OP Financial Group  >  Corporate responsibility

Corporate Social Responsibility at OP Fínancial Group

Corporate social responsibility is responsibility for the economic, social and environmental impacts of business operations. The financial sector also plays a key role in promoting the stability of the whole of society.

OP Financial Group uses the term 'corporate social responsibility' (CSR), since this encompasses all of the impacts of our operations. Responsibility is an integral part of OP's values and strategy, and the Group is committed to promoting CSR in its business.

Economic and social responsibility have long traditions in the history of OP, and CSR is deeply embedded in its operations and day-to-day activities in Finland. The Group's strategic goal is to be a pioneer in CSR in the Finnish financial sector. OP collaborates with various stakeholder groups in assessing the importance of CSR to its stakeholders. Daily activities are guided by OP's Corporate Social Responsibility Programme and Code of Business Ethics.

OP respects and complies with the principles of economic, social and environmental responsibility recognised internationally in the sector. OP Financial Group has signed the UN Global Compact, and OP Fund Management Company and Pohjola Asset Management have committed to the UN Principles for Responsible Investment.

Megatrends in the Financial Sector: Key Impacts, Risks and Opportunities

In the next few years, the financial sector will mostly be impacted by diverse megatrends which are change drivers coming from outside the industry. Megatrends are broad currents recognisable as phenomena or series of phenomena, which have a recognisable direction based on past developments, and which can be expected to continue going in the same direction. They are often global trends that have a deep impact on social structures.

Megatrends were taken into account in formulating OP's strategy and its areas of emphasis.
Megatrendit EN 2012

    OP Financial Group's corporate social responsibility programme

    OP Financial Group's Corporate Social Responsibility Programme comprises five themes, with KPIs for each theme and targets for each KPI.

    Yhteiskuntavastuuohjelma EN 2012

    Local Presence and Society focuses on the Group's local and regional operations, and on OP-Pohjola's status in Finland's financial infrastructure.

    Stakeholder Responsibility encompasses measures and dialogue related to diverse stakeholders, as well as other matters affecting employee and customer satisfaction. It also covers transparent and clear communications and marketing.

    Responsible Products and Services covers responsible investment, development of a responsible lending process, improvement of the responsible non-life insurance model, and the responsibility of banking and insurance services. The responsibilities here are social, economic and environmental.

    Ethical Business comprises the Code of Business Ethics, as well as other guidelines and how they are observed in the Group.

    Environment deals with the environmental impacts of the Group's own operations.

    The OP Corporate Social Responsibility Programme was first formulated based on a materiality assessment conducted in 2011, when key performance indicators (KPIs) and targets were set for the Group's CSR Programme and cooperative activities. The materiality assessment was updated in the autumn of 2013, and the results of the assessment were used to set measures for 2014 and to review the CSR KPIs and targets. The KPIs were revised in 2013, setting targets for 2014 and 2016.

    kpi 2013 eng

    Reporting principles

    OP Financial Group's sustainability reporting has been implemented by integrating it with the Group's annual reporting. The Corporate Social Responsibility Report has been prepared in compliance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines. Consideration has also been taken of the GRI Financial Services Sector Supplement. OP Financial Group's sustainability reporting also encompasses information required by the Global Compact, with regard to the promotion of principles related to human rights, labour, the environment and anti-corruption activities.

    Integrated reporting combines CSR data with the Group's strategy and business, corporate governance and financial results. In the development of its approach to sustainability reporting, OP-Pohjola follows the work of the International Integrated Reporting Committee (IIRC), which is preparing a model for integrated corporate reporting. Our aim is to develop sustainability reporting as an integral part of the Group's annual reporting and, thereby, to measure the results and impact of our CSR activities in relation to the Group's operations.

    OP enhanced its CSR reporting during 2013 by adopting the new GRI G4 Guidelines. Reporting at OP-Pohjola fulfils the most extensive recommendations for the Financial Services Sector Supplement of the GRI Guidelines (i.e. "in accordance, comprehensive").

    See: OP's value chain


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