility

Annual Report 2017/Corporate Responsibility

Annual Report 2016/Corporate Responsibility

Annual Report 2015/Corporate Responsibility

Annual Report 2014/Corporate Responsibility

Annual Report 2013/Corporate Responsibility

Quality system

Finnvera plc and its subsidiaries Veraventure Ltd and Finnish Export Credit Ltd were granted an ISO 9001 certificate on 25 October 2016 (original certificate granted 7 December 2010). The quality certificate covers the companies’ financing activities and all operating units and it is valid until 7 December 2019.

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