15 Finnish companies selected as Early Adopters in UN Global Compact’s reporting pilot programme
UN Global Compact renews its reporting requirement for companies starting from 2023.
As part of their commitment to the United Nations Global Compact, companies pledge to disclose and showcase continuous progress around their commitment to the Ten Principles and the UN Sustainable Development Goals (SDGs). As the trends and regulations in the reporting landscape have shifted, the UN Global Compact has developed a new Communication on Progress (CoP) system to increase accountability.
The many partners of the UN Global Compact have held an important role in this development process. In 2022, the new reporting system is available to a selected group of companies called the Early Adopters. These companies will report with the enhanced system, while also testing the functionalities and content of the new CoP. Fifteen Finnish companies of different sizes and from different sectors have been selected to participate in this pilot project.
Finnish Early Adopter companies:
Ahlstrom Capital Group
Airam Electric Oy Ab
BDO Oy
Co-operative Tradeka
Grano Oy
Mäkitalo Attorneys Ltd
Med Group Oy
Nitor Group Oy
Opinio Juris Ltd
Solita Oy
South-Eastern Finland University of Applied Sciences Ltd
St1 Nordic Oy
UPM-Kymmene Corporation
Veikkaus Oy
VTT Technical Research Centre of Finland Ltd
The enhanced CoP system will be applied in 2023 across the Compact. Companies’ reports, i.e. the sustainability data of over 15 000 companies annually, will be made public to enhance transparency and allow the stakeholders of companies to access and compare the data. The improved CoP will also compliment international standards and frameworks to a greater extent.
The new Communication on Progress will provide increased value companies participating in the UN Global Compact. With the new system, companies can for example measure and demonstrate progress to stakeholders in a consistent and harmonized way, receive insight, learn, and continuously improve performance and compare progress against peers.
Effective as of 2023, the Communication on Progress will consist of a questionnaire containing approximately sixty mandatory questions on corporate actions related to the Ten Principles and the SDGs. Companies will also submit an annual statement by their CEO expressing continued support for the UN Global Compact.
The results of the Early Adopter pilot project will be evaluated in fall 2022. UN Global Compact Network Finland will organize training for all its participants to prepare them for the new and improved CoP. The enhanced Communication on Progress is an important step towards more responsible and transparent business.
More information:
Karoliina Koistila
Network Manager
karoliina.koistila@globalcompact.fi
040 516 3772