At Finnvera, corporate responsibility is an integral part of everyday work. The cornerstone of Finnvera’s strategy is corporate responsibility. Accordingly, Finnvera, and the transactions it finances, are responsible with regard to the environment and people. Particular emphasis has been placed on economic responsibility, which can be seen in the goal of self-sustainability and systematic risk management. The company’s Board of Directors and CEO are in charge of corporate responsibility. Its implementation is monitored by the Management Group.
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 network of stakeholders is wide. 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.
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.
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. 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.
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.
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 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.