A total of 86 per cent of big firms say that their strategies give greater emphasis to social responsibility (their company’s impacts on people and society) than before. Social responsibility is a higher priority than environmental responsibility for just under a third of executives, but almost the same proportion prioritise environmental issues over social responsibility. These findings are based on OP’s survey of large corporations.

“Companies have had an environmental focus for many years, tying their goals to a broad range of global environmental objectives. The green transition already has centre place in the strategies of most large Finnish companies. A focus on social responsibility and corporate governance is the natural next step. This is being spurred on by the expectations of customers, investors and financiers,” says Katja Keitaanniemi, CEO of OP Corporate Bank.

Companies have acknowledged their role in addressing social issues.

“Three out of four executives feel that solving social problems is part of their company’s mission. This includes realising equality and social justice and recognising the human rights impacts of companies’ activities and supply chains. In most large companies, the board has also tied senior executive compensation to the achievement of corporate responsibility goals,” Keitaanniemi adds.

Knowing your subcontracting chain is a key element of social responsibility. The social responsibility goals of large companies are spilling over into the SME sector.

“Risks concerning human rights and employment conditions are growing as supply chains lengthen and globalise. Understanding and managing supply chains is of increasing importance to both companies and financiers. More and more Finnish large companies feel pressured to renew their supply chains from the responsibility perspective,” says Keitaanniemi.

The results are based on OP’s annual survey of large corporations, which measures executives’ views on business and economic developments. A total of 199 people from 139 large corporations based or operating in Finland responded to the survey, particularly CEOs, CFOs and executive vice presidents. According to their latest certified financial statements, the responding companies have combined net sales of over 204 billion euros. The data was gathered in the autumn of 2022. OP Financial Group carried out the Survey of Large Corporations in partnership with the Nordic Institute of Business and Society (NIBS) think tank founded by Aalto University professors. The Survey of Large Corporations has been conducted since 2012. The material it generates is unique among international longitudinal surveys.