GRI (4.0) INDEX
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 five times in our reporting, including the Annual Report for the financial year 2015–2016. In 2011–2014, we applied the GRI (3.0) Guidelines (Level C) in our reporting. In the previous 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 2015–2017 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 2016–30 June 2017. 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 2017 Annual Report. Page numbers refer to Annual Report 2017.
| General standard disclosures | |||
|---|---|---|---|
| GRI Content | Page | Solidium's Content and Comments | |
| Strategy and analysis | |||
| G4-1 | Review by the Managing Director | 8–9 | |
| G4-2 | Key impacts, risks and opportunities | 16–22 | |
| 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 | 63 | Solidium's key figures table |
| G4-10 | Total number of employees by employment type, employment contract, region and gender |
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| 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 | 16-22 | Solidium's stakeholder engagement is described in greater detail on Solidium's website at www.solidium.fi/en/corporate-responsibility/ |
| Report profile | |||
| G4-28 | Reporting period | Financial year | |
| G4-29 | Date of most recent previous report | 3 September 2015 | |
| 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 | |
| Governance | |||
| 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 | www.solidium.fi/en/about_solidium/in-a-nutshell/ | |
| Specific standard disclosures | |||
| GRI Content | Page | Solidium's Content and Comments | |
| Disclosure on management approach | |||
| G4-DMA | Disclosure on management approach | 16-22 | www.solidium.fi/en/corporate-responsibility |
| Indicators | |||
| Economic responsibility | |||
| Economic performance | |||
| G4-EC1 | Direct economic value generated and distributed (EVG&D) | 5 | |
| Market presence | |||
| Own indicator | Solidium's market presence as a shareholder in Finland. | 8, 24–25 | Solidium's holdings |
| Indirect financial impacts | |||
| G4-EC8 | Indirect economic impacts | 10-22 | 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 | |||
| Employment | |||
| G4-LA1 | New employee hires and employee turnover | Turnover:
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| 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 | 2014–2017: 100 % | |
| Diversity and equal opportunities | |||
| G4-LA12 | Diversity of governance bodies and employees | 56-59 | |
| 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 | 24-25 | Solidium's holdings |
| Audits | |||
| DMA | Coverage and frequency of corporate responsibility risk assessments | 16-22 | Responsibility analyses of the portfolio companies www.solidium.fi/en/corporate-responsibility/ |
| Ownership | |||
| FS10 | Interaction with the portfolio companies in corporate responsibility matters | Percentage of companies 2014–2017: 89% www.solidium.fi/en/corporate-responsibility/ | |