Active dialogue with stakeholders

Cooperation with stakeholders is one of the four overarching themes in Finnvera’s corporate responsibility, indicating that active and open stakeholder dialogue is important to the company. Finnvera’s principal stakeholders are clients, banks, domestic and international organisations, personnel, owners and cooperation partners, including other Team Finland organisations.

Finnvera meets its domestic stakeholders actively at both executive and regional levels, and participates in international cooperation in its own sector abroad.

Interaction with stakeholders in 2016     

The most important achievement in stakeholder cooperation in 2016 was the increase in Finnvera’s authorisation to grant export financing, first from EUR 17 billion to EUR 19 billion in April and then to EUR 27 billion in December.

In addition, Finnvera focused on increasing transparency by establishing a whistleblowing channel, intended for all of the company’s stakeholders. The channel can be used to report concerns ‒ such as suspicions of potential abuses and breaches of operating principles ‒ to the company management.

Clients

It is important for Finnvera to understand the needs of clients and, when necessary, to increase the selection of financing instruments. Clients have expressed concern about the adequacy of financing for exports. Finnvera, together with its owner, has responded to these concerns by raising the ceiling on export financing first to EUR 19 billion and then to EUR 27 billion in December. The purpose of this increase is to improve the competitiveness of Finnish companies engaged in the exports of capital goods and to enhance their opportunities to secure export contracts.

One of Finnvera’s strategic goals is to ensure good customer experience. This was visible in the actions taken in 2016.

Key themes and achievements in 2016

  • Raising the ceiling on export financing first to EUR 19 billion and then to EUR 27 billion in December.
  • Active communication on transfers of ownership in cooperation with stakeholders.
  • Establishment of the Growth Loan in line with the Government Programme for financing growth and internationalisation efforts.
  • Measurement of customer experience.
  • Using the Team Finland service model to achieve closer cooperation at the customer interface.
  • Participation in the national sparring process for growth companies (Kasvu Open).

Daily discussions with clients are open and diverse, for instance by means of the website, social media, the newsletter and the stakeholder magazine. The Finnvera Committee and the Export Finance Committee serve as an interaction channel between clients and Finnvera. The next biennial questionnaire survey among stakeholders and clients will be carried out in 2017.

Banks

Banks are an important cooperation partner for Finnvera, as most financial solutions are offered to clients in cooperation with the bank. When working with banks, the goal is to act as an active and consistent co-financier supplementing the financial market.

Key themes and achievements in 2016

  • Close cooperation has continued in the regional network.

Domestic organisations

In Finland, organisations promote Finnvera’s recognisability, acquisition of clients and demand for financing. These organisations include the Federation of Finnish Enterprises, the Chamber of Commerce, the Finnish Family Firms Association and the Confederation of Finnish Industries. Through organisations, Finnvera is also informed of the various client groups’ situation, and constant dialogue is conducted to improve the financing options available to enterprises.

Key themes and achievements in 2016

  • Transfers of enterprise ownership in cooperation with enterprise organisations.
  • The Growth Open business competition in cooperation with various companies and organisations. The largest sparring programme for enterprise growth in Finland, and free of charge, Growth Open supports the growth and internationalisation of SMEs across Finland and in various sectors.
  • National and regional cooperation for communications and events.

International organisations

Dialogue with international organisations provides the opportunity to network, share expertise and bring Finland’s views to decision-making.

Through the Ministry of Economic Affairs and Employment, Finnvera participates in international cooperation in its own sector, for instance within the OECD and the EU, the Paris Club of public creditors, the Network of European Financial Institutions for SMEs (NEFI), the Montreal Group and within the Berne Union, the international cooperation organisation for export credit insurers.

Key themes and achievements in 2016

  • The Deputy CEO of Finnvera was elected for a new term as President of the Berne Union.

Personnel

The personnel’s year in 2016 was characterised by change and relocation. Both in Helsinki and in the regions, the personnel moved to joint premises with the other Team Finland organisations. Work with clients is conducted in cooperation by utilising the Team Finland service model. Thus, the measures taken during the year mainly crystallised around this theme of change and relocation.

Key themes and development targets in 2016

  • A new model for performance targets and discussions.
  • Employee pulse surveys together with other Team Finland actors.
  • Launching of telework practices.
  • Change management training for supervisors.
  • Equality plan.
  • Adoption of the Code of Conduct in December.

Cooperation partners

Cooperation partners make it possible to provide clients with comprehensive services for many different needs. For example, through Team Finland, a company seeking growth or internationalisation gets all the public services it needs for financing, subsidies and advice.

Key themes and development targets in 2016

  • Revision of the Team Finland service model.
  • Team Finland’s synergy working groups.

Owner

Finnvera is a State-owned specialised financing company under the auspices of the Ministry of Economic Affairs and Employment. Cooperation is also close with the Ministry for Foreign Affairs and the Ministry of Finance.

The goals of Finnvera’s operations include the following: increasing the number of start-up companies; enabling financing for changes encountered by SMEs; and promotion of enterprise growth, internationalisation and exports. In its operations, Finnvera is expected to adhere to the principle of economic self-sustainability.

Key themes and development targets in 2016

  • Raising the ceiling on export financing.
  • Accelerating transfers of ownership.
  • Establishment of the Growth Loan in line with the Government Programme for financing growth and internationalisation efforts.

Case: Raising the authorisation to provide export financing

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