Veritas’ Corporate Responsibility Report for 2020 has been published. This is the first publication of a separate Corporate Responsibility Report, which broadly details Veritas’ responsibility work and corporate responsibility programme.
‘We have carried out long-term work to increase responsibility as part of the Finnish pension system and now this work is being highlighted in the form of a Corporate Responsibility Report’, states Eveliina Leino, Corporate Responsibility Specialist.
Responsibility is an integral aspect of our basic mission as an earnings-related pension insurer to secure the sustainable funding of pensions, and its significance was further increased during 2020.
‘The livelihood of a great many Finns relies on our ability to do our job impeccably’, says Piia Vuoti, Director of Legal Affairs and Corporate Responsibility.
One of our focal areas for responsible investment is climate change mitigation
Veritas also considers ESG factors as part of its investment activities. In terms of responsible investment, one of our focal areas is climate change mitigation. Veritas’ Report includes an account of how the risks related to climate change have been taken into consideration in Veritas’ investments in accordance with the reporting framework of the Task Force on Climate-Related Financial Disclosures (TCFD). The account includes, among other aspects, the carbon footprint of all listed equity and corporate loan investments in Veritas’ investment portfolio.
‘We endeavour to develop our portfolio to be carbon neutral by 2035. For the listed equity and corporate loan investments in our portfolio, all carbon numbers are already now significantly below the corresponding market indices,’ states Kari Vatanen, CIO. ‘We will likely reach our goal even earlier for direct real estate investments.’
Growth in YEL policies
Many indicators show that the year 2020 was an exceptional one. Despite this fact, we continued to serve our customers with a personal approach and to support them throughout the difficult year.
‘Last spring, the number of times our insurance advisors were contacted by customers doubled. For us, our number one priority was and is to serve our customers as well and as flexibly as possible,’ says Tommy Sandås, interim CEO. ‘We supported our customers, for example, by granting extensions to payment periods and flexibility for rental payments.’
Veritas’ strategy was updated at the start of the year with an emphasis on entrepreneurs and companies headed by entrepreneurs. The new strategy is also reflected in the development of the company’s customer portfolio.
‘Veritas increased its YEL insurance portfolio at a faster rate than other pension companies. Our market share of YEL insurance policies grew for the third year in a row.’