Established over 120 years ago, OP Financial Group is a Finnish financial services group made up of 117 OP cooperative banks and the central cooperative which they own, including its subsidiaries and affiliated entities. It serves private, SME, corporate and institutional customers through its three business segments: Retail Banking, Corporate Banking and Insurance. As of 2021, it had EUR 174 billion in total assets and 13,000 employees.
OP Financial Group discloses absolute financed emissions. Moreover, the financial institution’s subsidiary, OP Wealth Management, is a member of Climate Action 100+ so discloses that it collectively engages with its clients on the topic of climate change. It also discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are.
OP Financial Group has a publicly available policy statement committing it to respect the ILO core labour rights. The financial institution prohibits bribery and corruption and its committed to respecting the health and safety of workers and protecting personal data. It also discloses that it takes steps to identify and address bribery and corruption. The financial institution discloses the proportion of its total direct operations workforce for each employee category by age group and gender. Additionally, it discloses the proportion of its total direct operations workforce covered by collective bargaining agreements.
There is no evidence that OP Financial Group assigns responsibility for sustainability to the group’s highest governing body. Moreover, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. The financial institution has an opportunity to commit to gender equality and women’s empowerment. It could also disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Regarding engagement, the financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
OP Corporate Bank and OP Real Estate Asset Management Ltd are committed to carbon neutrality, however there is no evidence that OP Financial Group discloses a target to reach net-zero financed emissions by 2050. Moreover, while OP Corporate Bank will not finance new coal power plants or mines, or the companies who plan to build them, OP Financial Group has an opportunity to disclose that it will not provide any form of finance to any new fossil fuel project. The financial institution also has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. Regarding nature and biodiversity, financial institution could commit to minimising its negative impacts.
There is no evidence that OP Financial Group has a publicly available policy statement committing it to respect human rights laid out in the UNGPs. Moreover, while the financial institution provides a grievance mechanism to raise human rights concerns or complaints, it should specify that complainants have the option to identify themselves or remain anonymous and that it is accessible to external stakeholders. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
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Revenue: EUR 3.3 billion; Total assets: EUR 174 billion