We report on corporate responsibility as part of the Annual Report, applying the principles of integrated reporting. In order to ensure transparency and comparability, we have reported on our corporate responsibility in accordance with the international Global Reporting Initiative (GRI) framework since 2011. The reported data is compiled in a GRI Index.
We have also taken into account the requirements of corporate responsibility reporting for state-owned companies and the Stock Exchange ESG Reporting Guide. The Annual Report serves as a Communication on Progress (COP) report under the UN’s Global Compact initiative. In the Report of the Board of Directors, we also report on non-financial information. Our 2019 corporate responsibility reporting is externally certified.
Fingrid reports its tax footprint and does not make any special arrangements to minimise taxes. Dividends are mainly paid to the State of Finland and to Finnish pension insurance and insurance companies (see Annual Report: Finance and treasury).
Green financing is an important part of Fingrid’s financing strategy and responsible operating model. Fingrid was the first Finnish company to issue a Green Bond in 2017. Green Bonds are used to finance projects that are expected to have long-term net positive environmental impacts. Green Bond projects connect renewable energy production to Fingrid’s transmission network, reduce electricity transmission losses and create smart solutions that save energy and the environment. Fingrid annually reports on the impacts of its Green Bond projects by publishing a separate impact report on its website under Investors. As of 2019, the company also discloses the estimated amount of carbon dioxide emissions that have been avoided through these projects in carbon dioxide equivalent tonnes.