Material aspects for responsibility
Finnish Industry Investment's material aspects for responsibility are:
- economic impact and responsibility,
- social responsibility,
- responsible investment,
- internal procedures.
The essential themes and performance indicators for corporate responsibility were defined, in collaboration with sustainability consulting company ToFuture Oy, with a materiality analysis. The themes were selected in dialogue with the ownership steering group at the Ministry of Employment and the Economy, and were based on the results of both a customer satisfaction survey and a corporate image survey, and on the company’s own views.
The materiality of the themes is monitored via the company’s business operations and through stakeholder feedback.
FII's stakeholders consist of four main groups. These groups represent stakeholders associated with investment activities, civil society, the company's owner, and personnel. The corporate image and strategic customer satisfaction survey maps out stakeholders' expectations for the company's operations as well the strengths and development needs of the company.
A corporate image survey has been conducted at three-year intervals as from 2006 to ascertain how well-known the company is and to assess how stakeholders view the company and the services it provides. The last survey was conducted in 2012.
In 2011, FII started surveying how satisfied portfolio companies and funds are with the company and its services. The aim of the survey is to assess the quality and usefulness of the co-operation. The surveys will be conducted next time in 2014 as a combined survey and it will be conducted every two years thereafter.
Personnel expectations and job satisfaction are measured with a bi-annual job satisfaction survey.
FII's stakeholder arenas
In the business arena, the company co-operates with portfolio companies, co-investors, private equity funds and management companies, the innovation system, consultancies and service providers.
- Forms of cooperation: screening and evaluating companies, preparing and subsequently managing investments
- Expectations: responsible investment and internal procedures, high quality and confidentiality as well as legal and regulatory compliance
- Goal: to be reliable and skilled partner and enabler of growth
The society arena includes various government financing institutions and providers of innovation services, the public sector at large, interest groups and the media.
- Forms of cooperation: the development of the innovation sector and public affairs
- Expectations: related to indirect impacts; to promote business, innovation and employment, growth
- Goal: to create economic impact & responsibility
The owner arena consists of the State, Ministry of Employment and the Economy and Ministry of Finance and tax-payers.
- Forms of cooperation: setting operational targets and the associated reporting
- Expectations: company's economic impact and responsibility. Achieving results, in terms of both economic impact and financial performance, has a strong influence on the cooperation with the state as owner, and consequently on the resources available.
- Goal: to develop Finland’s VC & PE market and to increase owner value
The internal arena comprises personnel, the Board of Directors and the Investment Council.
- Forms of cooperation: measured with e.g. staff surveys conducted at regular intervals; communication
- Expectations: economic impact, finances, responsible operation and human resource policy of the company
- Goal: to be a responsible and reliable employer