Elo annual report shows ‘consistency is the key to sustainability’

Written by Natalie Tuck

19/03/2025

The 2024 annual sustainability report of Finnish earnings-related pension provider Elo shows "consistency is the key to sustainability," according to its chief financial officer, Sarianne Kirvesmäki.

Elo published its financial statements and board of directors' report for 2024 alongside sustainability assessments based on a dual materiality assessment, which defined Elo's material sustainability topics and the related impacts, risks and opportunities.

The material sustainability topics included mitigating and adapting to climate change, securing our customers' livelihoods and rights, and ensuring employees' working conditions and equality.

The report revealed that the carbon intensity of Elo's listed equity investments decreased by 59%, and that of listed corporate bonds decreased by 60% from the 2019 benchmark, surpassing its target of a 25% decrease.

However, it did not reach its goal of '90' for decision-processing times in the pension and workability services, achieving an actual processing time of 96.8.

Elo also monitored the return to work of rehabilitated people and achieved its goal at a rate of 77%.

Finally, in the 2024 Yhteiseloa survey, Elo's recommendation index improved to a score of 32, its workability assessment was 8.4, and 94% of employees said they could "be themselves" in the work community.

Kirvesmäki said the amount of detail and a lack of direction in the report was "challenging."

"It is unfortunate if the time spent on nuances obscures the larger purpose," she added.

"Awareness of different aspects of sustainability have increased throughout this project, and 'aha' moments have been experienced in different parts of the house," suggested Elo director of sustainability, Katja Veirto.

"We already had a comprehensive set of principles, actions and targets, based on
which we now report.

"At Elo, we have a common desire to develop our actions for a better future and to make choices that positively impact the world around us," she concluded.

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