Sustainability

Through our sustainability work, we are building a better world for current and future generations. Our work is steered by the Sustainability Programme, whose priorities include taking care of pension assets and pension payments, investing responsibly, and promoting sustainable working life.

Read more about our Sustainability Programme

We report on the progress of our sustainability work in our Annual and Sustainability Report. Varma will publish a sustainability statement in accordance with the EU’s Corporate Sustainability Reporting Directive for the first time as part of its Report of the Board of Directors for 2024. We report on sustainability topics that are material to Varma. 

Read about the recognitions we have received for our sustainability work.

Read about how Varma promotes the UN Sustainable Development Goals

Mitigating climate change and biodiversity loss are key sustainability commitments for Varma.

Varma’s environmental responsibility defines the way we identify and manage the environmental impacts, risks and opportunities of our operations, investments and supply chain. Our most important goal is to have a carbon-neutral investment portfolio by 2035. Achieving it requires substantial emission reductions and measures in all asset classes. At the same time, we pay attention to the increasing importance of biodiversity.

Environmental Policy

We focus our investments on mitigating climate change and preparing for the changes it brings. Our efforts to mitigate climate change are steered by the Climate policy for Investments and related targets. They cover our entire investment assets.

The Climate policy for Varma’s investments
Read more about our climate work and targets

In addition to climate change mitigation, Varma’s environmental sustainability is guided by attending to biodiversity. In this work, we make use of our Biodiversity Roadmap.

Biodiversity Roadmap
Read more about our work to abate biodiversity loss

Varma is committed to respecting human rights and operating in accordance with the United Nations Guiding Principles on Business and Human Rights. We expect the same from our supply chain and investees. Our human rights efforts are also reinforced by our participation in the UN Global Compact.

Taking care of pension assets, smooth processing of pension applications and paying pensions in the correct amount and on time are the cornerstones of everything we do.

We promote work ability by preventing the risk of employees insured with Varma having to retire on disability pension.

For us, responsibility for our employees means taking care of work ability, equal treatment, motivating remuneration, continuous competence development, and a flexible and modern work culture.

Principles for Human Rights
Read more about our social responsibility

Varma’s core function, securing pensions, is a significant social mandate. Sustainability is an integral part of our daily work.

The oversight responsibility for sustainability at Varma is exercised by the Board of Directors. Sustainability issues are represented in Varma’s Executive Group by the Senior Vice President, Sustainability and Communications.

Sustainability is developed and coordinated by the Responsible Investment & Sustainability department.

Sustainability governance

We take into account the impacts of our operations on the environment and society throughout our supply chain.

In taking care of its social mandate, Varma must operate in an exemplary manner. This means our suppliers must also have a high standard of ethics and a good reputation.

Respect for the environment is a central part of Varma's sustainability. We also require our suppliers to be aware of their environmental impacts and to take them into account in their operations.

Varma is committed to promoting human rights and to operating in accordance with global principles concerning human rights. We also require our suppliers to comply with the same principles.

We carry out sustainability surveys of our own operations and our suppliers in order to identify, mitigate and prevent adverse environmental and human rights impacts.

Read more about the sustainability of our own operations and the value chain in our Annual and Sustainability Report.

The purpose of active ownership and engagement is to promote sustainability themes or address companies’ unsustainable operations. We engage in regular dialogue with the management and the boards of directors. A typical channel for engagement is meetings between decision-making portfolio managers and investee companies. Investor co-operation through different committees and joint initiatives is a major means of engagement.

Joint engagement projects

Shareholder meetings

Finnish shareholder meetings and Varma's voting 2024

Foreign shareholder meetings and Varma's voting 2024

Finnish shareholder meetings and Varma's voting 2023

Foreign shareholder meetings and Varma's voting 2023

Finnish shareholder meetings and Varma's voting 2022

Foreign shareholder meetings and Varma's voting 2022

Shareholder meetings and Varma's voting 2021

Shareholder meetings and Varma's voting 2020

Shareholder meetings and Varma's voting 2019

Varma is a member of the Finnish corporate responsibility network Fibs and Finland’s Sustainable Investment Forum Finsif.

Go to Fibs website
Go to Finsif website

We are a member of the Climate Leadership Coalition (CLC), an organisation formed by Finnish companies and the Finnish Innovation Fund Sitra that challenges businesses and society to mitigate climate change.

Go to Climate Leadership Coalition website

Varma is an official partner of Helsinki Pride.

Go to Helsinki Pride Community website

In taking care of its social mandate, Varma must operate in an exemplary manner. Our way of operating is described in the Code of Conduct, which is complemented by other internal policies and guidelines.

Sustainable business

• Code of Conduct
• Anti-Bribery Policy
• Supplier Code of Conduct
• Tax Policy

Responsible investment

• Principles for Responsible Investment
• Environmental Policy
• Active Ownership and Engagement Principles
• Ownership Policy
• Insider Guidelines

Social responsibility

• Principles for Human Rights
• Principles for Disability Risk Management
• People, Health & Safety Guidelines and Procedures

We report on the progress of our sustainability work in our Annual and Sustainability Report.

Annual and Sustainability Report 2023

Annual Report archive

UN Principles for Responsible Investment (PRI) reports:

PRI responsible investment report 2021

PRI responsible investment report 2020

PRI responsible investment report 2019

PRI responsible investment report 2018

PRI responsible investment report 2017

PRI responsible investment report 2016

PRI responsible investment report 2015

PRI responsible investment report 2014