Creating value for stakeholders
The aim of Nordic Morning Group is to run the business in a profitable way, which means creating added financial value for key stakeholders, employees, customers and the owner. Important stakeholders for added value also include partners, service providers, investors and the countries and municipalities in which we operate.
In 2019, we produced added financial value for stakeholders totaling EUR 37.7 million (41.1).
We sold products and services to our customers totaling EUR 78.2 million (77.0) and spent EUR 40.5 million (35.9) on buying goods and services from partners.
Engagement and successes
The role of HR is to drive, support and develop the organization´s capability ensuring that Nordic Morning Group has the right people in the right roles with the right competences to be able to do a great job.
Business transformation and growth have continued to be the dominant themes for the group in 2019. Restructuring operations, building the new organizational setup and helping employees adapt to change has required strong support from the HR function.
Working for the environment
We will reduce our own and our customers’ environmental impact by investing in environmentally responsible operations, products and services and promoting environmental awareness amongst our personnel.
Edita Prima's plant in Helsinki is ISO14001 certified, climate-neutral, and entitled to use the Swan ecolabel.
Our most important non-financial risks are related to people. These risks include:
- Management and the key people who work closely with key customers deciding to leave the company.
- Challenges in recruiting talented specialists and managers who can develop the business and are good leaders.
- Failure in engaging the key people.
- Occupational risks related to printing, such as accidents, chemical leaks or fires at production plant.
We manage people-related risks by implementing good HR policies and by focusing on employee and leadership development. We work for enhancing a collaborative growth culture, nurturing and inspiring leadership and efficient talent development and recruitement practices. We maintain good lines of communication, communicating as openly as possible, and enhance employees’ involvement in developing our business.
A fire or a chemical leak at a production plant could damage the environment. We consider our other environmental risks to be minor.
Environmental risks are mainly managed through various environmental management systems, such as compliance with the ISO14001 standard; our production companies follow procedures established in environmental management systems to identify and prevent potential emergency situations and accidents that could harm the environment. These procedures are audited annually by accredited third parties. The companies regularly review and test their emergency preparedness and response procedures.
Climate change is not a substantial risk for our business in the near future as its effects have been less extensive in our main markets, the Nordic region, than in other areas of the world. Nevertheless, combating climate change plays an important role in our CR program because it is the greatest threat to sustainable development globally.
We have managed to reduce our climate impact significantly since 2008 when we began assessing the ways in which our business contributes to climate change.
In 2009, we started taking measures to reduce our carbon-dioxide emissions and began compensating for a proportion of these emissions. Further information can be found on the environmental responsibility section.
The executives are responsible for managing risks related to corporate responsibility and reacting actcordingly. Nordic Morning Group's board of directors has approved the risk management methods applied by the executives. The executives assesses the likelihood and significance of each risk. The board of directors also monitors and assesses risks that have been categorized as significant.
Corporate responsibility at Nordic Morning Group is led by the CEO. A CRI (Corporate Responsibility Initiative) core team is responsible for the development of corporate responsibility, related communication and reporting.
Our CR agenda is set according to acknowledged policies and guidelines. We comply with the principles of internationally-recognized standards, such as the UN Global Compact and the ISO 14001 environmental management standard. Our reporting complies with the CR reporting recommendations established in 2011 for companies owned by the Finnish state and the instructions given for the tax footprint in 2014.
Our guiding principles are based on our values. Principles guide our actions in relation to our stakeholders and operating environment within the group.
Continuous renewal is crucial for us as we operate in a rapidly changing environment.
First and foremost, respect refers to respect for the dignity, work and competence of our colleagues, customers, partners and other people we encounter.
The ultimate goal of Nordic Morning Group’s board of directors, the board committees and CEO is to operate the business in a responsible way.
We comply with legal requirements and are honest and transparent when communicating about our business.
In group governance and reporting, Nordic Morning Group pursues integrity, transparency and accountability. For example, we are open about the incentives and compensation for the CEO and corporate executives.
Audits and controls carried out by external parties help to create openness. Nordic Morning Group’s production companies publish environmental reports annually and prepare reports for authorities.
We voluntarily participate in environmental programs involving reporting to third parties. This includes the ISO 14001 environmental management system and the Nordic Ecolabel. These third parties also review our environmental calculations.
Our goal is for integrity, transparency and accountability to be reflected in cooperation with our stakeholders. We expect our partners to operate their businesses responsibly.
Reporting of violations
Each employee is able to report any suspected violations, such as dishonest or unethical activities or legal violations in their work community, without fear of discrimination or retaliation. In the group companies, violations can also be discussed in cooperation forums where each staff group is presented by representatives selected by the group in question or in other regular meetings between employer and employee representatives. Anyone can report to the Group’s CEO, CFO or CHRO about a violation.
Corporate Responsibility Report covers the activities of the parent company, Nordic Morning Group Plc, and its wholly-owned subsidiaries in the financial year from January 1 to December 31, 2019.
Nordic Morning Group's associate companies are included in the consolidated financial statements, but Nordic Morning Group does not manage their corporate responsibility issues.
We report on our corporate responsibility in our Annual Report each year. The previous Corporate Responsibility Report was published in March, 2019 as part of our Annual Report.
Our reporting is based on the CR program, established originally in 2010, which takes the financial, social and environmental impact of our business into account, as well as bearing in mind all stakeholders interested in the report. We update the program annually if required.
Our corporate responsibility reporting complies with the CR reporting model for non-listed companies owned by the Finnish State (Government Resolution on Ownership Policy, November 3, 2011, Appendix 3) as well as with the G4 Core guidelines issued by the Global Reporting Initiative (GRI).
The information pertaining to financial responsibility is based on the consolidated financial statements and accounting. The indicators for social responsibility are from personnel information systems, payroll systems and accounting. In the calculation of staff-related figures, we have followed the general annual reporting guidelines issued by the Finnish Accountancy Board. The figures for environmental responsibility are from the Group’s own systems.
The report has not been verified. According to our own assessment, our reporting corresponds to the Core level of the GRI’s G4 guidelines.
The Strategy, Business and Financials sections of this Annual Report provide information on the Group’s financial performance, organization, ownership, governance and companies, as well as changes that occurred in 2019.
Our Guiding Principles
Be you. Be curious.
We trust and respect
Be an accountable daredevil!
Communicate, collaborate and co-create
Make wow-experiences and value every day
Fail fast, laugh, learn
Code of business ethics
Nordic Morning Group's Code of Business Ethics explains how we aim to conduct our business in an ethical and responsible manner. It helps us conduct successful business operations and feel good at work. Our Code of Business Ethics is based on our guiding principles. All of us working within Nordic Morning Group follow these ethical rules in our interaction with colleagues, customers,
partners and other stakeholders. We also expect our partners to comply with the Code of Business Ethics.