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 CR training.
OP's fund and asset management companies signed the UN Principles for Responsible Investment (UNPRI) in 2009 among the first Finnish asset managers and nowadays annually report on the implementation of the principles. Moreover, both companies have signed the CDP Climate change and Water initiatives whereby investors encourage companies to report their impact on climate and their water usage in a better way. OP Financial Group is also involved in the CDP initiative by annually reporting its own efforts to fight climate change. In 2019, OP achieved forerunner-level ranking A- on CDP’s climate survey.
OP Financial Group has become a Founding Signatory of the United Nations Environment Programme Finance Initiative’s Principles for Responsible Banking – a single framework for a sustainable banking industry. OP joins a coalition of 130 banks worldwide, representing over USD 47 trillion in assets, committed to achieving a sustainable future. The Principles for Responsible Banking set out the banking industry’s responsibility in shaping a sustainable future and aligning the sector with the objectives of the UN Sustainable Development Goals and the 2015 Paris Climate Agreement. The principles enable banks to embed sustainability across all business areas and leverage new business opportunities created by the emerging sustainable economy.
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.
OP Financial Groups CR policy lines
We have summarised the principles of corporate 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 Corporate Bank is committed to achieving carbon neutral corporate loan portfolios by 2050. OP Asset Management and OP Fund Management Company have made the same commitment regarding the funds they manage together.
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 CR 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).
Principles related to sustainability risks in OP Financial Group
The general principles of OP Financial Group for the integration of sustainability risks and consideration of adverse sustainability impacts. The principles apply to investment activities and investment advice, including insurance advice. A sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause a negative material impact on the value of the investment..