In addition to laws and regulations, we undertake to comply with international commitments that guide our operations. In 2011, OP signed the UN Global Compact initiative and undertook to comply with the ten principles in the areas of human rights, labour, the environment and anti-corruption.
The Global Compact principles form part of all our new supplier agreements. Compliance with the principles is also visible in our personnel: our employees are committed to complying with the principles of good business practice and participating in CSR training.
Equator Principles (EP) is a voluntary commitment applied in project finance to manage risks related to environmental issues and social responsibility. The EP has been signed by approximately 85 Equator Principles Financial Institutions (EPFIs) in 35 countries, representing more than 70% of international project finance debt in emerging markets.
The EP aims to reduce the negative impacts of financed projects on climate, local communities and people. While the EP does not directly restrict a financial institution's participation in projects, it supports the due diligence of projects as well as consideration of social and environmental impacts in the decision-making phase.
Although OP annually participates only in a couple of EP-based project finance cases, committing to key international responsibility frameworks forms an important part of OP's corporate social responsibility actions.
CSR policy lines
We have summarised the principles of corporate social responsibility in our Code of Business Ethics. The code provides an ethical foundation for all our employees, whatever their role, position or location. We also require our suppliers and service providers to be committed to it or comparable principles.
The responsible investment policy document describes responsible investment at OP's asset management company. The company also focuses on the promotion of good corporate governance according to its unitholder policy.
The climate policy line of OP's insurance business addresses the role of climate change in view of the lives of our customers and the companies' operating environment and provides relevant measures.
OP Financial Group’s ethical guidelines for artificial intelligence
1. People-first approach
We will use data and AI responsibly and for the good of our customers. We will define the objectives guiding our use of AI clearly and refine them if necessary based on changed data, technical possibilities and the working environment.
2. Transparency and openness
We will act openly in our relations with customers, partners and stakeholders, ensuring sufficient transparency for the evaluation of the AI we have developed. We will discuss our use of AI use openly and subject our work to public scrutiny.
3. Impact evaluation
We will carefully study the impacts of the choices we make in our work on our customers and the society around us. Our choices regarding AI utilisation are always responsible.
We will define owners for the principles guiding our operations and for the algorithms we have developed, and will ensure the ethics of AI throughout the lifecycle.
5. Privacy protection
We will guarantee privacy and personal data protection for the individuals represented in the data we use in accordance with our data protection principles.
Enhancing CSR in Finland
OP is member of FIBS (Finnish Business & Society), a non-profit corporate responsibility network in Finland. OP's fund and asset management companies are members of FINSF, Finland's Sustainable Investment Forum).