The objective of the annual report is to provide the reader with a comprehensive view of VR Group’s operations in 2022. The annual report describes VR Group’s financial performance and business development. The annual report also describes the Group’s sustainability commitments and principles as well as the achieved results and future prospects.
The annual report 2022 is published in digital format on the VR Group’s website in Finnish and English. The annual report includes the following documents: the Report of the Board of Directors and Financial Statements 2022, the Corporate Responsibility Report and GRI Index 2022, the Remuneration Policy 2023 and Remuneration Report 2022, and the Corporate Governance Statement 2022.
The Corporate Governance Statement adheres to the Corporate Governance Code 2020 issued by the Securities Market Association. The Remuneration Policy 2023 and Remuneration Report 2022 adhere to the Government Resolution on Ownership Steering Policy and have been drawn up in accordance with the Corporate Governance Code 2020 and the EU Shareholder Rights Directive where applicable.
The detailed principles of responsibility reporting are described in the responsibility report. The Global Reporting Initiative (GRI) standards have been applied as the reference framework for responsibility reporting. The responsibility report has been subject to limited assurance and the assurance engagement was carried out by Ecobio Oy, which is an assurance body independent of VR Group. For selected information, Ecobio Oy assessed the process for producing and governing the data,management systems and reporting systems, as well as the materiality, scope, accuracy and comparability of the reported data. The GRI Standardse and the GHG Protocol were used as the assurance criteria. The assurance engagement was carried out in accordance with the AA1000 assurance standard.
Previously published reports
VR Group publishes an annual report annually in digital format. Annual reports have been published consecutively during the period 2009–2022. Prior to 2009, the Group published an annual review annually. Separate corporate responsibility reports have been drawn up as part of the Group’s annual reporting and, prior to 2005, an environmental report was drawn up once every two years.
VR Group’s annual report is intended for all of VR Group’s stakeholders, including decision-makers, the public authorities and the Group’s corporate and private customers.
The information in the annual report is for the financial year 2022. The annual report covers VR Group’s operating segments: VR Passenger Services, VR Transpoint (logistics business), VR FleetCare (maintenance) and other operations, which include train operations, property operations and corporate services.
For Pohjolan Liikenne and Avecra, which are under VR Group’s Passenger Services segment, and for VR Transpoint’s road logistics, the reported corporate responsibility indicators include the data that can be collected with the systems currently in use. This does not have a material effect on the data on the Group and its subsidiaries, or the comparability of the data.
Data on subcontractors’ operations is not reported in VR Group’s Corporate Responsibility Report. However, the fuel consumption figures and emission data include data on VR Transpoint’s road logistics subcontractors, because road logistics operations are mainly carried out using subcontractors’ fleet.
The annual report does not cover matters falling within purview of the Finnish Transport Infrastructure Agency or the Finnish Transport and Communications Agency (Traficom), such as the state-owned railway network or its development and maintenance.
Several people from all of VR Group’s business areas, service units and different areas of responsibility participate in the compilation of the annual report data. The work is steered by the annual report project team. The annual report is presented to the Group’s Board of Directors and Supervisory Board.
The information in the annual report is collected from multiple sources. The information related to economic responsibility are based on the Group’s audited and adopted financial statements. The personnel indicators are based on the Group’s employee statistics. The safety indicators are based on data from VR Group’s internal safety reporting system.
The environmental figures concerning energy consumption and waste are based partly on monitoring data collected from operating units and partly on suppliers’ reports and invoicing. The origin of electricity and the energy sources used in electricity production are based on data from electricity suppliers. Emission calculations are based on data from multiple sources, including Statistics Finland, the Lipasto calculation model of VTT Technical Research Centre of Finland, information from Defra (UK Department for Environment, Food & Rural Affairs) and the global Exiobase input-output analysis model funded by the EU.