PwC's annual Corporate Responsibility Barometer, the most extensive corporate responsibility study in Finland, provides a snapshot of the current state of Finnish companies’ corporate responsibility through publicly reported information.
We assessed 594 companies for the Corporate Responsibility Barometer, and analysed corporate responsibility information published by 165 companies. The analysis concerns information for the year 2017, published by June 2018.
Number of companies reporting on corporate responsibility in Finland has grown from last year. The number of corporate responsibility report assurances was the same as last year, 39.
Key findings
1. The requirements set by the Finnish Accounting Act have broaden the content of corporate responsibility reporting
The content of responsibility reporting has broaden, and more information is now provided especially on human rights and risks. Just under 70% reported on human rights last year, whereas this year the figure rose to 75%. Last year, under one third of companies reported on responsibility risks, but almost half did so this year.
2. Finnish companies have room for improvement in the financial reporting of climate risks
70% of companies provide no reporting on the financial impacts of climate change at all. About one in four has addressed the topic, but only two companies have published numerical data about the possible costs resulting from climate risks.
3. Reporting on human rights has increased
Based on the results of the barometer, reporting on human rights has developed significantly since last year. 36% of the companies analysed describe measures related to human rights in greater detail. One major reason for this development is probably the change in the Finnish Accounting Act, which requires certain companies to report on respect for human rights.
4. More and more companies take into account the UN Sustainable Development Goals
Already 38% of companies address the UN Sustainable Development Goals in their corporate responsibility reporting. Of these, half have prioritised the most relevant goals for their business. However, prioritisation also raises questions: have the companies defined the goals relevant for their business, or is the selection based on information that is already being reported?
5. Just over a third of the companies left the transition to the GRI Standards to the last moment
Up to 38% of the companies reporting in accordance with the GRI framework used the old GRI G4 reporting guidelines in their 2017 reports. The new GRI Standards must be applied in reports published after 1 July 2018, so many companies are still to face the transition.
Why is reading the Corporate Responsibility Barometer worthwhile?
- Provides a snapshot of the current state of Finnish companies’ corporate responsibility
- Reflects current trends in corporate responsibility
- Highlights interesting topics and developments
- Maintains a discussion on the quality of corporate responsibility management and reporting
- Challenges companies to develop.
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