Varma joins world’s largest corporate sustainability initiative Global Compact

Varma has joined the UN Global Compact, the world’s largest corporate sustainability initiative.

The Global Compact promotes and develops the environmental, social and economic sustainability of companies and organisations.

“In line with the Global Compact, we are continuing our work to promote human rights, environmentally friendly business and anti-corruption, among other things, and we report to the UN annually on our progress in these areas,” says Varma’s Communications and Sustainability Manager, Katariina Sillander.

Varma also requires that its investee companies operate in compliance with the principles of the Global Compact.

The current focus of Varma’s sustainability work is on, among other things, assessing respect for human rights, mitigating climate change and taking biodiversity into account.

“We are also updating our Sustainability Programme, which will help us focus our sustainability efforts in the coming years,” says Sillander.

Read more about sustainability and responsible investment

The Ten Principles of the UN Global Compact

Human Rights

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights
Principle 2: make sure that they are not complicit in human rights abuses.

Labour
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining
Principle 4: the elimination of all forms of forced and compulsory labour
Principle 5: the effective abolition of child labour
Principle 6: the elimination of discrimination in respect of employment and occupation.

Environment
Principle 7: Businesses should support a precautionary approach to environmental challenges
Principle 8: undertake initiatives to promote greater environmental responsibility
Principle 9: encourage the development and diffusion of environmentally friendly technologies

Anti-Corruption
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.