Fintraffic’s sustainability work covers many different areas, all aimed at enhancing the sustainability and ethicality of the company’s operations.Currently, the company is preparing to meet the strict requirements the European Union’s new Corporate Sustainability Reporting Directive (CSRD) sets for corporate sustainability reporting. Serkan Tetik and Taru Hynninen from Fintraffic explain how the implementation of the directive has progressed and what opportunities it will bring.
The new Corporate Sustainability Reporting Directive (CSRD) of the European Union, which entered into force last September, sets increasingly stringent requirements for corporate sustainability reporting. This is also reflected in Fintraffic’s operations, where collection of data in accordance with the new requirements will commence in 2025. The first CSRD-compliant report is due to be published the following year.
The directive replaces the Global Reporting Initiative (GRI) standard previously used at Fintraffic. Under GRI, the company has until now reported on its sustainability in the same manner as other companies reporting on their sustainability.
“The CSRD requires companies to provide more detailed and standardised information on environmental, social and governance objectives and their impact on business. We are currently updating our reporting capabilities in accordance with the requirements of the directive and charting and testing new systems so that we can start collecting the necessary data from the beginning of next year,” says Serkan Tetik, who works as Development Director of Sustainability and Impact at Fintraffic.
The implementation of the CSRD directive at Fintraffic has advanced quickly
According to Taru Hynninen, Group PMO Lead, Development Manager at Fintraffic, the greatest challenge in the implementation of the CSRD has been that the directive and its requirements entered into force in autumn last year in a very tight schedule. This has required taking rapid measures to collect the necessary information. Learning the whole large entity has taken time but dividing it into smaller pieces has helped.
“We have had to learn a lot of new concepts and abbreviations and to develop reliable indicators required by the directive. However, when doing the work, we have been pleased to realise that, in the end, we already have a lot of data that can be used in CSRD reporting.”
More comprehensive reporting also offers many opportunities in areas such as assessing the effectiveness of procurements. According to Tetik, this is a significant advantage, as Fintraffic makes purchases worth about EUR 100 million annually. Transparency throughout the value chain supports more sustainable operations. Standardised reporting is also a benefit when applying for funding. It can also help in obtaining loans at better terms, for example.
“Today, funders are very conscious of where to invest their money. Directives such as CSRD provide much-needed information about the company’s practices and their impact. This helps investors make informed decisions,” adds Hynninen.
Together towards a more sustainable future
Hynninen would like to thank the entire project team. According to her, despite the urgency and great workload, the team maintained an excellent attitude and collaborative spirit. The feeling that you are working towards an important goal also motivates you in your work.
“Sustainability reporting has developed considerably in recent years, and it has become increasingly important for companies’ operations. This has brought us a lot of new tasks alongside other work, but we have managed them with a good team spirit. It’s great to make information more widely available and enhance the transparency of Fintraffic’s activities.”
Sustainability reporting, which will now be deepened further through the CSRD, is an important part of Fintraffic’s efforts to ensure the sustainability and ethicality of its operations in terms of environmental, social and financial responsibility.
“Throughout its existence, Fintraffic has endeavoured to act ethically and responsibly and to promote safety and sustainability. The CSRD will bring new elements to sustainability reporting and expand the review so that we can better identify targets we want to focus on in the future. As a result, we can become a more sustainable company than before,” says Tetik.
Fintraffic’s sustainability work in a nutshell
- Clear objectives and their follow-up: Fintraffic sets clear and measurable sustainability targets in the areas of environmental responsibility, social responsibility and good governance. The achievement of these targets is closely monitored with the help of different indicators and reported on regularly.
- Concrete measures and plans: Fintraffic takes concrete measures, such as improving energy efficiency and reducing emissions, to achieve its sustainability targets and to promote sustainable development.
- Environmental responsibility: Fintraffic makes active efforts to reduce transport emissions, promote carbon neutrality, improve energy efficiency and material efficiency and preserve biodiversity.
- Social responsibility: Fintraffic invests in improving safety, and the well-being and commitment of its personnel. Fintraffic promotes diversity and equality in its work community. The company complies with human rights principles and the principles of the UN Global Compact.
- Financial responsibility: Fintraffic produces financial added value and impact for society and integrates sustainability into its decision-making. This helps ensure to the company’s financial efficiency and transparency.
