Core values and responsible operations
OP Financial Group has defined core values guiding its operations, which, for their part, also serve as the Group’s code of ethics. The Group's core values are People First, Responsibility, and Succeeding Together.
In its operations, OP Financial Group applies its Code of Business Ethics. The Code of Business Ethics provides an ethical framework for the conduct of all employees and members of governing bodies of OP Financial Group. Furthermore, OP Financial Group adheres to international economic, social and environmental responsibility principles and is committed to promoting the principles of the United Nations Global Compact initiative. In 2019, OP Financial Group became a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). In addition, the Group’s fund and asset management companies have committed to the UN Principles for Responsible Investment.
Corporate responsibility is an integral part of OP Financial Group's business and strategy. OP Cooperative's Supervisory Board has approved OP Financial Group’s Corporate Responsibility Programme. OP Financial Group reports regularly on its corporate responsibility issues according to the Global Reporting Initiative (GRI) guidelines.
Management system of the central cooperative consolidated and central cooperative subsidiaries
The central cooperative consolidated consists of OP Cooperative (central cooperative), which is the parent company owned by member banks, and subsidiaries, which the central cooperative and/or its subsidiary wholly own, in which they have majority of votes or in which the central cooperative and/or its subsidiary exercise control on other grounds.
OP Cooperative acts as OP Financial Group’s strategic owner institution and the central cooperative of the amalgamation as referred to in the Act on the Amalgamation of Deposit Banks. It is in charge of Group control and supervision.
In each subsidiary of the central cooperative consolidated, the board of directors is responsible for due organisation of the subsidiary’s governance and operations. When performing their duties, the boards of directors take account of OP Financial Group's strategic statements and other policy lines, confirmed principles and guidelines issued by the Supervisory Council of the central cooperative and the Board of Directors concerning matters where the central cooperative is obliged or has the right to issue policy lines and guidelines regarding the entire Group.
With the help of the Executive Management Team, the President and Group Chief Executive Officer makes proposals on candidates for the subsidiaries’ boards of directors (excl. Helsinki Area Cooperative Bank), after which the board of directors is elected in a manner specified in the Articles of Association and laws in force. The central cooperative's Executive Management Team also discusses proposals for the managing directors of subsidiaries before their selection. The Group's guidelines on the management of conflicts of interest are taken into account in the selections.
The charters of the subsidiaries' boards of directors describe the duties of each board of directors. The boards of directors annually draw up an action plan showing a meeting schedule and the most important items on each meeting’s agenda. The boards of directors annually assess their performance and working methods on a regular basis.