Stakeholder relations

Active engagement with our stakeholders is vital for the development of our business activities, as well as for exchanging information, building long-lasting relationships, and contributing to the building of sustainable societies.

At the corporate level, we have defined our most important stakeholders as being our customers, owners, suppliers, employees, and society in general. Wärtsilä subsidiaries define their own primary stakeholders. In addition to the ones mentioned above, these typically include residents close to production plants, educational institutes, and public authorities. Wärtsilä’s Code of Conduct and supporting policies provide the foundation for the management of stakeholder relations. The guiding principle of our Code of Conduct is to promote openness and good interaction with our stakeholders, both internationally and locally.

Wärtsilä_charts_2020_sustainability_2

Our main stakeholders and related engagement channels

Stakeholder group 
Activities with stakeholder Channels of dialogue Assessments
Customers Each year, Wärtsilä’s representatives meet customers at global industry-related events, including international and national seminars, exhibitions, and conferences. In 2020, the COVID-19 pandemic brought physical events to a standstill. Nevertheless, Wärtsilä arranged many successful webinars, online meetings, and remote training sessions with its customers, while also providing onsite customer support and addressing customer needs under strict precautionary and safety measures.
  • Regular meetings
  • Joint projects
  • Workshops, events and seminars
  • Dedicated communications
  • Corporate websites, social media channels
  • Conferences and exhibitions
  • Customer feedback system  
  • Customer satisfaction surveys (Continual)
  • Quality surveys (Continual)
Employees Dialogue with employees takes place in many formats. These include discussions, communication channels, meetings, and events. Wärtsilä’s global annual employee engagement survey, MyVoice, enables all Wärtsilä employees to provide feedback. In 2020, the participation rate was 82.3%. In addition, during 2020 pulse surveys by business or topic were established to provide an opportunity for more regular and focused feedback. More information regarding the procedures and processes for engaging with our employees are described under the ‘Consultation and information procedures in Group companies’ section of our Policy on human rights, equal opportunities and fair employment practices
  • Open and continuous dialogue between management and employees through internal events, communication channels and daily interaction
  • Annual development discussions
  • Check-in discussions and continuous feedback
  • Town hall meetings
  • Internal communication channels
  • Training events
  • National statutory employee bodies and the European Works Council
  • Occupational health and safety committees
  • Collaborative innovation platform Spark
  • Compliance reporting
  • Continuous Improvement Proposals (CIP) and Initiatives
  • Employee engagement survey MyVoice (Annual)
  • Pulse surveys (ad hoc, 1-4 times a year) 
Owners, investors Wärtsilä publishes annually several reports: two interim reports, a half-year report, a financial statements bulletin, an annual report, and stock exchange releases to provide accurate, sufficient, and up-to-date information on the development of Wärtsilä’s business operations, strategy, markets, and financial position. Furthermore, our top management and the Investor Relations (IR) team conduct regular discussions, and host events with analysts and investors, both globally and locally. In 2020, the majority of roadshows and investor meetings were conducted virtually due to the COVID-19 pandemic. 
  • Annual General Meetings
  • Capital Markets Days
  • Roadshows
  • Result presentations and webcasts
  • One-on-one and group meetings
  • Global and local investor conferences and seminars, telephone and video conferences
  • Stock exchange and trade press releases
  • Annual, interim and half-year reports
  • IR website
  • IR website rankings (annual)
  • Annual report evaluations (annual)
  • Investor feedback (continuous) 
Suppliers We aim to have close and excellent relationships with our key suppliers around the world. Apart from financial benefits, engaging closely with suppliers stimulates knowledge sharing, creates an environment of innovation, and allows strategic suppliers to integrate more strongly into our value chain. In 2020, we took several actions together with our suppliers to identify risks related to reduced availability, and to ensure delivery reliability during the pandemic. 
  • Regular dialogue with suppliers on supplier performance
  • Supplier portal eTool
  • Supplier development support
  • Supplier Days
  • Supplier assessments and audits (Continual)
Society Wärtsilä engages in an active and open dialogue with local and international public authorities and officials. The aim is to share information, provide expertise, and support authorities in improving the quality of regulatory matters. Wärtsilä participates in public consultations in areas that are of importance to the company. Wärtsilä aims to contribute towards the well-being of all local communities where it is present. The means for this include, for example, creating employment, providing training and education to employees, co-operating with local stakeholders, and supporting local development. In 2020, Wärtsilä made donations to support efforts aimed at assisting communities affected by the COVID-19 pandemic as well as donated Personal Protective Equipment (PPE) and medical equipment to local hospitals. 
  • Engagement with public officials on issues such as the environment and occupational health and safety
  • Meetings with decision makers
  • Position papers and consultations
  • Open door days
  • Sustainability reporting
  • Local communications
  • Sponsorships
  • Corporate websites, newsletters, social media
  • Stakeholder feedback (Continual)
  • Corporate image surveys (Annual) 
Organisations Wärtsilä takes part, and holds memberships, in organisations that are significant to the company’s business strategies and markets. We participate in activities organised by various international and national organisations and associations through our daily work, board and working group activities, as well as taking part in meetings, seminars and conferences. In 2020, new memberships included, among others, Eurogas and the European Clean Hydrogen Alliance.
  • Regular contact with trade and industrial associations and public bodies
  • Participation in boards and working groups
  • Meetings, seminars, conferences and other events
  • Internal assessment of memberships (Continual)
Universities For Wärtsilä, long-term research programmes and research activities together with universities, research institutions, and industrial partners are an important means of building strategic partnerships and developing new and existing solutions. In 2020, we collaborated with more than 20 universities around the world.
  • R&D and student projects
  • Discussions with university administration
  • Thesis work and internships
  • Events, seminars, lectures
  • Preferred employer surveys (Annual)
  • Feedback from student and research projects (Continual)
Media Wärtsilä interacts actively with trade media, as well as with general/financial media. Topics related to our sustainability work are of great interest. We regularly arrange interviews for the media with our experts, which in 2020 were conducted virtually. Moreover, our experts meet trade press representatives at exhibitions/webinars. Wärtsilä’s quarterly result press events led by the CEO and the Management Team provide basic information about our financial performance and latest reference projects. In addition, we annually distribute to the media numerous press releases on new orders and projects, and also publish Insights stories.
  • Briefings
  • Site, factory and reference visits
  • Stock exchange, corporate and trade press releases
  • Management and expert interviews
  • Annual and Interim reports
  • Stakeholder magazines, newsletters, social media
  • Surveys conducted among business journalists (Annual)
  • Media visibility and share of voice reporting (Quarterly)

Activities in organisations 

Stakeholder Organisation Nature of activity
Interest groups
  • Confederation of Finnish Industries (EK)
  • Finland Chamber of Commerce
  • ICC Finland
  • International Chamber of Commerce (ICC)
  • Teknologiateollisuus – Federation of Finnish Technology Industries
  • Membership and participation in activities: Finland Chamber of Commerce, ICC.
  • Board membership or participation in activities of specific working groups: EK, ICC Finland, Teknologiateollisuus.
Industrial organisations
  • American Public Power Association (APPA)
  • Association of Singapore Marine Industries (ASMI)
  • Brazilian Institute of Oil and Gas (IBP)
  • Brazilian Thermoelectric Generators Association (ABRAGET)
  • Caribbean Utilities Association (CARILEC)
  • Cogen Europe
  • Cruise Line International Association (CLIA)
  • Engine Manufacturers Association (EMA)
  • Eurogas
  • European Association of Engine Manufacturers (Euromot)
  • European Engine Power Plants Association (EUGINE)
  • Exhaust Gas Cleaning System Association (EGCSA)
  • Interferry
  • International Council on Combustion Engines (CIMAC)
  • SEA\LNG
  • Power to X Alliance
  • Society for Gas as a Marine Fuel (SGMF)
  • U.S. Energy Storage Association (ESA)
  • Verband Deutscher Maschinen- und Anlagenbau (VDMA)
  • WaterBorne TP
  • Board membership or participation in activities of specific working groups: CARILEC, CIMAC, Cogen Europe, EMA, Euromot, EUGINE, SEA\LNG, VDMA, WaterBorne TP.
  • Membership and participation in activities: ABRAGET, APPA, ASMI, CLIA, EGCSA, ESA, Eurogas, IBP, Interferry, Power to X Alliance, SGMF.
Standardisation organisations
  • International Organisation for Standardisation (ISO)
  • Finnish Standards Association (SFS)
  • Participation in activities.
International and EU organisations
  • Digital Transportation Logistics Forum (DTLF)
  • European Clean Hydrogen Alliance (ECH2A)
  • European Ports Forum (EPF)
  • European Sustainable Shipping Forum (ESSF)
  • Global Compact Nordic Network (GCNN)
  • Global Industry Alliance (GIA)
  • International Maritime Organization (IMO)
  • Participation in activities through national delegations and other organisations: IMO.
  • Participation in activities: DTLF, ECH2A, EPF, ESSF, GCNN, GIA
Other
  • Climate Leadership Coalition (CLC)
  • European Energy Forum (EEF)
  • Finnish Business & Society (FIBS)
  • Board membership: CLC.
  • Membership and participation in activities: FIBS, EEF.
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