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The objective of Solidium’s corporate responsibility reporting is to describe the importance and realisation of responsible ownership and corporate responsibility in our operations, our accomplishments during the past financial year, and the goals for the upcoming financial year. Solidium’s corporate responsibility report is intended for use of all its stakeholders.

We have included corporate responsibility and responsible ownership reporting in our Annual Reports since the 2009–2010 financial year. We have applied the GRI (Global Reporting Initiative) model seven times in our reporting, including the Annual Report for the financial year 2017–2018. In 2011–2014, we applied the GRI (3.0) Guidelines (Level C) in our reporting. In the financial year 2014–2015, Solidium transitioned to the Global Reporting Initiative GRI (4.0) framework in responsibility reporting, and the reporting from the financial years 2015–2018 has been conducted applying these guidelines. This Annual Report has been prepared in accordance with the guidelines at Core level. In addition to the GRI aspects, the report also highlights responsibility aspects essential to Solidium and particularly regarding its ownership role. Our Annual Report is also based on guidelines in the Government resolution on State-ownership policy, 13 May 2016.

In order to define the content of the current GRI (4.0) report and to determine, prioritise and validate the relevant aspects, we have identified the material corporate responsibility matters in our operations and within our sphere of influence. This work is based on the reports related to the preparation of Solidium's long-term corporate responsibility programme as well as the continuous corporate responsibility monitoring in relation to the owner's duty to stay informed. Solidium has assessed the importance of corporate responsibility aspects in its operations in accordance with the materiality process defined in the GRI guidelines. The company has assessed and prioritised the identified aspects internally, taking into consideration the corporate responsibility concerns identified through stakeholder engagement.

As a result of the materiality analysis, we have defined eleven aspects from the GRI (4.0) guidelines as material for Solidium:

  • Economic responsibility: economic performance, market presence, and indirect economic impacts.
  • Labour practices and decent work: employment, occupational health and safety, training and education, diversity and equal opportunity as well as equal remuneration for women and men.
  • Sector-specific aspects in the financial sector: product portfolio, auditing and ownership.

Solidium’s corporate responsibility reporting focuses on describing the impacts of Solidium Oy’s own operations. Solidium Oy's financial statements and corporate responsibility report have the same boundary. The reporting period is the financial year, and this Annual Report covers information from the reporting period of 1 July 2017–30 June 2018. The key figures and indicators of Solidium’s corporate responsibility report concern Solidium’s own operations. All of Solidium’s holdings are minority holdings, and the report does not include the companies’ consolidated figures.

This GRI (4.0) Index is part of Solidium's 2018 Annual Report.

General standard disclosures
GRI Content Page Solidium's Content and Comments
Strategy and analysis
G4-1 Review by the Managing Director 6-7  
G4-2 Key impacts, risks and opportunities 12-15  
Organisational profile
G4-3 Name of the organisation   Solidium Oy
G4-4 Primary brands, products and services   Solidium is an investment company
G4-5 Location of the organisation’s headquarters   Helsinki
G4-6 Countries where the organisation operates   Finland
G4-7 Nature of ownership and legal form   A limited liability company owned by the State of Finland
G4-8 Markets served   Finland
G4-9 Scale of the organisation 53 Solidium's key figures table
G4-10 Total number of employees by employment type, employment contract, region and gender  
  • Average number of employees was 11 people during the financial year and 12 at the end of the period (an average of 11 in 2015-2018)
  • Permanent employment contracts 2015-2018: 94%
  • Full-time employment relationships 2015-2018: 100%
  • Gender distribution 2017-2018: women 45% and men 55%
G4-11 Percentage of total employees covered by collective bargaining agreements   Solidium complies with the collective labour agreement for the financial sector, as applicable.
G4-12 Organisation’s supply chain   Solidium's purchases primarily consist of service procurement. Supplier selection criteria include cost-effectiveness, professionalism, competence and good reputation.
G4-13 Any significant changes during the reporting period in the organisation’s size, structure, ownership or supply chain   No significant changes
G4-14 Application of the precautionary approach or principle   The precautionary approach or principle is included in the Environmental Protection Act. Solidium's own operations do not generate significant material environmental impacts.
G4-15 Externally developed charters, principles, or other initiatives to which the organisation subscribes or which it endorses   Solidium complies with the Government resolution (13 May 2016) on State-ownership policy. These guidelines provide the framework for Solidium's corporate responsibility work and the related reporting.
G4-16 Memberships in associations and advocacy organisations   FIBS ry, FINSIF ry, Hallitusammattilaiset ry
Identified material aspects and boundaries
G4-17 Group boundary   Solidium Oy's financial statements and corporate responsibility report have the same boundary
G4-18 Process for defining the report content   This GRI (4.0) Index page 1
G4-19 Material aspects   This GRI (4.0) Index page 1
G4-20 Aspect Boundary within the organisation concerning the material aspects   Solidium Oy
G4-21 Aspect Boundary outside the organisation for each material aspect   Material corporate responsibility aspects of the portfolio companies are covered in the company descriptions.
G4-22 Restatements of information provided in previous reports   No changes
G4-23 Significant changes from previous reporting periods in the Scope and Aspect Boundaries   No changes
Stakeholder engagement
G4-24-27 Stakeholder engagement 12-15 Solidium's stakeholder engagement is described in greater detail on Solidium's website at
Report profile
G4-28 Reporting period   Financial year
G4-29 Date of most recent previous report   24 October 2017
G4-30 Reporting cycle   One year
G4-31 Contact point for questions regarding the report or its contents   Contact information
G4-32 GRI disclosure comparison   GRI Content Index
G4-33 Current practice with regard to seeking external assurance   No external assurance
G4-34 Governance structure of the organisation, including committees   Solidium’s new Board of Directors got acquainted with Solidium´s corporate responsibility matters and discussed once during the financial year through the portfolio companies’ materiality analyses both on company and on portfolio level.
Ethics and integrity
G4-56 Values and code of conduct
Specific standard disclosures
GRI Content Page Solidium's Content and Comments
Disclosure on management approach
G4-DMA Disclosure on management approach 12-15
Economic responsibility
Economic performance    
G4-EC1 Direct economic value generated and distributed (EVG&D) 4-5  
Market presence    
Own indicator Solidium's market presence as a shareholder in Finland. 6, 16-17 Solidium's holdings
Indirect financial impacts    
G4-EC8 Indirect economic impacts 8-15 The objective of Solidium's investment activities is long-term value creation in the portfolio companies. Solidium also aims to strengthen and stabilise Finnish ownership in companies with national importance. These objectives enable Solidium to have considerable indirect economic impacts in Finnish society.
Labour practices and decent work
G4-LA1 New employee hires and employee turnover   Turnover:
  • 2015-2016: 17% (2 persons)
  • 2016-2017: 17% (2 persons)
  • 2017-2018: 8% (1 persons)
G4-LA2 Benefits provided to full-time employees   Equal personnel benefits
Occupational health and safety    
G4-LA6 Injury, occupational diseases, lost days and absenteeism   There were no lost time accidents during the financial period.
Training and education    
G4-LA11 Percentage of employees receiving regular performance and career development reviews   2015-2018: 100 %
Diversity and equal opportunities    
G4-LA12 Diversity of governance bodies and employees 46-49  
Equal remuneration for women and men    
G4-LA13 Ratio of the basic salary and remuneration of women to men   Solidium uses a position- and performance-based remuneration system with uniform principles.
Sector-specific aspects in the financial sector
Product portfolio    
FS6 Breakdown of the portfolio for business lines 16-17 Solidium's holdings
DMA Coverage and frequency of corporate responsibility risk assessments 12-15 Responsibility analyses of the portfolio companies
FS10 Interaction with the portfolio companies in corporate responsibility matters   Percentage of companies 2015-2018: 89%