RESULT-DRIVEN
WEALTH MANAGEMENT
YESTERDAY, TODAY,
AND TOMORROW
2024ANNUAL REPORTEVLI PLC
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GovernanceResponsibility Financial ReviewBusiness Overview
Contents
Business Overview
Evli in brief ...................................................................................................................4
CEO's review ...............................................................................................................6
Highlights of 2024 ..................................................................................................8
Evli’s business model .......................................................................................... 10
Megatrends and strategy ...............................................................................11
Financial Review
Financial figures .................................................................................................115
Graphs of the financial development ....................................................116
Board of Director’s report ........................................................................... 117
Shares and shareholders ............................................................................ 124
Information for shareholders and investors ................................. 128
Capital adequacy .............................................................................................129
Calculation of key ratios ...............................................................................130
Financial statement 1.1.–31.12. ..................................................................131
Board of Director’s proposal to the General
Meeting for profit distribution ...................................................................191
Auditor’s Report ................................................................................................. 192
Independent Auditor’s Report on Evli Oyj’s
ESEF-Consolidated Financial Statements .......................................195
Corporate Responsibility
Wealth and responsibility drive positive change together ....... 18
Corporate Responsibility Report 2024 ................................................. 19
Responsible Investment Annual Review 2024 .................................76
Task Force on Climate-related Financial
Disclosures report ...........................................................................................101
Taskforce on Nature-related Financial
Disclosures report ...........................................................................................109
Governance
Corporate Governance Statement 2024 ......................................... 198
Remuneration Policy ......................................................................................207
Remuneration Report 2024 ..................................................................... 210
Board of Directors on December 31, 2024 ..................................... 214
Executive Group on December 31, 2024 ........................................... 215
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BUSINESS OVERVIEW
GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
Aiming to become the leading
wealth manager in the Nordics
Our ambition is to be the leading wealth manager and a responsible, proactive capital allocator in the Nordic
region. We see wealth as an engine to drive sustainable progress. We draw on our heritage, broad expertise, and
Nordic values to grow and manage wealth for institutions, corporations, and private persons in a responsible
way.
Evli is the best fund house in the Nordics
1
and the leading asset manager in Finland
2
offering a broad range
of services including mutual funds, asset management, and capital markets services, alternative investment
products, equity research as well as Corporate Finance services. Responsible investing is integrated in every
investment decision and Evli’s expertise is widely acknowledged by clients. Evli has Finland's best expertise in
responsible investment
3
.
Read more at evli.com
Founded in 1985
Approximately 270 employees
14
3rd
18.9 bn.2015
Listed on the Nasdaq Helsinki
main list since 2015
EUR 18.0 billion Assets under
management
Sales in 14 countries through
own offices and co-operation
partners
Third largest fund management
company in Finland
1
Morningstar Awards 2024 (c). Morningstar, Inc. All Rights Reserved. Awarded to Evli for the Best Fund House in Finland and Sweden.
Lipper Fund Awards 2023, 2024, the category Small Fund Companies.
2
Kantar Prospera External Asset Management 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 Finland.
Kantar Prospera Private Banking 2019, 2020 Finland.
3
SFR Scandinavian Financial Research Institutional Investment Services Finland 2017, 2019, 2021, 2022.
Kantar Prospera External Asset Management 2017, 2018, 2019, 2020, 2023, 2024 Finland.
1985
~270
Evli in brief
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
Evli’s competitive advantage in different markets
Finland and Sweden
Comprehensive Wealth Management and
Investment Banking services for private
persons, corporations, and institutions
Internationally
Nordic fund management boutique for
institutional investors
Wealth Management and Investor Clients
The Wealth Management and Investor Clients
segment offers services to present and future
high net worth private individuals and institutions.
The comprehensive product and service
selection includes asset management services,
fund products offered by Evli and its partners,
various capital market services and alternative
investment products.
Advisory and Corporate Clients
The Advisory and Corporate Clients segment
provides corporate and capital management
services, including advisory services on
acquisitions and divestments, IPOs and share
issues. The segment also provides corporate
analysis services for listed companies.
Evli’s operations are divided into two client
segments
Sales through co-operation partner
Sales through Evli
FinlandSweden
Norway
Netherlands
France
Spain
Portugal
Italy
Estonia
Lithuania
Latvia
Germany
Luxemburg
Austria
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
Delivering results in turbulence
In a turbulent and uncertain world, Evli continues to deliver on its long-term strategy.
Ceo’s review
In 2024, the world continued to be a turbulent place. Increased
geopolitical fragmentation impacted everything from global trade to
overall economic stability, while wars and conflicts persisted.
Visibility into what the future may hold is low, and whatever we can
discern is not always that comforting.
The U.S. presidential election, resulting in Donald Trump's victory, drew
heightened attention to global economic policies and market dynamics.
President Trump's administration is expected to prioritize domestic
manufacturing, likely intensifying protectionist trends worldwide.
While economic growth remained sluggish in Europe, and even more
so in Finland, the U.S. economy delivered strong figures, with its stock
market experiencing an unprecedented rally led by the 'Magnificent
Seven’.
Consumers and businesses welcomed central banks' decisions to
lower interest rates in 2024, although the pace and scale varied across
regions.
While there were positive indicators in the market, the uncertainties of
2024 – driven by the U.S. elections, monetary policy adjustments, and
geopolitical turbulence – prompted investors to adopt a cautious 'wait-
and-see' approach, carefully evaluating developments before making
significant investment decisions.
Growth from strategic partnership
In this somewhat challenging market, Evli’s revenue and operating profit
developed favorably in 2024. The figures were further strengthened by
the strategic partnership that Evli Plc entered in to in March with Bregal
Milestone, a software and technology growth private equity investor,
regarding Evli’s remuneration services Evli Alexander Incentives Oy (EAI).
EAI was rebranded to Allshares Oy to better reflect its new vision and
strategy. Together, Evli and Bregal Milestone will expand the successful
services that Allshares has provided for clients in Finland and Sweden to
the highly fragmented European market.
Private Banking and Institutional Clients' business developed steadily
in Finland. In Sweden, where there is significant room for growth, we
saw clear positive momentum, when the business developed favorably,
reflecting the success of our efforts to streamline the Swedish
organization and intensify marketing.
Evli’s international sales, accounting for 21 percent of Evli’s total fund
capital, recovered in 2024 after a period of slower growth due to the
pandemic followed by Russia’s invasion of Ukraine. Our strong expertise
of the Nordic bond markets was appreciated in the renewed interest
rate climate.
In 2024 Evli’s net revenue increased by 17 percent and was EUR 126.8
million (EUR 96.1 million in 2023). Taking into account the incentive
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business transaction carried out in March 2024, comparable pro forma
net revenue was 14 percent higher than in the previous year, rising to
EUR 109.7 million (EUR 96.6 million). Operating profit increased by 45
percent from the previous year to EUR 58.2 million (EUR 40.2 million).
Comparable pro forma operating profit increased by 19 percent to
EUR 43.3 million (EUR 36.4 million). Return on equity was 34.4 percent
(22.8%) with the ratio of recurring revenue to operating costs being 132
percent (130%). The mutual fund capital, including alternative investment
products, was approximately EUR 13.4 billion (EUR 12.6 billion), and clients’
assets under management were EUR 18.9 billion (EUR 18.0 billion).
Due to the increased interest rate level, the current market environment
is challenging for the sale of alternative investment products.
Considering the market situation, sales and product development in
this asset class performed relatively well during the year. In total, Evli’s
Alternative investment funds collected subscriptions and commitments
totaling EUR 265 million in 2024 (EUR 225 million).
The good momentum in the M&A markets continued through out the
year. Client activity increased clearly, and the mandate base developed
favorably.
Acting responsibly in a fragmented world
We live in an increasingly fragmented world, as countries turn inward,
prioritizing domestic concerns over global cooperation. This shift is
marked by trade restrictions, stricter immigration policies, and the
erosion of multinational agreements. Polarization across all levels of
society further complicates the ability to establish a shared vision for
the future.
This is troubling news in a world that urgently needs collaboration for
a sustainable future. Over the past two years, ESG (environmental,
social and governance issues) has undergone a shift, reflecting evolving
priorities in the face of new challenges. When people are preoccupied
with rising energy bills, higher food prices, and job insecurity, it’s
to our unique culture based on continuous learning, curiosity, and an
entrepreneurial spirit.
In 2025, Evli will celebrate its 40th anniversary. This milestone marks
four decades of dedication to our clients and commitment to excellence
in asset management. Our journey over these years has been shaped by
innovation, resilience, and a focus on building lasting relationships with
our stakeholders.
We approach the future as we always have – with curiosity and a
trust in our ability to adapt – maintaining a steady focus on delivering
our strategy while remaining agile when adjustments are needed. Our
ambition is to become the leading asset management company in the
Nordics. Several megatrends support us: generational wealth transfer
will accelerate, and the demand for innovation will drive the creation
of new entrepreneurial wealth. An active approach to investing with a
wide portfolio for efficient diversification will be even more essential in a
fragmented and turbulent world.
We are well-positioned to seize growth opportunities, supported by a
robust balance sheet enabling potential strategic acquisitions, a trusted
brand that resonates with clients, and a team of dedicated employees.
I want to thank our clients, shareholders, co-operation partners and my
colleagues at Evli for your continued engagement and commitment and
look forward to another year together.
Maunu Lehtimäki
CEO
understandable that sustainability may not be top of mind. Yet, we
cannot afford to become myopic when it comes to addressing climate
change and biodiversity.
At Evli, we believe in real actions for real change. In 2024, we continued
our work with integrating ESG aspects into our portfolio management
and service offering. We launched a new green transition fund, Evli
Private Capital Fund I, focusing on the energy sector transformation,
resource efficiency and the circular economy. In addition, we further
developed our Atlas service, which can help clients build a tailored
portfolio based on their preferred investment styles, objectives and
sustainability themes.
While there are plenty of things to worry about, focusing solely on
threats is not beneficial. We often frame the future as either positive or
negative. In reality, it is neither – it is simply a vision of what we imagine
may come. Each new day presents opportunities to shape that vision
proactively. The pace of innovation – not only in AI but also in other
crucial areas like energy transition – is astonishing, presenting big
opportunities.
A strong culture yields a strong brand
In this fragmented world, our role is to be our clients’ trusted advisor
and actively guide them towards their financial objectives. Awards
point to our clients trusting us: this year Morningstar, a fund research
firm, chose Evli as the best fund house both in Finland and Sweden. In
addition, Evli was chosen as the best institutional asset manager both by
Kantar Prospera and SFR Research (Scandinavian Financial Research).
In 2024, we celebrated the 25th anniversary of our fund, Evli Corporate
Bond. The fund not only exemplifies our successful investment
philosophy – it is one of the oldest fixed income funds in Finland – but
also highlights the longevity of careers at Evli. Its portfolio manager,
Mikael Lundström, has been at the helm since the very start. Many of
our employees have built long and fulfilling careers with us, a testament
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
Highlights for 2024
02/2024
Evli's renewable energy fund started
a major energy storage project with
Helen and Siemens
Evli Renewable Energy Infrastructure Fund II
and Helen Ltd agreed on the building of a major
electricity storage facility in Nurmijärvi to promote
the green transition. The storage facility is one of
the first large-scale electricity storage systems in
Finland and will be completed in early 2025.
03/2024
Evli launched Finland's first podcast
dedicated to fixed income
What should one know about fixed income investing
after the negative rates era? Finland's first fixed
income podcast produced by Evli answers this
question. The podcast, called “Kaikki koroista”, ie. All
about fixed income delves deep into fixed income
investing without using industry jargon.
03/2024
Evli again ranked as one of the most
inspiring places to work in Finland
Evli was selected as one of the most inspiring
workplaces in Finland in a employee survey
conducted by Eezy Flow. Evli achieved excellent
results in the PeoplePower® employee survey,
which is conducted annually for hundreds of Finnish
organizations, and was ranked 8th place in the
category of medium-sized organizations.
03/2024
Evli and Bregal Milestone signed a
strategic partnership to accelerate
the growth of the incentive business
Evli Plc and the private equity investor Bregal
Milestone announced a strategic partnership to
grow the business of Evli's subsidiary Evli Alexander
Incentives Oy. As a result of the arrangement, the
company became Evli’s associated company with
around 40% minority stake. At the same time, the
company was renamed Allshares Oy.
03/2024 ja 04/2024
Evli Fund Management Company
awarded as the best fund house
in the Nordics
Evli achieved a historic double win as a fund
research firm Morningstar awarded Evli Fund
Management Company as the best fund house
in both Finland and Sweden. In addition, Evli was
awarded as the best fund house in the Nordics for
the second year in a row in the Lipper Fund Awards
in the category small fund management groups.
04/2024
Evli launched a new equity fund
investing in European growth
companies
Evli launched a new equity fund, Evli Europe Growth,
which invests in European quality growth companies.
The fund provides an opportunity to invest in high-
quality companies that are experiencing faster-
than-expected growth. The investment decisions are
based on academically identified factors rather than
traditional market value.
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09/2024 ja 11/2024
Evli was again ranked as the best
institutional asset manager in Finland
Institutional investors ranked Evli once again
as the best asset manager in Finland in Kantar
Prospera’s annual client survey. Evli was also
placed first in sustainable investing expertise. In
the SFR Research’s Institutional investor survey,
Evli achieved ”Platinum Award” for excellence in
investment services and came in a shared first place
in the large asset managers category.
09/2024
Evli launched new green transition
fund
The green transition is one of the most important
growth drivers both in the current and in the
coming decades. The new alternative fund Evli
Private Capital Fund I is Finland's first thematic,
minority investing growth equity fund focusing
on energy transition, resource efficiency and the
circular economy.
09/2024
Evli's started new co-investment
activity
Evli started as the first asset management
company in Finland co-investing in unlisted
equities alongside the world's best fund
managers. Ilja Ripatti, who has extensive
international experience in the private equity
industry, particularly in co-investment, was
appointed to lead the new function.
09/2024
Pioneering fund Evli Corporate Bond
turned 25
One of the longest running fixed income funds in
Finland, Evli Corporate Bond fund, celebrated its
25th anniversary in 2024. The fund was the first in
Finland to offer investors access to the European
corporate bond market.
12/2024
Evli launched new private equity fund
The new Evli Private Equity IV fund provides
access to the world's best buyout private equity
funds which invest in unlisted shares. After a rapid,
successful fundraising, the fund already had more
than EUR 75 million in investment commitments at
the time of its first closing.
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BUSINESS PROCESSESBUSINESS AREAS
ADDED VALUE AND IMPACTSRESOURCES
STRATEGY
More information in the
section Megatrends
and strategy
VALUES
Entrepreneurship, Valuable
relationships, Learning, and Integrity
CLIENTS
- Products and services that
correspond to clients’ needs
and goals
- Opportunity to tailor service
solutions
- Professional and competent
service
- Responsible investments
PERSONNEL
- Around 270 investment
specialists
- Salary and bonuses EUR 35.6
million
- Pension expenses EUR 4.8 million
OWNERS AND INVESTORS
- Dividend proposal EUR 1.18/
share
- Equity/share EUR 5.64
- Stable development
- Responsible investment
SOCIETY AND ENVIRONMENT
- Investments EUR 4.1 million
- Paid taxes EUR 8.2 million
- Collaboration, support and
sponsorship with universities as
well as sports, culture and the
environment
WEALTH MANAGEMENT AND
INVESTOR CLIENTS
Wealth management services,
mutual funds, various capital market
services, and alternative investment
products to private persons,
corporations, and institutions
ADVISORY AND CORPORATE
CLIENTS
Corporate advisory services and
investment research for companies
of different sizes
Self-developed
products and
services
Perseverance
and goal
orientation
Comprehensive support functions
and controls including IT, financial
administration, back-office, marketing,
communication & IR, legal & compliance
Individual service
combining traditional
and digital service
models and channels
Stewardship thinking
and responsibie
operations
PERSONNEL
- Around 270 investment specialists
OFFICES AND DISTRIBUTION
NETWORK
- 6 offices: Helsinki, Tampere, Turku,
Oulu, Vaasa, and Stockholm
- Distribution through partners
and own offices in 14 countries
INTANGIBLE ASSETS
- Awarded products and services
- Trustworthy and respected brand
- Long-term client relationships
- Social network: partners,
distribution network and
community relations
FINANCIAL RESOURCES
- Balance sheet EUR 361.6 million
- Equity EUR 153.5 million
- Assets under Management
EUR 18.9 billion
- Net revenue EUR 126.8 million
PROCESSES
- Product development
- Sales processes
- Utilization of automation,
artificial intelligence and
robotization
- Personnel management
Added value with stable earnings development
Our ambition is to be the leading wealth
manager and a responsible, proactive
capital allocator in the Nordic region
Business model
11
Geopolitical
unrest
Climate change
The Russian invasion of Ukraine
and the unrest in the Middle
East as well as increased
confrontation between the
great powers are increasing
uncertainty in the markets.
Climate change has forced
the world to grapple with
perhaps the greatest global
challenge in history. It will
require cooperation on an
unprecedented scale.
Macroeconomic
turmoil
Generation shift
The changed interest rate
environment and rising
protectionism are creating
uncertainty in the markets
and slowing down economic
prospects.
A new generation of
consumers, workers and
leaders demand concrete
action to put the world on
a sustainable path, both
environmentally and societally.
GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
Megatrends and strategy
Megatrends
We’re living in a time of great upheaval and change
The world is changing due to digital transformation, polarization, financial markets behaving abnormally and
geopolitical unrest. A new generation is stepping into positions within boards and in leadership positions, looking
at the world differently and prioritizing different issues than their predecessors.
While short-term geopolitical turbulence and changes in the economy may affect investors’ immediate
incentives to take a broader view of the world, climate change is forcing everyone to think about the long-term.
Responsibility has become part of investment decision-making. Climate change requires cooperation on an
unprecedented scale. Different actors need to work together across national borders and with supply chains,
competitors, and customers. It forces companies to reassess their own agenda, in order to enable sustainable
development at all levels: not just economic, but also environmental and societal.
We need to think broader to get further.
The world is more prosperous than at any time in history. The wise
allocation of this capital is crucial to putting the world on a sustainable path.
It requires broad understanding, curiosity, and a strong sense of foresight.
IN SHORT-TERM
IN LONG-TERM
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
We see wealth as an engine to drive progress
We see wealth as an engine to drive sustainable progress. We draw on our heritage, broad expertise and Nordic
values to grow and manage wealth for institutions, corporations and private persons in a responsible way.
Our offerings include mutual funds, asset management and capital markets services, alternative investment
products, equity research as well as Corporate Finance services. Responsible investing is integrated in every
investment decision and our expertise is widely acknowledged by our clients.
We are in a vanguard position to steer capital sustainably in the Nordic region. We believe that wealth and
sustainability drive positive change together. We have the expertise, the vision, and the courage to initiate and
drive discussion on the initiatives that long-term value creation enables both for individuals, society, and our
planet.
The Evli way of working
Over time, our founders’ entrepreneurial attitude, courage and curiosity evolved into a unique way of working
that fuels our work every day. Our way of working is deeply rooted in our four values: entrepreneurship,
valuable relationships, learning and integrity.
- An entrepreneurial attitude gives everyone the freedom to act on opportunities.
- We foster good relations with each other and with our clients. We value our relationship with each other and
want to help our colleagues succeed. We are inspired by and want to inspire our clients. We walk alongside
them.
- Constant learning means that we always strive to become better and are curious to explore new
opportunities.
- Integrity means for us that we stand behind our decisions and have the courage to say no.
Long-term growth and development
Evli's long-term goal is to be a growing and profitable asset manager with a unique customer base and broader
international business. We want to be the forerunner in responsible wealth management in the Nordics, and
in this way help our clients in managing their wealth to support a sustainable future. The cornerstones of our
growth are finding and developing new investment solutions, leveraging digitalization, creating unique client
experience, and integrating responsibility into business operations.
Evli’s constant pursuit is to create an even more scalable business model. Digitalization will play an important
role in this, as Evli streamlines its investment and brokerage processes. The service experience will seamlessly
integrate traditional personal service with the use of electronic channels and digital services.
”We want to be the forerunner in
responsible wealth management in the
Nordics, and in this way help our clients
in managing their wealth to support a
sustainable future.”
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
We aim to simplify both our own and our clients’ investment processes and offer unique product and service
solutions to our clients. Succeeding in this will enable Evli to achieve its business objectives of clear revenue
growth, strong profitability, and a competitive return on equity.
Revenue growth will be pursued primarily organically and, where possible, through acquisitions. In wealth
management, the company’s most important business area, growth is sought by increasing both the assets
under management and the number of new client relationships. In addition to Finland and Sweden, Evli also sees
growth potential in asset management in other Nordic countries and Europe
Client’s interest always comes first
Evli strives to create long-term client relationships. The company's client base is focused on institutional
investors, other professional operators as well as wealthy and affluent individuals.
To serve a demanding client base, Evli constantly invests in finding and developing new investment solutions. The
work towards development and innovation draws on both the strong expertise and specialized knowledge of
businesses and their different perspectives on markets and client needs.
The unique service experience is underpinned by Evli’s corporate culture, which is based on a mindset where the
client’s interests always come first and where the client’s assets are managed as well as our own assets. It is
based on hard work and resourcefulness, customer service and teamwork, building excellence and integrity in
all our activities. Moreover, in an increasingly unpredictable world, Evli strives to be one step ahead of our clients
so that we can guide them in an uncertain future. We are our clients’ wise and savvy pilot that scans wide in
order to see far.
Responsibility is part of business operations
Responsibility has already long been a part of Evli’s investment activities. Evli’s ability to integrate responsibility
throughout its operations is essential to creating value. In asset management, Evli’s most important area of
operation, factors related to sustainability are systematically integrated into investment activities and portfolio
management. Evli is constantly looking for new ways to further improve the sustainability of its products and
services. More information about Evli’s sustainability and responsible investment practices can be found in the
section Responsibility.
Financial objectives
Evli’s strategy is guided by its long-term financial targets:
- Significant growth of AUM (EUR 30 billion) over the long-term
- EBIT margin of 30%
- High return on equity (25%)
- Recurring revenue ratio in excess of 130%.
14
Responsibility
Client experience
New investment opportunities
Digitalization
Entrepreneurship
- An entrepreneurial attitude gives everyone
the freedom to act on opportunities.
Valuable relationships
- We value our relationship with each other and
want to help our colleagues succeed.
- We are inspired by and want to inspire our
clients. We walk along side them.
Integrity
- We stand behind our decisions and have the
courage to say no.
Learning
- We always strive to become better and are
curious to explore new opportunities.
VALUES STRATEGIC FOCUS AREAS TARGETS AMBITION
Our ambition is to be
the leading wealth manager
and a responsible, proactive
capital allocator in
the Nordic region.
Significant growth of AUM
(EUR 30 billion) over the
long-term
EBIT margin of 30%
High return on equity (25%)
Recurring revenue ratio in
excess of 130%
GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
Evli's strategy
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GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
CORNERSTONES OF THE STRATEGY
CLIENT EXPERIENCE
- Increasing the client base in Finland and internationally
- Perceived as ”Simply Unique” by clients
NEW INVESTMENT OPPORTUNITIES
- Mutual Funds and alternative investment products to
private clients and institutions
- Development of the integrated corporate service
model to corporate clients
RESPONSIBILITY
- Responsible products and services
- Positive influence on society and the environment
DIGITALIZATION
- New digital investment solutions and service models
- Streamline investment and brokerage processes
OUTCOME 2024
CLIENT EXPERIENCE
- Total assets under management EUR 18.9 billion (2023: EUR 18.0 billion)
- International assets under management EUR 2.8 billion (2023: EUR 2.4 billion)
- Evli has been ranked in top positions in Kantar Prospera’s survey for over 10
consecutive years in terms of overall quality and in SFR Reasearch survey in
top positions for eight consecutive years in terms of overall quality
1
NEW INVESTMENT OPPORTUNITIES
- Assets under management in mutual funds EUR 10.8 billion (2023: EUR 9.9 billion)
and in alternative investment funds EUR 2.8 billion (2023: EUR 2.7 billion)
- New mutual fund Evli Europe Growth
- New alternative investment funds Evli Private Capital Fund I and Evli Private
Equity IV
RESPONSIBILITY
- Prepared reporting according to the EU’s standardized sustainability
reporting (CSRD)
- Stronger commitment to climate & biodiversity work. Bringing an investor
perspective to UNICEF Finland's research project and continuing Evli’s own
study to promote children’s rights.
- Systematic work to further develop social and corporate responsibility at
Evli
- Evli was awarded for Finland’s best expertise in responsible investment
2
DIGITALIZATION
- Developing processes, systems and offering using artificial intelligence
- Launching new features in the My Evli online service and launching the new
evli.com website
- Developing the use of the new client communication system and publishing
the new client onboarding process
CLIENT EXPERIENCE
- Deepen the presence in chosen markets
- Strengthen the presence in Sweden
- Expand the customer base
- Stay the best and most used asset manager in Finland
NEW INVESTMENT OPPORTUNITIES
- Launch 1-2 new mutual funds
- Launch 1-2 new alternative investment funds
RESPONSIBILITY
- Continue work on climate change, biodiversity, and human
rights
- Continue ESG integration, through among others internal
ESG training and the development of data capabilities and
reporting
- Further improve the diversity of personnel
DIGITALIZATION
- Develop internal processes using artificial intelligence
- Promote process development to support the strategic focus areas
- Develop new functionalities for the My Evli online service
TARGETS 2025
1
Kantar Prospera External Asset Management 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 Finland. SFR Scandinavian Financial Research Institutional Investment Services Finland 2017, 2018, 2019,
2020, 2021, 2022, 2023, 2024
2
Kantar Prospera External Asset Management 2017, 2018, 2019, 2020, 2023, 2024 Finland
Implementing the strategy in 2024
CASE
16
Evli promotes fixed income investing with
Finland's first podcast focused on interest rates
After nearly a decade of negative rates, fixed income again became a topic of
discussion among Finns. In 2024, Evli launched Finland's first podcast series dedicated
to fixed income investing. The aim was to make fixed income investing understandable
to all investors.
Many investors would like to add fixed income to their portfolio alongside equities, but do not know what fixed
income products are available and how to build their own investment plan. Investing in fixed income is not
difficult, but it is much less talked about than investing in equities.
The podcast, called “Kaikki koroista”, i.e. ”All about fixed income”, delves into fixed income investing from many
angles, without using difficult industry jargon. The podcast series starts by explaining what interest rates and
fixed income investing are. It then dives deeper into how to build a good fixed income portfolio and what roles
central banks, inflation and other market factors play.
Equity and fixed income investments react to market events in different ways
In a nutshell, investing in fixed income means lending money to a government, municipality, company or bank,
for example. Whereas an equity investor looks for the value of his investment to grow, a fixed income investor
expects to get back the money he has borrowed, plus interest over the period of the loan.
Equity and fixed income investments play different roles in wealth creation. They also react to world and market
events in slightly different ways, which gives the investor additional security. With fixed income investments, it is
possible to mitigate the impact of stock price fluctuations on one's portfolio, i.e. to improve the risk/return ratio
of the portfolio.
"Sometimes what is good for an equity investor is bad for a fixed income investor, or vice versa. For example, if
a company invests aggressively in new technology, an equity investor may think that this could generate huge
profits in the future. A fixed-income investor, on the other hand, thinks that if everything goes well, he will get
his money back plus a predetermined return," says Mikael Lundström, Chief Investment Officer at Evli Fund
Management Company.
Different fixed income funds are worth comparing
Investors can choose from a wide range of fixed income products with different investment periods and
risk levels. As the risk increases, so does the potential return on investment. The amount of interest paid on
an investment is influenced not only by the general level of interest rates, but also by the likelihood that the
borrower of the money will be able to repay the loan, including interest.
The easiest way for a private person is to invest in fixed-income funds, where professionals have selected a
range of bonds. These funds have different risk profiles and expected returns, so all types of investors will find
one that suits their portfolio.
"I recommend that investors take a look at the Funds' Monthly Review. It shows the fund’s current level of return
and what kind of return can be expected in the future. It is also worth looking at how long the bonds in the fund
are and how risky they are, i.e. looking at the creditworthiness of the fund’s content," says Lundström.
Falling interest rates changed the interest rate debate
The European Central Bank started cutting interest rates in June 2024, which affected not only mortgage rates
but also the potential returns on fixed income investments, as the return is linked to the interest rate level at the
time of investment.
From a fixed income investor's perspective, the best investment environment is one of weak economic growth,
low inflation and a central bank that is easing its monetary policy. In Europe, economic growth is now weak,
and inflation is already below the European Central Bank's target. We are slowly drifting into a very favorable
environment for fixed income investors, a so-called golden age, where the market is neither too cold nor too hot
for fixed income, but just right.
“Kaikki koroista podcast” is available on Spotify, Apple Podcast and YouTube.
GovernanceResponsibility Financial ReviewBusiness OverviewBusiness Overview
17
RESPONSIBILITY
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
At Evli, responsibility has been an integral part of business for years and we are actively developing
responsibility in our operations. Responsibility is also one of Evli's strategic focus areas. For several years Evli
has been awarded for the best expertise in responsible investments in Finland
1
.
Evli’s business is built on understanding clients and their needs. The company’s primary responsibility is to grow
clients’ wealth responsibly, according to their individual goals. Evli’s client relationships are long-term and based
on mutual trust and ethical business practices. When we help individuals and companies prosper in the long-
term, we create progress also on a larger scale.
Evli’s development and business opportunities depend not only on the trust of its clients, but also on the trust
of its employees, owners, investors, partners, and society. To maintain and strengthen this trust, Evli must be
proactive, transparent, highly ethical, and responsible in all aspects. Responsibility is based on Evli’s values:
entrepreneurship, valuable relationships, learning, and integrity. These values also form the foundation for the
ethical principles which direct the actions of Evli and its employees and which guide the company’s relationship
with its clients and other stakeholders.
Evli seeks to be a responsible member of society and is committed to taking into account both the direct and
indirect environmental impacts of its operations. The responsibility section of the annual report includes detailed
information on how responsibility has been integrated into Evli’s business operations and what indicators have
been deemed essential for measuring Evli’s responsibility.
The responsibility section includes four parts: 1) Corporate Responsibility Report, 2) Responsible Investment
Annual Review, 3) Task Force on Climate-related Financial Disclosures report, and 4) Taskforce on Nature-
related Financial Disclosures report. Evli’s Corporate Responsibility Report 2024 is not a sustainability report
in compliance with the EU Corporate Sustainability Reporting Directive (CSRD), but it follows the CSRD
reporting framework for the first time.
Wealth and responsibility drive
positive change together
1
SFR Scandinavian Financial Research Institutional Investment Services Finland 2017, 2019, 2021, 2022. Kantar Prospera External Asset
Management 2017, 2018, 2019, 2020, 2023, 2024 Finland.
18
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Evli Corporate Responsibility Report
Contents
General information ................................................................................ 20
Corporate Responsibility Report Reporting Principles ............. 20
Risk management and internal controls over corporate
responsibility reporting .................................................................................. 20
Environmental information ................................................................. 32
E1 – Climate change ......................................................................................... 32
Social information .................................................................................... 36
S1 – Own workforce ........................................................................................ 36
S4 – Consumers and end-users ...........................................................46
Governance information .......................................................................49
G1 – Business conduct ....................................................................................49
Content index of Corporate Responsibility Report ..............53
Sustainability governance and strategy .................................... 22
Responsibility governance structure and reporting .................. 22
The role of the administrative, management, and supervisory
bodies and information provided to them and sustainability
matters addressed by them ....................................................................... 22
Integration of sustainability-related
performance in incentive plans ..................................................................24
Strategy, business model, and value chain ........................................ 26
Interests and views of stakeholders ...................................................... 27
Sustainability topics assessed as material .........................................31
19
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20
General information
Corporate Responsibility Report Reporting
Principles
Basic information
Evli Plc and its subsidiaries form the Evli Group (“Evli” or the “Group”), whose two business areas are Wealth
Management and Investor Clients, and Advisory and Corporate Clients. The Corporate Responsibility Report
covers the Group as a whole, unless otherwise stated in connection with the information reported, and the
information reported is mainly at the Group level. The scope of the report is the same as in the consolidated
financial statements.
The Corporate Responsibility Report is published annually. The reporting period is the same as in financial
reporting, i.e., the financial year from January 1, 2024, to December 31, 2024.
Basis for preparation
Evli’s Corporate Responsibility Report 2024 is not a sustainability report in compliance with the EU
Corporate Sustainability Reporting Directive (CSRD). However, the Corporate Responsibility Report follows the
CSRD reporting framework for the first time, and therefore there have been no changes in implementation or
comparative figures. The content and structure of the reporting will be further developed in the coming years.
Evli is required to report according to the CSRD from year 2026 onwards.
The Corporate Responsibility Report is not based on other legislation or sustainability reporting standards. The
reported sustainability topics and key figures of sustainability are based on Evli’s double materiality analysis,
conducted in 2024. Based on the materiality analysis, the reporting requirements material to the company’s
operations, products, and stakeholders have been selected. The material themes and sustainability objectives
based on the materiality analysis were approved in 2024, and reporting in accordance with them began in 2024.
The materiality analysis and its results are discussed in more detail in the section “Identification and assessment
of material impacts, risks, and opportunities”. Evli’s previous Corporate Responsibility Reports have followed the
GRI initiative as applicable.
Evli has not omitted any piece of information corresponding to intellectual property, know-how, or the results
of innovation from the report, nor has Evli exercised the right that allows for the exemption from disclosure of
impending developments or matters in the course of negotiation, as provided for in articles 19a(3) and 29a(3) of
Directive 2013/34/EU.
The 2024 Corporate Responsibility Report is not audited by a sustainability reporting auditor.
Risk management and internal controls
over corporate responsibility reporting
Sustainability reporting complies with Evli’s Group-level principles and processes for statutory reporting, risk
management, and internal control. The Board of Directors confirms the principles and responsibilities of risk
management, the Group’s risk limits, and other general guidelines according to which the risk management
and internal controls are organized. The Board of Directors has also set up an Audit and Risk Committee, which
prepares the proposals on risk-taking for the Board of Directors. In the 2024 financial year, sustainability risks
have been treated as part of operational risks. Regarding sustainability risks, risk management will be developed
in 2025. The internal audit of sustainability reporting will be based on risk identification, analysis, and targeting
of the control at the most material risks identified based on the double materiality analysis, as well as on best
practices of internal audit.
The Risk Control function oversees daily operations and compliance with the risk limits granted to the business
units, as well as compliance with risk-taking policies and guidelines. The Risk Control function reports its findings
to the Management Risk Committee, the Executive Group, and the Board of Directors.
Evli’s Internal Audit is governed by the Internal Audit guidelines. In addition, Internal Audit complies with the
internationally accepted code of ethics, standards, and professional practice of internal auditing (The Institute of
Internal Auditors).
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21
The control environment of corporate responsibility reporting emphasizes Evli’s values, the commitment of
the management to sustainable operations, a corporate culture emphasizing ethics and sustainability, policies
promoting sustainable operations and centralized business processes, qualified personnel, and transparency of
operations.
Corporate responsibility reporting is centralized under Evli’s group functions to Financial Administration and the
Marketing, Communications, and Investor Relations, as well as the Responsible Investment team.
The risks identified in corporate responsibility reporting are the veracity of the information reported and
the timeliness of reporting. To ensure the veracity and timeliness of the information to be reported, Evli has
defined and adopted a governance structure for corporate responsibility reporting that defines the roles and
responsibilities for corporate responsibility reporting. Evli has included the conditions required to produce the
disclosed information in the Group’s common business processes that all business units and group functions
comply with in their operations.
The owners of business processes are responsible for ensuring that Evli’s processes enable a transparent
production of disclosed information. The responsibility for the veracity of information content, as well as for
complying with reporting schedules and providing them to Group Accounting, is assigned to the supervisors in
Evli’s business units and to supervisors in group functions.
Internal Audit reports on the efficiency of corporate responsibility reporting at least annually in accordance
with the Internal Audit’s process. The results of Internal Audit are monitored and controlled in Evli’s Executive
Group and in the Audit and Risk Committee. Internal Audit inspects the corporate responsibility reporting
controls as part of its audit work.
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22
Responsibility governance and strategy
The role of the administrative, management,
and supervisory bodies and information
provided to them and sustainability matters
addressed by them
Evli’s Corporate Responsibility Report gives information on sustainability governance, including information on
the roles of the Board of Directors, Board committees, and the CEO and Executive Group of the Group.
Board and board committees
Evli Plc’s Board of Directors has the ultimate decision-making power over responsibility matters at the Group
level, including all aspects related to environmental, social, and governance (ESG) factors. Evli’s Board of Directors
approves the Group policies governing the Group’s operations and internal audit. In addition to the Group’s
responsibility policies, principles related to responsible business operations have been defined, for example, in
policies related to ethical principles, HR, risk management, data privacy, data security, and communications,
approved by the Board of Directors, as well as in guidelines issued based on them. The targets and policies are
updated if any changes that must be addressed occur in the operating environment. In 2024, Evli’s Board of
Directors consisted of six members. After the general meeting held on March 14, 2024, Evli’s Board of Director’s
members were Christina Dahlblom, Fredrik Hacklin, Sari Helander, Robert Ingman (chairperson), Antti Kuljukka,
and Tomi Närhinen.
Evli’s Board of Directors consisted of industry experts and the company’s major shareholders. All Board
members were independent of the company. With the exception of Robert Ingman, the other members of the
Board of Directors are independent of the company’s significant shareholders. Based on the shareholdings of
controlled companies, Robert Ingman was not independent of the company’s significant shareholders. None of
the members of the Board of Directors were employed by Evli.
Responsibility governance structure and
reporting
Evli’s CFO, who is a member of the Executive Group, heads Evli’s responsibility work. The CFO also ensures that
responsibility matters are adequately reported to the CEO and Executive Group of Evli. Evli’s Human Resources
is responsible for developing and coordinating personnel-related responsibility matters, and the Responsible
Investment team is responsible for developing and coordinating responsible investment. The Responsibility
Working Group, with representatives from Financial Administration, the Communications, Marketing and Investor
Relations teams, and the Responsible Investment team, prepares the Group-level responsibility reports and
determines the focus areas in corporate responsibility operations that guide responsibility work. In addition,
the working committee sets schedules and targets for responsibility work, provides internal guidelines, and
regularly organizes responsibility meetings.
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23
The Board members should be elected so that the composition of the Board of Directors is as diverse as
possible and supports Evli’s business goals and meets the following principles:
- The Board of Directors as a whole must have sufficient competence and experience to be able to carry out its
duties diligently and efficiently, taking into consideration the type and scope of the company’s operations and
its strategic goals and the changes within business and the rest of society.
- The members of the Board of Directors should have mutually complementary education and skills, as well as
experience in industries important for the company.
- The members of the Board of Directors should have experience of Board work and executive duties in
business or other areas of society.
- The Board of Directors should include both men and women as far as it is possible.
- The composition of the Board of Directors should also be diverse in terms of age distribution and term of
office.
In addition, in accordance with the Corporate Governance Code, persons elected to the Board of Directors must
have the possibility to devote a sufficient amount of time attending to their duties.
The Audit and Risk Committee supervises Evli’s sustainability work and sustainability reporting. The Audit and
Risk Committee reviews and approves the focus areas and material topics of Evli’s corporate responsibility. In
addition, the Audit and Risk Committee and the Board of Directors address and approve the Group’s Corporate
Responsibility Report published annually. Evli’s Audit and Risk Committee members were, after the general
meeting held on March 14, 2024, Sari Helander (chair), Antti Kuljukka, and Tomi Närhinen. All Audit and Risk
Committee members are independent of the company.
The Compensation Committee, appointed by the Board of Directors, assists the Board of Directors in the
preparation of matters related to the company’s terms of employment and remuneration. Evli’s Compensation
Committee members were, after the general meeting held on March 14, 2024, Fredrik Hacklin (chair), Christina
Dahlblom, and Robert Ingman.
The Board of Directors approves sustainability objectives of the Evli Group. Evli’s CFO is responsible for the
execution of the objectives. The development of the objectives is reported to the Board of Directors annually. The
sustainability objectives are described in more detail theme by theme in the Corporate Responsibility Report.
The Group’s risk management results related to the sustainability risks are presented to the Board of Directors
annually. At the meetings of the Board of Directors and its committees, reviews of different aspects of
sustainability presented by the Group’s operative management and experts are also regularly addressed. The
reviews give the members of the Board of Directors information on the company’s material sustainability-
related impacts, risks, and opportunities, and the progress of the responsibility targets of the company. The
reviews also ensure that the Board of Directors has up-to-date knowledge of and expertise in sustainability
matters. If needed, sustainability-related training will be organized for the Board of Directors.
The Board of Directors has a Diversity Policy, which includes the principles of diversity. In accordance
with the Diversity Policy, the Board of Directors must have the necessary knowledge of and expertise in
the social, business, and cultural environment of the Group’s main countries of operation and markets. In
line with the policy, versatile competence and expertise are sought when electing the Board of Directors.
Diversity strengthens Evli’s goal of having a Board of Directors whose overall competence profile supports
the development of Evli’s business. Diversity is also seen as a key success factor that enables Evli to reach its
strategic goals and continuously improve its client-centric operations.
At the end of the financial year 2024, the members of the Board of Directors represented a wide range
of expertise in management and Board tasks in different industries and business areas and had mutually
complementary educational backgrounds. Both genders were represented on the Board of Directors: of
the members, two (33%) were women and four (67%) men. The average age of the members of the Board of
Directors was 56. The age difference between the youngest and the oldest member of the Board of Directors
was 17 years.
During the 2024 financial year, the reviews addressed at the meetings of the Board of Directors and its
committees included, among others, the following sustainability-related topics:
- updates to the Group’s policies;
- personnel well-being and development;
- development of diversity and non-discrimination;
- remuneration;
- data security;
- sustainability reporting, its regulatory development, materiality analysis, and stakeholders’ wishes;
- regulatory development and the requirements it brings.
Group CEO and Executive Group
The CFO is responsible for the implementation of sustainability objectives, approved by the Board of Directors,
in the Group and reports to the Board of Directors on the material sustainability-related impacts, risks, and
opportunities. Business area managers are responsible for the implementation of business area-specific
sustainability targets and report their achievement to the Executive Group. In addition, the CFO of the company
heads Evli’s Management Risk Committee, which handles sustainability-related risks as part of the general risk
assessment of the company.
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24
Evli’s CFO, who is a member of the Executive Group, heads the overall responsibility work of Evli. The CFO also
ensures that responsibility matters are adequately reported to the CEO of Evli. Evli’s Marketing, Communications
and Investor Relations function is responsible for Evli’s responsibility reporting together with Financial
Administration and the Responsible Investment team. Evli has recognized that the single most important factor
in improving the responsibility of its operations and minimizing its environmental impacts is the responsibility
of its investment activities and the integration of responsibility into its product and service range. Therefore, a
separate Responsible Investment team, headed by the Head of Sustainability, is responsible for the development
and coordination of responsibility of the product and service range. The Responsible Investment Executive
Group, which also includes the CEO of Evli, resolves on Evli’s Principles for Responsible Investment and related
practices. The Group CFO reports to the Board of Directors and Audit Committee on responsibility matters
annually, or more frequently if needed. In addition to the CFO, the Group operations, such as Legal, Compliance,
Risk Management, and Human Resources, regularly report to the Board of Directors and/or its committees and
to the Executive Group. Reporting can include responsibility themes, as responsibility has been integrated into
operations. The Board of Directors and its committees receive the meeting material prior to each meeting and
have time to provide feedback on it. At a meeting, each issue is presented before decision-making.
During the 2024 financial year, the reviews presented by the Group management and sustainability experts and
addressed at the meetings of the Executive Group included, among others, the following responsibility-related
topics:
- updates to the Group’s policies;
- personnel well-being and development;
- development of ethical work and operating environment;
- promotion of diversity and non-discrimination;
- occupational safety;
- data security;
- reshaping working life;
- sustainability reporting and its regulatory development.
Good governance
The Board of Directors and the CEO are responsible for Evli’s governance. Good governance is ensured at Evli by
clear management and internal audit. An auditor is responsible for the Group’s external audit.
Integration of sustainability-related
performance in incentive plans
Evli’s remuneration principles and the total remuneration of the administrative, management, and supervisory
bodies are presented in Evli’s Remuneration Report.
Based on the preparation by the Compensation Committee, appointed by the Board of Directors, Evli’s Board of
Directors resolves on the salaries and other financial benefits for the Group CEO and members of the Executive
Group and the short-term and long-term remuneration schemes of the Group. The remuneration of Evli’s Board
of Directors is not tied to the Group’s performance.
In line with Evli’s Remuneration Policy, remuneration in 2024 has supported Evli’s business strategy with a focus
on creating long-term growth and shareholder value. Although a significant part of the total remuneration
of the CEO and other members of the Executive Group is in the form of fixed payments, performance-based
components are set to encourage the achievement of company targets. Variable remuneration granted in
accordance with the Remuneration Policy, including short-term and long-term incentives, may not exceed
200 percent of the annual fixed remuneration. The purpose of the short-term incentives is to encourage the
achievement of the financial and other short-term targets in line with the business strategy. The short-term
incentive plan remuneration depends on Evli’s financial performance and the achievement of strategic targets.
The basis for assessing the variable remuneration of the CEO and members of the Executive Group is based on
quantitative and qualitative metrics. Quantitative metrics are linked, for example, to net sales and net revenue.
Qualitative metrics, on the other hand, are based on client satisfaction, upholding the company values, supporting
reputation, compliance with rules, considering responsibility in investment activities, and personnel well-being.
When assessing the performance of the CEO and the deputy CEO, all qualitative metrics are taken into account.
When assessing other members of the Executive Group, metrics related to their business responsibility are
taken into account.
Statement on due diligence
The due diligence process describes the main steps and included stakeholders of Evli’s sustainability statement.
Process description below:
- Internal analysis on sustainability impacts, risks, and opportunities
- A preliminary assessment of the identified sustainability impacts, risks, and opportunities in the Responsibility
Working Group
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- Presenting an estimate to Evli’s Board of Directors
- Conducting a stakeholder survey aimed at the key stakeholders for double materiality analysis: clients,
personnel (including management), the Board of Directors, shareholders, and co-operation partners
- Identifying material sustainability topics and final rating of the identified sustainability impacts, risks, and
opportunities in the Responsibility Working Group utilizing the Working Committee’s previous assessment and
stakeholder survey
- Reporting results to the Board of Directors of Evli
- Preparing Evli’s Corporate Responsibility Report based on material sustainability topics
- Approval of Evli’s Responsibility program by the Board of Directors
Risk management and internal controls over sustainability reporting
Evli has integrated sustainability reporting into its existing financial reporting. In terms of risk control,
sustainability risks have previously been treated as part of operational risks, but in the future they will be
monitored as a separate risk category. In practice, risks and control measures related to sustainability
reporting have been included as part of the company's overall risk management.
Evli’s risk management system is based on a three-lines of defense model, where the first line is responsible
for operational activities and risk management, the second line provides support and guidance related to
risk management, supervising the effectiveness of controls, and the third line (internal audit) assesses the
effectiveness of risk management and control.
Evli’s internal control system is designed to ensure that sustainability reporting data is reliable, timely and
consistent. The system includes, among other things, control measures, reporting instructions and training for
personnel.
The risk management and internal control processes and systems related to sustainability reporting cover all
material sustainability issues identified in the double materiality analysis. These include, for example, climate
change, employee well-being and business ethics. Key features and components include:
- Risk identification: Regular and systematic risk identification, using both internal and external sources of
information.
- Risk assessment: Assessment of risks based on probability and impact and prioritisation of risks.
- Control measures: Designing and implementing effective control measures to mitigate risks.
- Data collection and reporting: Collecting and reporting reliable data for sustainability reporting.
- Monitoring and improvement: Continuous monitoring and improvement of risk management and control.
Evli uses a combined risk assessment model that utilises both qualitative and quantitative methods. Risks are
assessed on the basis of probability and impact and risks are prioritised on a risk basis. The most important
identified risks include:
- Employee well-being risks: Health and safety risks.
- Ethical risks: Corruption and bribery.
- Climate change risks: Physical risks (e.g. extreme weather events) and transition risks (e.g. emission
reduction requirements).
To mitigate these risks, Evli has developed various strategies, such as:
- Employee well-being: Health and safety programmes, employee training.
- Ethical: Ethical guidelines and procedures, regular training of employees and development of information
systems
- Climate change: Reducing emissions, using renewable energy and adapting to climate change.
Control activities related to these strategies include, inter alia, regular audits, reviews and reporting.
Description of reporting on matters related to the reporting process to administrative,
management and supervisory bodies
Matters related to the reporting process are regularly reported to the administrative, management and
supervisory bodies. Sustainability reporting is part of the company's comprehensive reporting, and reported on
at least once a year.
In addition, administrative, management and supervisory bodies are regularly informed of risks and control
measures related to sustainability reporting. This enables them to supervise and guide the company's
sustainability work.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
1
SFR Scandinavian Financial Research Institutional Investment Services Finland 2017, 2019, 2021, 2022. Kantar Prospera External Asset
Management 2017, 2018, 2019, 2020, 2023, 2024 Finland
26
Representatives from various business units of the Group participated in the preparation of the Responsibility
program and in the analysis of the material topics. The program takes into account the current and future
regulatory requirements related to sustainable development reporting, as well as feedback received from
various stakeholders.
In this Corporate Responsibility Report, Evli’s material responsibility topics are categorized in line with the CSRD
reporting in the sections “Environmental information”, ”Social information”, and “Governance information”. Each
section discusses the actions taken to manage the matter and its impacts, as well as developments in policies,
processes, and/or working practices during the reporting period.
The materiality analysis of sustainability was used to set the themes and targets governing responsibility work.
The summary and process of the materiality analysis is described in the section “Identification and assessment
of material impacts, risks, and opportunities”.
The latest Responsibility program was approved by the Group CFO in December 2024 and by the Audit and Risk
Committee of Evli Plc in December 2024.
Business model and value chain
The Evli Group is the leading asset manager in Finland offering a broad range of services including mutual funds,
asset management and capital markets services, alternative investment products, equity research as well as
Corporate Finance services. Responsible investing is integrated in every investment decision and our expertise is
widely acknowledged by our clients.
Evli offers its products and services in Finland and internationally through its two business areas, the Wealth
Management and Investor Clients, and Advisory and Corporate Clients. In Finland and Sweden, Evli offers
comprehensive wealth management, investment, and corporate services to private persons, corporations, and
institutions. Evli’s international operations cover the sale of investment products in Europe. In 2024, there were
no significant changes in the markets in which Evli operates. However, as a result of a corporate arrangement,
the Group’s incentive business became an associated company of Evli on March 29, 2024, as a result of a
strategic partnership with the private equity firm Bregal Milestone.
Evli aims to consider the changes in its clients’ needs, demand, markets, and regulation, and based on them
modify its product and service offering, and if needed, its strategy and business model. Significant products,
services, client groups or markets do not materially conflict with the company's own sustainability objectives.
In 2024, changes in Evli’s product offering were mainly focused on mutual funds and alternative investment
products.
Strategy, business model, and value chain
Strategy
Evli’s business starts with clients and understanding their needs. Our primary responsibility is to grow clients’
wealth responsibly, according to their individual goals. Evli’s client relationships are long-term and based on
mutual trust and ethical business practices. By helping individuals and companies prosper in the long-term, we
also promote positive change on a larger scale. Evli has also been awarded several years for the best expertise
in responsible investment in Finland
1
.
Evli’s development and business opportunities depend not only on the trust of its clients, but also on the trust of
its personnel, owners, investors, cooperation partners, and society. To maintain and strengthen this trust, Evli
must be active, transparent, highly ethical, and responsible in all aspects. Responsibility is based on Evli’s values:
entrepreneurship, valuable relationships, learning, and integrity. These values also form the foundation for the
ethical principles followed by the Group and its employees, and which guide the company’s relationship with its
clients and stakeholders. Evli's strategy does not contain individual sustainability themes. Instead, sustainability
issues are considered as part of all investment processes, while good governance and human resources are
part of everyday life and processes. Digitalisation, process automation, and responsibly produced products all
contribute to the promotion of sustainability.
In terms of sustainability matters, Evli’s operating environment is particularly affected by the changing
regulatory environment. Evli’s measures related to strategic sustainability objectives respond to the changes in
the operating environment. At the same time, the changing operating environment opens up new product and
service opportunities for the Group. Risks and opportunities related to sustainable development are presented
theme by theme in each section of the Corporate Responsibility Report and in the section “Risk management and
risks”.
The Evli Group has a Responsibility policy and Responsibility program, governing responsibility work at the
Group level. The Responsibility program consists of three strategic responsibility themes: environmental
responsibility, social responsibility, and good governance. For each topic, the materiality analysis identified
important sustainability matters that are related to the Evli Group’s business and considered important by
various stakeholders of the Group as the most material sustainability topics.
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New products and services in 2024:
- Evli launched a new equity fund, Evli Europe Growth, which invests in European quality growth companies. In
addition to economic analysis, the fund also takes into account environmental, social, and good governance
factors in its investments.
- Evli launched the new green transition alternative fund, Evli Private Capital Fund I, which focuses on energy
sector transformation, resource efficiency, and circular economy, and gives investors more options to seize
the megatrend of green transition.
- Evli launched the new private equity fund, Evli Private Equity IV. The fund invests in top quality, international
private equity funds, mainly active in the buyout market, which invest in unlisted shares.
Discontinued products and services in 2024:
- The mutual fund AJ Evli Value Hedge was transferred to GRIT Fund Management Company Ltd in order to
streamline the product range.
- The mutual fund Evli Global Bond merged with the mutual fund Evli Corporate Bond. The reasons for the
merger were to streamline the product range and to allow clients to benefit from the larger size of the
receiving fund, which protects the continuity of the investments.
Evli Plc’s subsidiaries carrying out investment activities organize their businesses according to the strategic
decisions made by the parent company. For Evli, the most important management tool is the participation in
the Board work of companies. The Boards of Directors of subsidiaries consist of persons belonging to the
management of the Evli Group as well as of external experts. Evli provides its wholly owned subsidiaries with
precise instructions on how they should organize their operations considering the Group’s principles, such
as compliance, remuneration, risk management, and policies. There is a close dialogue between Evli and its
subsidiaries about the most significant operational issues. In addition, Evli continuously follows the results and
risks of its subsidiaries. More detailed information on the Evli Group’s structure is in section 8.1. Corporate
structure in the Annual Reports financial statements.
The products of the Evli Group bring value to clients, consumers, and end-users in the following ways, for
example:
- Evli’s products and services meet the needs and targets of clients.
- Evli’s service solutions can be tailored to suit a client’s needs.
- Evli offers competent and professional service.
- Evli offers responsible investment activities.
Evli employs approximately 280 people in Finland and altogether approximately 300 people in three countries.
Number of employees by country is presented in section “S1 – Own workforce”. In 2024, Evli paid approximately
EUR 35.6 million in salaries and fringe benefits.
Interests and views of stakeholders
At Evli, responsibility is broadly defined as financial, social, and environmental responsibility. Ongoing dialogue
with stakeholders is very important for Evli, as it helps to develop responsible ways of working and doing
business. In addition, dialogue with stakeholders provides information on whether Evli’s business strategy is
right for the shareholders or whether it should be changed. The persons responsible for Evli’s business units
are in continuous dialogue with the Board of Directors, the Executive Group, and supervisory bodies to ensure
that they have up-to-date information on the wishes, important themes, and objectives of various stakeholders,
as well as their potential impacts on Evli’s responsibility work and, more broadly, on the business strategy.
The views of stakeholders were used in a double materiality analysis, conducted in 2024, based on which Evli
approved the material sustainability themes for the company’s operations. The themes form the focus areas
for the development of Evli’s responsibility work. More information on the materiality analysis is described in the
section “Identification and assessment of material impacts, risks, and opportunities”. Based on the materiality
analysis, no changes were made in Evli’s business strategy. The Dialogue with Stakeholders table summarizes
Evli’s key stakeholders and how the themes important to them are taken into account in the company’s strategy
and business model.
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28
STAKEHOLDER CHANNELS USED
IMPORTANT THEMES FOR
STAKEHOLDERS
IMPACT ON EVLI’S OPERATIONS,
BUSINESS MODEL, AND STRATEGY
Clients
- Questionnaires and client feedback
- Evli.com and social media channels
- Client meetings, events, and webinars
- Emails, newsletters, and phone calls
- Double materiality analysis survey
- Competitive and responsible products and services
- Useful auxiliary and advisory services
- Reliability and data protection
- Service channels that meet one’s needs
- Responsible operations
- Responsible products and services
- Broad range of products
- Separate products and services focused on
responsibility themes
- Active and open reporting
Personnel and the
Board of Directors
- Intranet and HR personnel system
- Occupational healthcare
- Development discussions and training events
- Personnel surveys and other internal surveys
- Personnel events
- Cooperation with personnel representatives
- Occupational safety observations and occupational
safety and health
- Ethical reporting channel
- Double materiality analysis survey
- Equal treatment and open interaction
- Diversity and non-discrimination
- Job stability and competitive pay
- Upskilling and good management
- Occupational health and well-being,
and occupational safety and health
- Working conditions
- Responsible operations
- Recruitment process
- Evli Academy and other trainings
- Development of management
- Measures defined based on personnel survey
Shareholders and
investors
- Interim and half-year reports, financial statements
releases, and annual report
- Corporate Governance Statement
- Remuneration Policy and Report
- Stock exchange releases and press releases
- Annual General Meeting and Investor and analyst events
- Evli.com
- Double materiality analysis survey
- Creating long-term value
- Profit performance
- Good return on equity
- Capital adequacy
- Responsible operations
- Conservative balance sheet management
- Clear dividend policy
- Regular and comprehensive reporting
Dialogue with stakeholders
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29
STAKEHOLDER CHANNELS USED
IMPORTANT THEMES FOR
STAKEHOLDERS
IMPACT ON EVLI’S OPERATIONS,
BUSINESS MODEL, AND STRATEGY
Cooperation partners
- Meetings and trainings
- Emails and phone calls
- Evli.com
- Double materiality analysis survey
- Fair and equal treatment
- Competitive products and services
- Reliability and capital adequacy
- Two-way communications
- Broad range of products as well as responsible products
and services
- Measures defined based on discussions held
- Assessment of partners’ responsibility as part of
selection process and during cooperation
Media and analysts
- Press releases and stock exchange releases
- Press events and interviews
- Evli.com and social media channels
- Morning reviews, market analyses, and newsletters
- Emails and phone calls
- Investor and analyst events
- Financial and investor reports
- Relevant, reliable, and open communications
- Expertise
- Relevant and professional commentary
- Presentation of Evli’s product and service offering
- Up-to-date and regulatory-compliant dialogue with
analysts
The authorities and
regulators
- Bilateral meetings
- Phone calls and electronic channels
- Events, seminars, and panels
- Ethical reporting channel
- Compliance with laws and regulations, and integration of
sustainable development into operations
- Open, transparent, and reliable reporting
- Continuous dialogue
- Changes in product and service offering resulting from
regulation
- Changes in sales and marketing practices
- Development of internal processes based on changing
regulation
Researchers,
educational institutions,
and students
- Cooperation projects
- Cooperation events
- Visits arranged by Evli
- Recruitment events
- Thesis workplaces and traineeships
- Research and development cooperation
- Training and skills
- Investments and workplaces
- Joint research and development projects
- Educational cooperation and partnerships
- Jobs and traineeship posts
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30
Identification and assessment of material
impacts, risks, and opportunities
Evli updated its materiality analysis in 2024. Evli’s previous materiality analysis was updated into a double
materiality analysis, which takes into account impact materiality and financial materiality.
In the first step of the double materiality analysis, we identified and assessed, in the internal Responsibility
Working Group, possible material topics and sustainability impacts, risks, and opportunities, after which we rated
them. The Working Committee’s preliminary draft was first approved internally in Evli’s Responsibility Working
Group and then presented to Evli’s Board of Directors.
In the identification of sustainability matters, Evli’s previous reporting, internal and external statements on
sustainability themes, Evli’s principles, policies and targets, results of Evli’s previous materiality analysis, and
the double materiality survey sent to the internal and external stakeholders were utilized. Sustainability
matters were identified in Evli’s own operations and value chain. As impacts, risks, and opportunities are often
interdependent, the process assessed all of them simultaneously. In the identification of relevant topics, the
sustainability matters of EU’s Sustainability Reporting Standards were used, however, taking into account the
special characteristics of Evli’s own operations.
In the identification of environmental impacts, we used, for example, previous reports and statements on
environmental impacts, carbon footprint calculation, statement on principal adverse impacts of investment
decision on sustainability factors, as well as Evli’s roadmaps, targets, principles, and policies related to
environment. In relation to social impacts, we used information available from internal and external reports and
statements, such as personnel satisfaction survey information.
Responsibility risks are included in Evli’s risk management framework, and Evli takes into account risks in its
strategic decision-making and business planning. More information on Evli’s risk management role in relation to
sustainability risks is available in section “Risk management and internal controls over sustainability reporting.
In fall 2024, we conducted a survey aimed at our key stakeholders on Evli’s sustainability impacts, risks, and
opportunities. The stakeholders selected for the survey were the Group management, Board of Directors,
personnel, clients, owners, and cooperation partners. A total of 18 people responded to the survey, of which 10
were internal and 8 external respondents. Based on the responses, we updated and specified identified impacts,
risks, and opportunities and their ratings. The impacts were rated by using a rating scale based on the scale,
scope, reparability, and likelihood of an impact. The scale, scope, and reparability of actual impacts were rated on
a scale of 1 to 5, and likelihood with a multiplier from 0.8 to 1.
For risks and opportunities, the assessment was based on the likelihood of the risk or opportunity, and on
the potential magnitude of financial impacts. Both were rated on a scale of 1 to 5. For risks and opportunities,
short-, medium-, and long-term time horizons were taken into account separately. Matters were rated on a
scale of short-term time horizon (the period adopted by the undertaking as the reporting period in its financial
statements), medium-term time horizon (1–5 years), and long-term time horizon (more than 5 years).
Material topics were defined as topics that exceeded value 5 for financial materiality or exceeded value 8 for
impact materiality. In relation to the materiality analysis, Evli also defined responsibility principles, governing
Evli’s responsibility work. Evli’s responsibility principles are broken down into three themes: responsible business,
social responsibility, and environmental responsibility.
During the final step, Evli’s Responsibility Working Group drafted a presentation on material sustainability
topics that Evli’s Board of Directors approved. Evli’s sustainability topics to be reported are climate change,
own workforce, consumers and end-users, and business conduct in relation to aspects identified as material
in the materiality analysis. As for topics identified as material, the content index of information reported is at
the end of the Corporate Responsibility Report. Material topics will be assessed annually, and in the future, they
are reported as part of Evli’s sustainability report. Evli is also in the process of re-evaluating its sustainability
objectives, based on the results of the double materiality analysis. New targets will be reported in the 2025
sustainability report.
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31
RESPONSIBLE BUSINESS
Climate change
1
Climate change mitigation
2
Climate change adaptation
3
Energy
Pollution
4
Pollution
Water and marine resources
5
Water and marine resources
Biodiversity anf ecosystems
6
Direct impact drivers of biodiver sity loss and impacts
on the extent and condi tion of ecosystems
7
Impacts on the state of species and impacts and de-
pendencies on ecosystem services
Resource use and circular economy
8
Resources inflows, including resource use and
resource outflows related to pro ducts and services
9
Waste
RESPONSIBLE BUSINESS
Own workforce
10
Working conditions
11
Equal treatment and opportunities for all
12
Other work-related rights
Workers in the value chain
13
Working conditions, equal treatment and other
work-related rights of workers in the value chain
Affected communities
14
Communities’ economic, social and cultural rights
15
Communities’ civil and political rights and rights of
indigenous peoples
Consumers and end-users
16
Information-related impacts for consumers and/or
end-users
17
Personal safety of consumers and/or end-users
18
Social inclusion of consumers and/or end-users
RESPONSIBLE BUSINESS
Business conduct
19
Corporate culture
20
Corruption and bribery
21
Management of relationships with suppliers including
payment practices
22
Protection of whistle-blowers
23
Corruption and bribery
24
Animal welfare
25
Taxes and tax footprint
FINANCIAL MATERIALITY
IMPACT MATERIALITY
Not material
Not material
Material
Material
7
23
21
2
3
25
17
12
11
18
1
22
10
16
20
19
6
Sustainability topics assessed as material
13, 14, 15
4, 5
8, 9, 24
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32
Environmental information
E1 - Climate change
Transition plan
At Evli, responsibility has been an integral part of portfolio management for many years, as the Group
believes that taking responsibility into account will create long-term added value. In January 2020, Evli made
responsibility one of its strategic focus areas for the coming years, and in June 2021, Evli set its climate targets
and the included milestones in line with its strategic objectives. Climate change mitigation has always been an
important issue for Evli, and Evli wants to create products that address climate change challenges.
The Corporate Responsibility Report of 2024 is focused on the Evli Group and the environmental information is
focused on Evli's own operations. In principle, Evli does not have operational control over its investee companies,
and therefore sustainability themes related to investment activities have not been discussed in this report.
Descriptions of the strategy, risk management, and metrics and targets for investment activities, in line with the
sustainability theme, are provided in Evli’s Task Force on Climate-related Financial Disclosures (TCFD) report. In
2025, Evli will develop its sustainability reporting, especially regarding environmental information, to also cover
investments in which Evli holds operational control to report in line with CSRD requirements.
Material impacts, risks, and opportunities related to climate change
Material aspect Impacts
Risks and opportunities for
the Evli Group Management
Climate change mitigation Evli’s operations cause
indirectly climate-
warming greenhouse
gas emissions (Scope 2
and 3)
Regulation and clients’
requirements can
increase demands to
reduce greenhouse
gas emissions from
investments. Evli must
be able to respond
to changes in client
preferences by offering
products that sufficiently
take climate factors into
account.
Products that take into
account environmental
factors can represent a
market opportunity for
Evli.
- Evli carries out carbon footprint
calculation annually.
- At Evli, work is underway to reduce
the energy consumption and carbon
dioxide emissions on its premises
by, among other things, updating
electricity contracts to zero-emission
options.
- We also monitor, among other things,
the number of products purchased
and commutes, and the environmental
impacts of waste and paper use.
- Unnecessary travel is avoided
by favoring telephone and video
conferences.
- Electronic client service channels, such
as My Evli, are continuously developed
to reduce paper reporting. Evli
regularly follows changes in climate
change-related regulation.
- Evli influences the industry debate
in Finland, for example, as a member
of Finsif and Finance Finland, and
participates in global discussion, as a
PRI signatory, at events organized by
PRI.
Positive impact on the environment and society or the Evli Group’s business
Negative impact on the environment and society or the Evli Group’s business
++
--
++
----
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33
Evli’s climate targets
In June 2021, Evli published its separate climate targets. Evli aims to achieve carbon neutrality by 2050 at
the latest. The target applies to emissions from both Evli’s own operations and investments. Therefore, we
aim to ensure that our operations are aligned with the target set by the 2015 Paris Agreement, which aims to
limit global warming to 1.5 degrees Celsius. Evli aims to achieve carbon neutrality for emissions from its own
operations (Scope 1 and 2) by 2025 at the latest.
As for investments, Evli’s climate targets and their progress are provided in Evli’s TCFD report.
Progress in targets
Evli aims to achieve carbon neutrality for emissions from its own operations (Scope 1 and 2) by 2025 at the
latest.
In terms of emissions from its own operations, Evli started forming a snapshot in 2021 with the construction of
an emissions calculation and the mapping of the most significant emission sources. The framework set by the
GHG Protocol was used for this task. The calculation of emission sources revealed that emissions from Evli’s own
operations are mostly concentrated in indirect Scope 3 emissions, such as emissions from purchased products
and services.
Evli has continued to calculate, together with a partner, the greenhouse gas emissions from its own operations
for 2023 and 2024. The calculation was carried out in accordance with the GHG protocol, using the operational
control approach that takes into account as a whole such emissions that are part of Evli’s operations. The result
was a more accurate picture of greenhouse gas emissions from Evli’s own operations. The calculation has been
developed to be more comprehensive than in previous years, and the number of included Scope 3 emission
categories has been increased by, for example, identifying emissions from commuting.
In accordance with the target related to emissions from own operations, Evli aims to update, as
comprehensively as possible, its electricity consumption contracts to zero-emission energy sources, as far as
such changes are possible. To reach the carbon neutrality target, Evli aims to offset the amount of emissions
equivalent to the remaining Scope 2 emissions. Evli will report on the target and the amount of the offset in more
detail in 2025.
Targets related to Evli’s greenhouse gas emissions will be re-evaluated in 2025, and the targets will be published
as part of Evli’s sustainability reporting.
Identification and assessment of material impacts, risks, and opportunities connected to
climate change
The material impacts, risks, and opportunities related to climate change have been identified as part of
Evli’s double materiality analysis. The double materiality analysis is described in more detail in the section
“Identification and assessment of material impacts, risks, and opportunities”.
The impacts, risks and opportunities related to climate change have been identified and assessed primarily
based on Evli’s own greenhouse gas emission calculation and the greenhouse gas emissions from Evli’s
investments. As an asset manager, the most significant climate risks and opportunities for Evli are related to its
investment activities, as Evli’s own operations do not result in significant direct environmental impacts.
Policies and actions and resources related to them
In its own operations, Evli has sought to reduce energy consumption and greenhouse gas emissions from
its premises and to avoid unnecessary travel. Unnecessary travel is avoided by favoring telephone and video
meetings. In addition, employees strive to improve the sorting of waste and reduce the use of paper in their daily
work, for example. Evli’s head office in Helsinki has been awarded the LEED Gold certification, one of the world’s
best-known green building certificates.
It is also important for Evli to increase environmental awareness among its clients and employees and offer
products and services that help to mitigate harmful environmental impacts. With the continuous development
of digital channels and utilizing the opportunities given by technology, Evli offers new forms of services that
have a smaller environmental impact than before. Evli has set a target of carbon neutrality by 2025 in terms of
emissions caused by its own operations (Scope 1 and 2). The target was set in 2021, after which Evli has actively
developed its emissions calculation process and strived to make its operations more sustainable.
In addition to these measures, Evli regularly monitors changes in climate change regulation. Evli has been
involved in the EU legislative debate in Finland as a member of Finsif and Finance Finland and participated in
global discussion, as a PRI signatory, at events organized by PRI. One significant stakeholder for Evli is data
providers, with which Evli engages in continuous dialogue about, among other things, climate data. The purpose is
to develop Evli’s own operations, tools, and reporting as well as to improve the data available to investors in order
to achieve the climate targets. In relation to climate, in 2024, Evli continued its active discussions with various
ESG service providers on the development of climate data and how ESG data could help improve classification of
companies, in accordance with the Net Zero Investment Framework methodology, as aligned and net zero, for
which data has not yet been widely available.
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Principles of preparing metrics
Scope 2 emissions are indirect greenhouse gas emissions related to the acquisition of electricity, steam, heat,
or cooling. Although Scope 2 emissions are physically generated in a facility where they are produced, they
are included in an organization’s greenhouse gas inventory as they are a result of the organization’s energy
consumption. In Evli’s operations, this means the energy consumption of premises, in terms of electricity and
heating.
The emissions calculations include Evli’s premises in Helsinki, Lahti, Oulu, Tampere, Turku, Vaasa, and Stockholm.
Offices and their personnel are at the center of Evli’s business, which is also reflected in emissions calculation as
products and services purchased, waste, and commutes.
Products and services purchased has been monitored in cooperation with suppliers and with the help of Evli’s
orders and invoices. Consumption has been measured in Euros, per product, and per kilo, and finally linked to
emission factors suitable for a product category. Waste generated in offices is mainly from purchased products
and products in daily consumption, such as food used for breakfast, and paper. Waste is measured in kilos by
waste category. Evli’s offices have good recycling facilities, which do not require extra efforts from employees.
Emissions from commutes of Evli’s employees are included, for the first time, in the emissions calculation in 2024.
The data for the calculation was collected through a commuting-survey, which provided an up-to-date picture
of Evli employees’ commutes, office working days, and the means of transport used for commuting. With the
above data, high response rate to the commuting-survey, and updated emission factors, it was possible to get a
good picture of emissions from commuting. In addition, Evli generates emissions in the form of business travel.
Figures related to energy consumption were multiplied by corresponding emission factors, the timeliness of
which was checked in cooperation with external experts. In order to determine the consumption figures, the
area method had to be used in some premises because meter readings were not available. The supplier-specific
method was well suited to the Helsinki and Tampere premises, where the property managers were well equipped
to provide consumption data. For the Stockholm premises, consumption data was obtained from the local Evli
personnel, but some electricity consumption data had to be verified with the electricity supplier. The average
data method had to be applied in small offices in Oulu, Turku, and Vaasa, where the property managers were able
to provide partial information on energy consumption. For the Lahti office, an estimate was used.
34
Greenhouse gas emissions (GHG)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq)
0
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)
0
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq)
116.8
Gross market-based Scope 2 GHG emissions (tCO
2
eq)
97.5
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions (tCO
2
eq) 5,591.7
1 Purchased goods and services 2,154.8
2 Capital goods (investments) 2,645.1
3 Fuel and energy-related activities (not included in Scope 1 or Scope 2) 43.5
4 Upstream transportation and distribution 7.2
5 Waste generated in operations 4.2
6 Business traveling 692.8
7 Employee commuting 44.1
Total GHG emissions
Total GHG emissions (location-based)(tCO
2
eq)
5,708.5
Total GHG emissions (market-based) (tCO
2
eq)
5,689.2
Sources: Evli, MSCI, partners and external experts
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The Capital goods category takes into account the investment in Evli’s balance sheet. The calculation is based
on MSCI’s emission data, weighted by the relative share of holding in the balance sheet. The category takes into
account the Scope 1 and 2 emissions from investments, and the calculation has been scaled based on coverage.
The calculation does not take into account emissions caused by Evli’s actual investment activities. Emissions from
investment activities are reported separately in the TCFD report. Not material scope 3 categories have been
left out of the reporting. In 2024, Evli has verified the quality of its emission factors with the help of an external
expert.
1
Although Evli Plc’s (later “Evli”) information providers, including without limitation, MSCI ESG Research Inc. and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable,
none of the ESG Parties warrants or guarantees the originality, accuracy, and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind,
and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein.
None of the ESG Parties have any liability for any errors or omissions in connection with any data herein.
Further, without limiting any of the foregoing, in no event will any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost
profits) even if notified of the possibility of such damages.
35
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
36
Social information
S1 - Own workforce
The implementation of Evli’s business strategy requires a workforce suitable for future needs. Therefore, our
own workforce is one of Evli’s most important stakeholders when considering impacts, risks, and opportunities
associated with social responsibility. As part of the materiality analysis, equal treatment and opportunities for all,
as well as working conditions, emerged as significant topics.
Material impacts, risks, and opportunities related to own workforce
Competent and highly motivated personnel are essential for the Evli Group’s continued existence, growth, and
development. Therefore, the biggest risk for Evli in terms of its own workforce is that the Group will not be able
to attract, develop, and retain the experts and diverse skills that are critical to its business and strategy. Risks
related to own workforce include, for example, discrimination, occupational health and safety, salaries, and the
attractiveness of the company to potential employees.
Material risks and opportunities as well as measures and metrics related to own workforce apply to all
personnel unless otherwise stated. Employees with an employment relationship are included in own workforce.
Material impacts, risks, and opportunities related to own workforce
Material aspect Impacts Risks and opportunities Management
Equal treatment and
opportunities for all
Through equal treatment
of employees, it is
possible to positively
influence employees’
well-being
Evli succeeds in recruiting
and retaining competent
personnel who create
added value and impact.
The lack of equal treatment
could reduce the well-
being of own workforce and
competent employees could
leave Evli.
- There is a systematic approach
to competence development and
management of performance.
- In recruiting, diversity is taken into
account.
- In the treatment of personnel,
diversity and non-discrimination are
emphasized.
- The proportion of women is
increased at different organizational
levels.
- Everyone has the opportunity to
report grievances through an ethical
reporting channel (Whistleblowing).
Working conditions Evli’s measures to
promote working
conditions, such as
flexible working hours
and flexible hybrid model,
have a positive effect on
the working capacity of
its own workforce.
Inadequate working
conditions could weaken
the employees’ quality of
life and well-being.
The job satisfaction and
commitment of own
workforce remain at a high
level.
If the working conditions
of Evli employees were to
deteriorate, it would lead to
a decline in their well-being
and a possible transfer of
know-how away from Evli.
- The offices of the Evli Group are
in countries where the statutory
requirements for working conditions
are high. Local legislation is
followed in all countries of
operation.
- Personnel have the possibility to
work part of the week remotely and
have flexible working hours.
- Everyone has the option to belong
or not to belong to a trade union.
- The Evli Group has a collective
agreement.
- All personnel are in a centralized
human resources system.
- Evli has a flexible working culture
that supports work-life balance.
- Training is organized for personnel.
Supervisors are trained in managing
well-being at work.
- Employees are offered, among other
things, preventive and promotive
healthcare and recreational support
to maintain their working capacity.
- Job satisfaction and well-being at
work are measured by means of a
personnel survey and regular in-
house surveys.
Positive impact on the environment and society or the Evli Group’s business
Negative impact on the environment and society or the Evli Group’s business
++
--
++
++
--
--
--
++
++
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37
Identification and assessment of material impacts, risks, and opportunities
The material impacts, risks, and opportunities related to own workforce have been identified with the help of the
double materiality analysis conducted by the company. The double materiality analysis has been described in
the paragraph “Identification and assessment of material impacts, risks, and opportunities”. Equal treatment and
opportunities and working conditions of own workforce were defined as material aspects.
Targets and their progress
Evli’s goal is to offer a safe and healthy working environment for all its employees and to promote professional
development and continuous learning of its personnel. In addition, in the area of diversity, Evli aims to promote
diversity and inclusiveness in the workplace, to achieve a minimum of 40 percent of the under-represented
gender in the Board of Directors by June 2026, to ensure there are always candidates of different genders
when filling leadership positions, and to have trainees of different genders selected for the trainee program.
Evli assesses and specifies measurable targets in 2025 and publishes the targets related to own workforce
as part of the 2025 sustainability report. Targets related to own workforce will be set in the Executive Group
of Evli, based on a discussion with personnel. The targets will be approved by the Board of Directors of
Evli. In connection with specifying the targets, a process is also established for monitoring the targets and
implementing any proposals for improvement.
Policies
In addition to applicable legislation, the responsibility of Evli’s own workforce is governed by policies that consist
of Evli’s values and policies, approved by the company’s Board of Directors, such as Ethical Principles, Human
Resources Policy, and management systems. All policies cover the entire personnel.
Evli’s policies do not directly address human trafficking, forced labor, or the use of child labor, because the
company operates only in countries where local general laws and regulations cover matters related to them. Evli
is committed to operating in each country in accordance with local laws and regulations. The Supplier Code of
Conduct states that Evli is committed to respecting and promoting internationally recognized human rights, such
as the UN’s Universal Declaration of Human Rights and the ILO’s eight core conventions of fundamental human
rights. This commitment extends to ensuring that all employees are treated equally and with respect, regardless
of gender, age, religion, health, or other similar factors. Our cooperation partners must ensure that they are
not complicit in human rights abuses. The Evli Group and its partners must support, in their own activities, the
effective elimination of all forms of forced labor and child labor.
Equal treatment and opportunities
It is particularly important for Evli that the culture, customs, and values of different individuals and groups are
respected in all activities. In business, Evli complies with the national standards and legal requirements of the
countries in which it operates. Evli wants to be a responsible member of all communities in which the Group
operates. Evli is an organized employer and actively seeks to maintain and develop relationships with various
financial sector stakeholders.
Evli commits to creating a workplace that is non-discriminatory, open, and positive and in which all employees
are treated equally, irrespective of gender, age, ethnic or national background, nationality, language, or
faith. Diversity is taken into account in all personnel management from hiring to career advancement and
development. All personnel have equal opportunities to develop and advance in their careers, regardless of
whether they are permanent, fixed-term, or part-time employees.
Evli’s diversity is based on the Group’s values, ethical principles, human resources policy, non-discrimination and
equality plan, and occupational safety and health principles. The equality and non-discrimination plan takes into
account policies that aim to eliminate any discrimination and harassment and promote equal opportunities for
all. All policies apply to all personnel and are always valid. The policies also acknowledge personnel’s different life
stages. For example, the age management model pays special attention to the stage of a person’s life and what
support is needed at different stages of life.
Efficient diversity management and promotion of equality help improve work well-being, increase employee
commitment, and fulfil the employees’ competence potential. In addition, diversity increases innovation,
productivity, and the company’s competitiveness.
The diversity goals provide guidelines for Evli’s diversity and equality work and set a target level for Evli for the
promotion of diversity across the organization. In addition, the diversity goals define how gender equality can be
increased and, where possible, how to promote the employment of people from different linguistic and cultural
groups in Finland. The diversity goals apply to Evli’s all business functions, and the progress of diversity is
annually monitored at Evli by the Board of Directors. The practical guidance of Evli’s diversity and equality work
is the responsibility of the Head of Legal and HR, whose task is to ensure that the diversity and equality work is
developed in line with the goals.
One of the key elements of attaining the diversity goals is the recruitment process. All recruitment is always
based on fairness, transparency, and equity. The aim is to ensure that all qualified applicants have an equal
chance of being selected. In addition to recruitment, equal treatment is ensured to all in the division of work
tasks and career advancement.
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The diversity of the Board of Directors of Evli strengthens the goal that the overall competence profile of
the Board of Directors supports the development of Evli’s business. Diversity is also seen as a key success
factor that enables Evli to reach its strategic goals and continuously improve its client-centric operations. The
Board of Directors has a Diversity Policy, which includes the principles of diversity. The diversity of the Board
of Directors is viewed from different perspectives. For Evli, the essential factors are the Board of Directors
members’ mutually complementary and versatile skills, experience from various business areas, industries,
and management. Taking into account the age and gender distribution of the members supports diversity. The
Board of Directors annually evaluates, in the form of a self-evaluation, its operations, working methods, and the
realization and development of diversity to reach the diversity goal.
Training and skills development
The skills of Evli’s experienced personnel support the execution of the company’s strategy and targets. Evli
constantly develops its employees’ professional expertise, as this enables it to keep up with the changes in the
environment and offer clients innovative solutions that meet the market demand.
Evli’s management and development of its personnel’s skills are governed by the Human Resources Policy and
the Development plan for the working community. The Development plan for the working community of the Evli
Group is based on the human resources and business strategy and on performance forecasts. The Development
plan provides an overview of the number and structure of Evli personnel and assesses their development in
the future. The plan also includes an assessment of competence needs and an assessment-based plan for the
development of professional skills. In addition, it sets out measures to monitor personnel well-being and to make
a positive contribution to the well-being. The Development plan for the working community is discussed in the
Cooperation committee and updated annually and whenever necessary.
The Group’s Human Resources and supervisors are responsible for the implementation of the policies included
in the Human Resources Policy. Leadership and supervisor work is supported by training, including good
management practices, teamwork development, and interpersonal skills. Personnel’s skills are developed long-
term in line with the Evli Group’s strategy and targets.
The task of the supervisors is to support and encourage employees to succeed and to continuously develop
their own skills and common practices. To ensure that our supervisors are highly skilled, regular training and
meetings are organized to promote their personal development. The leadership work is regularly evaluated
through personnel surveys, for example.
Training and knowledge development aim to increase personnel motivation and the meaningfulness of work. Evli’s
internal training program, Evli Academy, organizes events run by both internal and external trainers to develop
personnel’s skills and to improve occupational health and well-being at work. In addition, Evli employees have
an opportunity for job rotation, which gives personnel the chance to learn new things and be challenged in their
career and allows Evli to retain top talent.
Working conditions
Motivated, committed, and healthy employees are crucial to Evli’s operations, development, and profitability. Evli’s
goal is to promote the comprehensive well-being of its personnel and invest in preventive well-being measures.
Evli also aims to provide its personnel with a good and safe working environment that promotes well-being and
job satisfaction for all, regardless of age and situation in life.
One of the key conditions for both mental and physical well-being is work-life balance. This is supported at Evli
through a flexible working culture, which includes, among others, the possibility of flexible working hours, remote
working, and a shortened workweek.
Evli strives to offer competitive salaries to ensure the retention of talented people and their interest in Evli as an
employer. The Evli Group’s remuneration model is also in place to promote the implementation of the company’s
strategy, competitiveness, and long-term financial success. In addition, it aims to contribute to the positive
development of shareholder value and to ensure the long-term commitment of its personnel to the company’s
targets.
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Health and safety
At Evli, the well-being at work and the promotion and maintenance of work capacity are governed by the Human
Resources Policy, the work well-being principles, and the occupational safety and health principles, in which
Evli is committed to promoting the physical and mental well-being of its personnel. The promotion of well-being
at work and work capacity is a proactive activity, and their goal is to identify factors that threaten employees'
work capacity, to initiate measures needed, and to maintain the health of its personnel throughout their working
careers. Job satisfaction and well-being at work are measured by means of an external personnel survey and
regular in-house surveys. Based on the results, well-being at work and working practices are continuously
developed.
Evli uses an age management model that takes into account and supports employees at different stages of
their careers and lives. Evli’s age management model and the work capacity support model take into account
physical, mental, and social work capacity. The age management model aims, among other things, to share skills
and knowledge and to keep work meaningful and motivating. Mental and physical well-being is also supported by
providing employees with the opportunity to participate in various sports and recreational activities.
Evli is committed to creating a safe working environment for its personnel. Occupational safety and health is
developed in cooperation with the personnel and supervisors. Employees and supervisors must report any
problems they observe and any hazards that threaten safety and health to their supervisor, occupational safety
and health representative, or internal services so that the employer can take immediate corrective measures.
Engaging with own workers and workers’ representatives about impacts
Evli’s Human Resources Policy governs the discussions with the workforce and workforce representatives.
Open, honest, proactive, and multi-directional internal communication ensures that everyone at Evli receives the
information essential for engagement, productive work, and personal well-being in an understandable format
and at the right time. Special attention is paid to clear and consistent communication of the Group’s strategy,
targets, and values. Evli regularly organizes personnel events, in which employees are given an opportunity to
have open discussions and ask questions. In addition, Evli published company-related news on the intranet,
where employees can comment or ask further details. There is daily dialogue within and between different
functions, using different communication channels and tools.
Communication channels and tools are used effectively to communicate directly with personnel. The intranet
and other internal communication tools are continuously developed to meet the information needs of internal
target groups. The tools support communication and collaboration both within the teams and across function
and country boundaries. Supervisors are supported and encouraged to communicate proactively, openly,
and in a spirit of collaboration within their own work community. In addition, Evli’s Marketing, Communications,
and Investor Relations function and Human Resources assist and support supervisors and other personnel in
planning and implementing communications and train personnel as required
Collective agreements
In addition to local legislation, Evli complies with the collective agreement practices applicable in the countries in
which it operates. Fair employment conditions are committed to in the Group’s Ethical Principles.
Evli complies with the collective agreement for the financial sector in Finland. The current collective agreement
entered into force on March 9, 2023. The collective agreement for the financial sector applies to, according to
the scope of its application, banks, financial and card companies, and certain other companies mentioned in the
agreement.
Activities related to cooperation
Evli complies with the local labor legislation and applicable collective agreements in all countries in which it
operates. Cooperation is carried out in accordance with the legislation of each country. Cooperation aims to
develop the company’s operations and its personnel’s opportunities to influence the decision-making of the
company regarding their work, working conditions, and position in the company.
In accordance with the agreement, the Cooperation committee acts as a Group-wide cooperative body,
engaging in dialogue to develop the operations and working community of Evli. The committee actively monitors
the implementation of the cooperation in the Group.
It is composed of a maximum of eight representatives appointed by personnel from among themselves
and a maximum of four representatives of the employer. The personnel elect the representatives from
among themselves, and the employer elects its own representatives. In addition, the committee includes the
occupational safety and health manager, and the occupational safety and health representative.
The representative appointed by the personnel is the chair of the committee and the employer’s representative
is the vice-chair. The employer’s representative acts as the secretary.
Personnel survey and Pulse survey
Every two years, Evli conducts a personnel satisfaction survey to find out what its personnel think about Evli’s
operations, supervisor work, and cooperation within the Group, for example.
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Human Resources is responsible for conducting the survey, and the Group’s top management, supported by
Human Resources, is responsible for processing the results and taking them into account in decision-making.
The results are reviewed at different levels of the organization. Supervisors are trained to process the results,
and in addition, teams are offered professional support for handling the results and forming development
measures. Based on the results, development measures are agreed in the work communities, the implementation
of which is monitored by the management of the business areas, units, and functions.
Evli also measures its personnel’s work satisfaction and work well-being with a weekly mood meter, where
personnel can rate how meaningful and enjoyable they find their work at that moment, as well as rate a range of
other topics related to personnel well-being.
Processes to remediate negative impacts and channels for own workers to raise concerns
Evli has an internal “Whistleblowing guideline”, based on the EU directive 2019/1937 (“Whistleblower Directive”)
and Finnish law on whistleblower protection (“Laki ilmoittajansuojasta” 1171/2022). Own workforce can report
any ethical grievances or legal violations they observe through the Evli Group’s reporting channel, in accordance
with the Whistleblowing procedure, to a supervisor, management, Human Resources, or the Compliance function.
Information on the Whistleblowing channel is available on the intranet and in the Whistleblowing guideline of Evli.
The Whistleblowing procedure is described in more detail in section G1 – Business conduct.
In addition to the ethical reporting channel, Evli’s open work culture supports raising grievances with
supervisors, management, Human Resources, or the Compliance function. Also, the continuous mood meter and
personnel satisfaction survey make it possible to point out grievances.
Measures
Planning, coordination, and monitoring of implementation of the measures for material matters is the
responsibility of Human Resources, which instructs supervisors and all personnel in the implementation of the
measures and communicates the measures on the company intranet.
Equal treatment and opportunities for all
In accordance with Evli’s non-discrimination and equality plan, the employer must promote the equality of
all employees and prevent discrimination at work and in the workplace. The non-discrimination and equality
plan covers equality issues related to own workforce, from recruitment and professional development
to performance, salaries, and well-being at work. The plan also instructs that race, gender, age, family
relationships, health status, political opinions, or national and social origin must not lead to discrimination.
The non-discrimination and equality plan contains policies and procedures for preventing discrimination and
promoting equality and non-discrimination.
At Evli, the focus areas of equal treatment and diversity are non-discrimination and fair treatment, diversity,
and an open and good working environment. The focus areas guide the development of personnel-related
processes, and the measures defined annually. Diversity is taken into account in all personnel management
from hiring to career advancement and development. As part of the continuous equality development work, Evli
conducts a personnel survey every two years, regularly trains personnel, and ensures that the management
has the skills and tools needed to develop and maintain an equal and diverse working environment.
As an employer, Evli must assess the implementation of equality and identify circumstances and practices that
prevent the realization of equality. The assessment was carried out at Evli in January 2024 together with Human
Resources, the occupational safety and health representative and the occupational safety and health manager.
The assessment addressed the discrimination grounds relevant to Evli’s operations and the different functions,
and the implementation of equal and non-discriminatory treatment. The assessment used the results of the
personnel satisfaction surveys (mood meter) carried out in 2023.
The equality assessment included all the Finnish locations belonging to the Evli Group (Helsinki, Lahti, Oulu,
Tampere, Turku, and Vaasa) and all 328 employees employed by the Group at that time. Equality was assessed
both physically in the office and remotely, with personnel working remotely under the hybrid model. The
monitoring of measures promoting equality was helped by the close communication between Human Resources
and supervisors in the Team Leaders info sessions and face-to-face meetings.
Breaking down the traditional gender bias in the financial sector has been identified as a key theme in the
Group’s overall social responsibility. It has also been taken into account in Evli’s diversity targets, according to
which:
- the long-term goal is gender balance in the organization.
- a minimum of 40 percent of the under-represented gender in the Board of Directors must be achieved by
June 2026.
- the recruitment process will be further developed, and greater attention will be paid to diversity in recruiting,
for example, by collaborating more closely with stakeholders, including students, to make the investment
industry more attractive to women, too.
- in recruitment, the most suitable person for the position is always selected.
- ensure that there are always candidates of different genders when filling leadership positions.
- there must be trainees of different genders selected for the trainee program.
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The 2024 results:
- The recruitment process was further developed to take into account diversity and equal opportunities.
The process was developed by organizing recruitment training for supervisors on diversity in recruiting.
Recruitment continued to focus on diversity, for example, by taking into account different educational
backgrounds in recruitment choices and by collaborating with the Women’s Career Society to make the
financial sector more attractive to women. In 2024, the trainees selected for the trainee program were of
different genders. In addition, age diversity was strengthened by recruiting experts of different ages.
- Number of women in Group management: Despite the measures implemented, the proportion of women in
management did not increase in line with the target in 2024. The effectiveness and proportionality of the
measures in relation to the target set will be assessed in 2025.
- Diversity of the Board of Directors: Both genders were represented on the Board of Directors: of the
members, two were women and four men. The average age of the members of the Board of Directors was 56.
The age difference between the youngest and the oldest member of the Board of Directors was 17 years.
- Work satisfaction of personnel: The results remained at the same level as in the previous personnel survey.
The aim is to improve the implementation of the measures set based on the personnel survey and to assess
possible other measures affecting work satisfaction. In 2025, Evli will renew the measurement of personnel
satisfaction. A concrete meter for personnel satisfaction will be set once the new measurement method has
been introduced.
Training and expertise development
In training and expertise development, the focus is on the continuous development of professional competence,
core process skills, and management skills. Personnel development discussions are held at least twice a year.
Individual appraisals and broader competency mappings are used to guide the development of skills and the
content of development programs at individual, group, and organizational levels.
Evli has a Personnel and Training Plan, which is based on the human resources and business strategy and
on performance forecasts. The plan provides an overview of the number and structure of Evli personnel and
assesses their development in the future. The plan also includes an assessment of competence needs and an
assessment-based plan for the development of professional skills. The Personnel and Training Plan is updated
annually.
Training and competence development aim to increase personnel motivation and the meaningfulness of work.
Evli’s internal training program, Evli Academy, organizes events run by both internal and external trainers to
develop its personnel and to improve occupational health and well-being at work. In 2024, trainings were
organized on legislative reforms and on the use of artificial intelligence to automate everyday routine tasks by
using for example the Copilot tool. In addition, personnel were given access to the digital learning environment
OK5, which provides solutions to working life challenges and tools to develop as employees and supervisors.
Recruitment training was organized for supervisors, with an emphasis on the importance of diversity and non-
discrimination in recruiting. In addition, supervisor and management training was organized for supervisors. At
the beginning of 2024, Evli launched a new Future Leaders training program, which lasts for several years and
comprehensively covers the management of a company from Evli’s perspective. In addition, Evli continued to
implement the reverse mentoring program, which supports the professional growth of its personnel and enables
the use of silent knowledge.
The progress of competence development is monitored through personnel surveys and development
discussions with supervisors. In addition, feedback is gathered for each training.
The 2024 results:
- The number of training days per person was around three. The figure mainly includes training organized by
the employer.
- During the year, Evli organized over 30 different internal trainings and information sessions.
- A total of five persons transferred to new job tasks as part of job rotation.
- Supervisors were offered training in how to create high-quality connections and encounters, and in the
development of recruitment. In addition, seven Team Leaders info sessions were held throughout the year.
- Evli also has a reverse mentoring program, where both parties can gain new ideas and insights into the work
by sharing new or more in-depth knowledge and so-called “silent knowledge”.
Working conditions
The entire personnel of the Evli Group is in one human resources system, reducing the risk of working conditions
or salaries that are against the law or agreements. The Group has flexible working hours and a hybrid model,
with a possibility to work remotely part of the week. The company supports the well-being of employees at
different stages of their lives through an age management model and enables long careers through various
solutions, such as job rotation and reduced working weeks.
Health and safety
At Evli, occupational safety management is based on the prevention of hazards and risks. Safety processes and
instructions govern the operations. Accidents are prevented by common occupational safety standards and
proactive measures, such as risk assessment and safety observations. In 2024, there were no fatal accidents at
Evli.
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Occupational healthcare carries out health examinations to evaluate the health status of the personnel in
relation to the work requirements and exposure agents at work. Workplace conditions are arranged to be as
health-safe as possible, for example, in terms of cleanliness and working equipment.
To support performance at work, an early support model, return to work support, and a substance abuse
program have been defined. Guidance and training in managing well-being at work is provided to supervisors.
Evli’s personnel have access to specialist occupational healthcare including, among other things, access to
specialist doctors, physiotherapy, endoscopies, ultrasound scans, X-rays, MRIs, and personal vaccinations. The
Evli Group organizes occupational healthcare in accordance with the practices and legislation of each country.
The details of occupational healthcare are available on the internal intranet. Personnel also have the possibility to
use sport, culture, and transport benefits, as well as an employment relationship bike benefit.
The 2024 results:
- Personnel were offered an opportunity to participate in various events and activities, such as a work well-
being day, golf training and competition, downhill skiing weekend, and the Helsinki Running Day event.
- As a new benefit, personnel were offered the opportunity to use a virtual training application.
- The early support measures implemented are monitored in relation to the measures defined and needed.
PERSONNEL KEY FIGURES
2024
(persons)
(%) 2023
(persons)
(%)
Number of employees
Women 116 38.0 136 38.4
Men 189 62.0 218 61.6
Under 30 years old 62 20.0 81 22.9
30–50 years old 151 50.0 183 51.7
Over 50 years old 92 30.0 90 25.4
Permanent personnel
Women 100 37.0 115 32.5
Men 173 63.0 201 56,8
Temporary personnel
Women 16 50.0 21 55.3
Men 16 50.0 17 44.7
Full-time personnel
Women 106 37.0 120 33.9
Men 184 63.0 207 58.5
Part-time personnel
Women 10 67.0 16 59.3
Men 5 33.0 11 40.7
Non-guaranteed hours employees
Women 10 67.0 16 59.3
Men 5 33.0 11 40.7
Total number of external labor in Evli’s workforce, persons 5 1.6 5 1.4
Proportion of men and women in management 5/2 71.4/28.6 5/2 71.4/28.6
Proportion of persons with disabilities amongst employees 0 0 0 0
Proportion of men and women amongst persons with disabilities 0 0 0 0
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EMPLOYEES BY COUNTRY
2024 2023
Number of employees
Finland 280 332
Sweden 23 20
United Arab Emirates 2 2
Permanent personnel
Finland 248 294
Sweden 23 20
United Arab Emirates 2 2
Temporary personnel
Finland 32 38
Sweden 0 0
United Arab Emirates 0 0
Full-time personnel
Finland 265 305
Sweden 23 20
United Arab Emirates 2 2
Part-time personnel
Finland 15 27
Sweden 0 0
United Arab Emirates 0 0
Non-guaranteed hours employees
Finland 15 27
Sweden 0 0
United Arab Emirates 0 0
COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE
Collective bargaining coverage Social dialogue
Coverage rate Employees in the EEA Employees outside the EEA Workplace representation
(EEA only)
0–19 %
20–39 %
40–59 %
60–79 %
80–100 % Finland Finland
TOTAL REMUNERATION RATIO OF WOMEN AND MEN
Finland Sweden United Arab Emirates
Employees
Clerical employees
Reporting on the data point will be refined in future reporting periods
TOTAL REMUNERATION
2024
Annual total remuneration ratio of the highest paid individual to
the median annual total remuneration (excluding the highest paid individual)
Reporting on the data point will be refined in future reporting periods
Countries with more than 50 employees are included in the table. The collective agreement does not apply to the
Group CEO. In addition, some of the clauses of the collective agreement do not apply to managers working under
director contracts in the Group, nor to the CEOs of subsidiaries or those working under director contracts
in subsidiaries. Matters relating to the working conditions and terms of employment of these people are
determined by applying the collective agreements applicable to employees.
Adequate wages – percentage of employees who earn under the “adequate wages” definition
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EMPLOYEE TURNOVER AND RECRUITMENTS
2024 2023
Employee turnover in total, %
Women 2.7 2.2
Men 4.9 4.7
Total number of employees who have left
Women 6 6
Men 11 8
Total number of persons recruited
Women 11 8
Men 16 20
FAMILY LEAVES
2024
Employees entitled to take family leave, number 305
Employees entitled to take family leave, % 100
Women who took family leave, number 7
Women who took family leave, % 2.3
Men who took family leave, number 9
Men who took family leave, % 3.0
In accordance with the Employment Contracts Act, all employees have the right to time off from work during which they receive pregnancy, special pregnancy,
or parental allowance. The figures for the comparison year are not available.
Social protection
All Evli employees are covered by social protection, through public programs and/or through benefits offered by
the company, against loss of income due to sickness, unemployment, employment injury and acquired disability,
parental leave, and retirement.
TRAINING AND SKILLS DEVELOPMENT
2024 2023
Employees that participated in regular performance and career development discussions, %
Women 100 100
Men 100 100
Employees 100 100
Clerical employees 100 100
Group management
Participation rate of individuals who are not employees
Training of employees, average number of hours 18 18
Women
Men
Employees
Clerical employees
Group management
Reporting on the data point will be refined in future reporting periods
INCIDENTS OF DISCRIMINATION, COMPLAINTS, AND SEVERE HUMAN RIGHTS IMPACTS
2024
Incidents of discrimination (including incidents of harassment) in total 0
Complaints filed through channels for people in the own workforce to raise concerns 0
Incidents reviewed by the undertaking 0
Remediation plans being implemented 0
Remediation plans that have been implemented 0
Incidents no longer subject to action 0
The total amount of fines, penalties, and compensation for damages as a result of the incidents and complaints dis-
closed above
0
Number of human rights incidents 0
The total amount of fines, penalties, and compensation for damages as a result of the human rights incidents 0
Percentage of employees with disabilities 0
The figures for the comparison year are not available.
HEALTH AND SAFETY
OWN PERSONNEL / employees 2024
Work-related accidents, pcs 6
Work-related accidents, % 2.0
Work-related accidents resulting in absence from work
Work-related accidents resulting in death 0
Occupational diseases
Occupational diseases resulting in death 0
SERVICE PROVIDERS / not employees
Work-related accidents
Work-related accidents resulting in absence from work
Work-related accidents resulting in death
The entire workforce (100%) is covered by the occupational health and safety management system. The figures for the comparison year are not available.
Reporting on the data point will be refined in future reporting periods
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Principles of preparing metrics
The figures on own workforce cover all personnel of the Evli Group.
The number of personnel used for the calculations is expressed as the number at the end of the reporting
period (December 31, 2024). The number also includes non-active employees, such as persons on family leave.
The most significant factor explaining the decrease in the number of personnel compared to previous year is
due to the corporate transactions in Allshares, as a result of which the number of Allshares employees are not
included in the 2024 figures, but were included in the in 2023 numbers. Evli employs approximately 8 seasonal
summer employees and trainees per year, not all of whom are employed at the end of the reporting period when
the number of personnel is calculated.
The external workforce in Evli’s workforce includes employees with contracts with Evli to supply labor, i.e., self-
employed people and tied agents. These self-employed people or tied agents mainly act as sellers of Evli’s
structured investment products. There are usually no significant fluctuations in the number of workforce during
the year.
Recruitments include permanent new hires. All reasons for departures divided by the number of personnel are
included in the employee turnover. The figure includes permanent employment.
Managers refer to persons whose job description includes responsibility for a team/teams and who have a
director contract.
For persons with disabilities, Evli will refine reporting during 2025.
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S4 - Consumers and end-users
Material impacts, risks, and opportunities related to consumers and end-users
Evli’s key principle is to offer products and services that meet its clients’ needs and goals. When selling products
and services, it is essential that a client understands the product or service they are buying, and the associated
risks, and that the product or service fits the client’s’ investment goals. In this paragraph, consumers and end-
users refer to those private persons, corporations, and institutions who use Evli’s products and services and
thus are Evli’s clients. For private persons, Evli’s clients or representatives of a client are persons of legal age.
Identification and assessment of material impacts, risks, and opportunities
The material impacts, risks, and opportunities related to clients have been identified in the company’s double
materiality analysis. The double materiality analysis is described in the paragraph “Identification and assessment
of material impacts, risks, and opportunities”. The double materiality analysis identified information-related
impacts for consumers and/or end-users as well as social inclusion of consumers and/or end-users as
relevant aspects.
Targets and their progress
Evli’s goal is to conduct an appropriateness evaluation for each client before selling a product or service in order
to offer clients products and services that meet their goals and needs.
Evli assesses and specifies measurable targets in 2025 and publishes the targets related to consumers and
end-users as part of the 2025 sustainability report.
Policies
Evli’s client-related responsibility is governed by policies that consist of the Group’s Ethical Principles, approved
by the Board of Directors, the Supplier Code of Conduct, and management systems. The aim of the policies is
to minimize any adverse effects on the environment and to comply with ethical principles and thus ensure the
responsibility of Evli’s products and services for clients and end-users.
Material impacts, risks, and opportunities related to consumers and end-users
Material aspect Impacts Risks and opportunities Management
Information-related
impacts for consumers
and/or end-users
Evli must have a high
level of data security
to safeguard the
confidential information
of its clients.
It is important to clients
that Evli publishes high-
quality and accessible
information about its
products.
If a data leakage or
negligent handling of client
information were to occur
at Evli, it could result in
reputational damage to Evli
and liability for damages.
- Data security is invested in
and constantly monitored and
developed
- Risk Control, Compliance, ICT, and
Internal Audit cooperate to ensure
that data security is always at the
required level and in line with the
industry practices and laws.
Information-related
impacts for consumers
and/or end-users
It is especially important
to clients and other
stakeholders that Evli’s
marketing is reliable,
clear, and in line with
good practice. In
addition, it is important to
clients that Evli publishes
high-quality and
accessible information
about its products.
Due to increasing marketing
regulation requirements, a
marketing error could result
in reputational damage to
Evli and possible liability for
damages.
Through reliable and
transparent marketing Evli
can build trust and increase
financial opportunities.
- Evli monitors regulatory changes
and takes these into account in all
its activities.
- Evli has established practices to
ensure that product information is
up-to-date and accurate.
- Evli is in constant dialogue with the
authorities to keep up to date with
future regulatory changes.
Positive impact on the environment and society or the Evli Group’s business
Negative impact on the environment and society or the Evli Group’s business
++
--
+/-+/-
++
--
--
+/-+/-
+/-+/-
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Information-related impacts for consumers and/or end-users
Evli’s clients are corporate, institutional, and personal clients. At Evli, dialogue with clients is continuous and
based on direct interactions with the client. Evli’s direct communication channel with clients and end-users is
the company’s website (contact form), client meetings, events and webinars, telephone conversations, and social
media channels. Business managers are responsible for ensuring that there is continuous communication with
clients and that feedback is taken into account in Evli’s operations.
In Evli’s operations, particular consideration is given to data security, data protection, and safeguarding of
clients’ privacy protection in the processing of personal data. The aim of data security is to protect personal
data and other processed data in an appropriate manner, and thereby create trust, safeguard the quality
and continuity of services, processes, and business operations, and ensure the confidentiality, integrity, and
availability of data processed by Evli.
Personal data is used in managing client relationships, offering products and services, direct marketing, and
risk management. Evli is committed to processing personal data in accordance with the law, appropriately,
and transparently. Personal data is processed in compliance with the EU’s General Data Protection Regulation
(GDPR) and specific legislation for the financial sector. The Evli Group has several person registers for managing
personal data, each of which has a separate data protection notice. Data security is improved on a continual
basis to meet the requirements of the authorities, clients, and the changing business environment.
Social inclusion
Evli’s key principle is to offer products and services that meet its clients’ needs and goals. When selling and
marketing products and services, it is essential that a client understands the product or service they are buying,
and the associated risks, and that the product or service fits the client’s investment goals.
Evli’s corporate culture, which is based on a mindset where the client’s interests always come first and where
the client’s assets are managed as well as our own assets. It is based on hard work and resourcefulness, client
service and teamwork, building excellence, and integrity in all Evli’s operations. The cornerstone of this kind
of operation is that Evli knows its clients and becomes familiar with their business and financial situation as
required by the client relationship. This enables us to offer each client products and services that meet their
needs and goals and to ensure that clients truly understand the product or service they are buying.
Evli gains an understanding of the wishes and needs of clients and end-users by actively communicating
with clients. Interaction with clients is continuous and needs-based, and it is carried out by means of client
satisfaction surveys, among other things. Evli also monitors client opinions by collecting feedback from them. By
measuring client satisfaction, Evli wants to identify the issues that are important to clients, improve them, and
quickly react to grievances. In addition to Evli’s own client satisfaction surveys, Evli takes part in annual surveys
conducted by external parties.
Findings from interactions with clients guide the development of the product and service range and decision-
making. These findings are used to build market intelligence, which helps to prioritize products and services and
their development according to the preferences and needs of consumers and end-users. The management of
each business area is responsible for taking into account the wishes and needs of clients, and thus consumers
and end-users, in decision-making.
Processes to remediate negative impacts and channels for consumers and end-users to
raise concerns
At Evli, contacts from clients are directed to the right party to ensure a comprehensive response. Any
complaints related to service will be thoroughly investigated.
Evli has instructions and procedures for handling client feedback. The aim of the instructions and procedures
is to ensure that feedback from clients is handled in a consistent and appropriate manner in accordance with
the current regulations. The efficient handling of client feedback is an essential part of Evli’s well-managed,
successful business. Clients have the right to have their feedback handled efficiently, fairly, and without delay.
Client feedback provides Evli with important information on the quality of services and client satisfaction and
helps to further develop services and practices.
Clients can provide feedback to Evli by primarily contacting their own asset manager or contact person at Evli.
Clients can also provide feedback by contacting Evli’s Investor Service. Clients may provide feedback verbally or
in writing in a manner of their choosing, by telephone, email, letter, or at a client meeting. All feedback channels
are equally open to all clients.
The primary aim is to handle client complaints when contacting the client. If this is not possible, the complaint
will be referred to the relevant business unit for further handling. The aim is to handle and respond to client
complaints as quickly as possible, if possible, within a week of receiving the complaint. If it is not possible to
handle and resolve the complaint within one week of receipt, the client will be informed of the delay in handling
the matter.
The client has the right to request a person independent of the subject of the complaint to be responsible for
handling and resolving the client complaint. The client can get information on the handling of their complaint by
contacting their contact person or Evli’s Investor Service. Client feedback and the measures related to their
handling will be recorded to enable reliable follow-up. The client feedback received is also regularly reported to
Evli’s management. All client feedback is treated confidentially and in compliance with the Personal Data Act.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
48
In addition, Evli’s stakeholders have access to the Whistleblowing reporting channel, through which they can
report suspected misconduct or unethical behavior at Evli. The Whistleblowing reporting channel is described in
more detail in section G1 Business conduct.
Measures
Information-related impacts for consumers and/or end-users
At Evli, data protection and data security are governed by the Evli Group Data Protection and Information
Security Policy. The policy is complemented by more detailed instructions, which help to implement data
protection and information security principles in day-to-day work. Evli’s Information and communications
technology, together with Risk Control, is responsible for the company’s data protection and data security
procedures, and for monitoring and developing these procedures.
The development of data protection and data security is based on principles set by the Board of Directors, and it
is continuously developed in accordance with official regulations and Evli’s business strategy, risk management
policy, and other requirements. The policy is reviewed and updated annually, and, if necessary, more detailed
guidance is provided.
The processing of personal data is governed by the policy “Processing of Personal Data at Evli” on the company’s
website. In addition, the Evli Group has several person registers for managing personal data, each of which
has a separate data protection notice. The processing of personal data requires that each employee who
processes data understands the restrictions set by the regulation and is familiar with Evli’s data security and
data protection policy for electronic communications, as well as the Principles of Electronic Communications
Usage. Data security is improved on a continual basis to meet the requirements of the authorities, clients, and
the changing business environment.
Social inclusion
Product and service information management processes include established practices for presenting product
and service descriptions and statutory documents. The correctness of product and service information is
monitored by the Legal and Compliance function.
At Evli, taking into account the interests of clients when selling and marketing products means that clients’
needs, characteristics, and behavior are understood and that the suitability and usefulness of the products and
services for clients is ensured. In sales and marketing, personnel are governed by Evli’s Ethical Principles, the
policy on marketing investment products and services, the guidelines on client classification, and the guidelines
on telephone selling of financial services. In addition, individuals who have direct contact with clients are trained
in new regulations and guidelines.
The marketing of products and services is also governed by the European Securities and Markets Authority
(ESMA) guidelines on the marketing of funds (ESMA34-45-1272) and the Financial Supervisory Authority’s
regulations and guidelines on the marketing of financial services and products (15/2013).
The implementation of these measures is monitored through, for example, reputation surveys, client feedback
and surveys, internal audits, and external evaluations.
On its website, Evli takes into account the Act on the Provision of Digital Services (306/2019), which is based on
the European Union’s accessibility directives. Hence, Evli’s website is accessible to everyone. In addition, in all
other client service situations, the specific needs of the client will be taken into account, where appropriate, to
provide the best possible service to the client.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
49
Governance information
G1 - Business conduct
Material impacts, risks, and opportunities related to business conduct
Good governance is key to the successful implementation of Evli’s business and strategy. Evli’s corporate culture,
based on values and ethical principles, is a key enabler of the strategy, guiding day-to-day decisions and
interactions with internal and external stakeholders, such as clients, suppliers, shareholders, and society. Evli’s
business is governed by national and international regulations, which brings both risks and opportunities to Evli’s
operations.
Material impacts, risks, and opportunities related to business conduct
Material aspect Impacts Risks and opportunities Management
Corporate culture Evli’s corporate culture
serves as a basis for
successful business
operations, personnel
well-being, client
relations, and interaction
with other stakeholders.
Evli’s corporate culture
and values engage its
own workforce and create
growth opportunities for
Evli.
- The Evli brand book, available to
all personnel, includes Evli’s story
and instructions on how we look
and how we engage with our
stakeholders.
- Onboarding materials and meetings
for new employees
- Evli’s values and complying with
them in our everyday work.
Corruption and bribery Evli’s Ethical Principles
guide the legality and
ethics of its personnel.
If Evli did not have
internal guidelines and
training for its personnel,
there could be cases of
corruption or bribery at
Evli
Potential cases of
corruption or bribery would
be a significant reputational
risk for Evli
- Policy on the prevention of money
laundering and ethical principles for
all personnel.
- Training in ethical principles and
other policies governing Evli’s
operations.
Protection of
whistleblowers
If the anonymity of
whistleblowers were not
protected, it could have
a negative effect on
whistleblowers.
If whistleblowers were not
protected, it could lead to
a situation where abuse
would not be reported in
the future. It could lead
to a legal case and cause
reputational damage.
- Whistleblowing reporting channel,
which can be used by all internal
and external stakeholders.
- Internal Whistleblowing guideline
- Process for handling any reports
+/-+/-
+/-+/-
--
----
Positive impact on the environment and society or the Evli Group’s business
Negative impact on the environment and society or the Evli Group’s business
++
--
++
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
50
Identification and assessment of material impacts, risks, and opportunities
The material impacts, risks, and opportunities related to good governance and corporate culture have been
identified in the company’s double materiality analysis. The double materiality analysis has been described in the
paragraph “Identification and assessment of material impacts, risks, and opportunities”. The double materiality
analysis identified corporate culture, corruption and bribery as well as protection of whistleblowers as relevant
aspects
Targets and their progress
Evli’s principal goal is that the Group does not face any cases of corruption, bribery, or money laundering related
to its own operations. In 2024, no cases of corruption, bribery, or money laundering were reported.
Evli assesses and specifies measurable targets in 2025 and publishes the targets related to corporate culture
and good governance as part of the 2025 sustainability report.
The role of the administrative, management, and supervisory bodies
Evli’s management and business operations are the responsibility of the General Meeting, the Board of Directors,
and the CEO, whose tasks are determined in accordance with the Finnish Limited Liability Companies Act and
Evli’s Articles of Association. The Executive Group assists the CEO in the operative management of the Group. The
Executive Group consists of managers of the business areas and group functions, and it assists the CEO in the
approval and execution of Group-level operating principles and procedures.
The company’s organizational structure, clearly established responsibilities and authorizations, and its
competent personnel enable the planning, execution, control, and monitoring of business operations in a manner
that facilitates the achievement of set objectives.
Risk management refers to actions aimed at systematically surveying, identifying, analyzing, and preventing
risks. Evli defines risk as an event or series of events that jeopardize the company’s income generation in the
short term or long term. Evli’s Board of Directors is primarily responsible for the Evli Group’s risk management.
The Board of Directors confirms the principles and responsibilities of risk management, the Group’s risk limits,
and other general guidelines according to which the risk management and internal controls are organized. The
Board of Directors has also set up a Management Risk Committee, which briefs the Audit and Risk Committee on
risk-taking matters.
In addition to the general risk management principles, Evli Group’s risk management is founded on the “three
lines of defence” model. Risk management is a part of internal control, and therefore the responsibility for
executing risk management measures lies first with the business units, as the first line of defence. The managers
of the business units are responsible for ensuring that risk management is at a sufficient level in each respective
unit. The second line of defence comprises the independent Risk Control and Compliance functions, whose
primary tasks are to develop, maintain, and oversee the general principles and framework of risk management.
The Risk Control function oversees daily operations and compliance with the risk limits granted to the business
units, as well as compliance with risk-taking policies and guidelines. Risk Control reports on the Evli Group’s
overall risk position to the Board of Directors and the Executive Group each month. The Compliance function is
responsible for ensuring compliance with the rules in all of the Evli Group’s operations by supporting operative
management and the business units in applying the provisions of the law, the official regulations, and internal
guidelines, and in identifying, managing, and reporting on any risks of insufficient compliance with the rules, in
accordance with the separate Compliance policy and monitoring plan approved by the Board of Directors of
Evli. The Compliance function reports regularly via the Audit and Risk Committee to Evli’s Board of Directors
and the operative management. The third line of defence is Internal Audit. The Internal Audit is a support
function for the Board of Directors and senior management that is independent of the business operations. It
is administratively subordinate to the CEO and reports to the CEO and, via the Audit and Risk Committee, to the
Board of Directors of Evli. The Internal Audit assesses the functioning of the Evli Group’s internal control system,
the appropriateness and efficiency of the functions, and compliance with instructions. It does this by means of
inspections that are based on the Internal Audit action plan adopted annually by the Audit and Risk Committee of
the Board of Directors of Evli.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
51
Prevention and detection of corruption and bribery
For Evli, the possibility of being exposed to corruption and bribery risks through clients, investments, and other
business partners has been identified. Evli may incur reputational, legal, and business consequences if it fails
to prevent corruption and bribery. Evli is committed to fighting against corruption and bribery and will not
condone corruption, bribery, or any other illegal activity under any circumstances. Evli does not have a policy
on the prevention of corruption and bribery in line with the UN Convention, but Evli’s Ethical Principles and
Conflict of Interest policy govern the legality and ethics of its personnel. The Evli Group has comprehensive
procedures in place designed to prevent, detect, and handle allegations or incidents of corruption and bribery.
These procedures include, among other things, training and internal communication for employees, as well as
communicating with suppliers. In addition, training is provided to members of the administrative, management,
and supervisory bodies, as appropriate. In the coming years, Evli will examine whether its operations and the
related polices concerning the prevention of corruption and bribery will be aligned with the principles of the
UN Convention. In addition, Evli will specify the coverage of training related to corruption and bribery for those
working in risk functions.
Evli’s employees do not offer, solicit, or accept improper gifts, trips, or payments, for example. In addition,
internal guidelines exist for cases of representation and business gifts. The prevention of corruption and bribery
and ethical conduct aims to promote ethical and responsible business practices and safeguard Evli’s reputation
by preventing undue influence and conflicts of interest.
Evli’s Compliance function monitors the prevention of corruption and bribery and reports, as appropriate, to
Evli’s Board of Directors and Risk and Audit Committee, as well as to the company’s Executive Group, as part of
the regular Compliance reporting.
Evli plays an important role in preventing money laundering and terrorist financing. For this purpose, Evli has
clear operating instructions that apply to all personnel. In addition to statutory obligations, preventing money
laundering is part of Evli’s risk management and an important part of its business operations. Knowing the client
is an integral part of the prevention of money laundering. Therefore, before a new client relationship is formed,
the client’s information is always analyzed as required by guidelines based on the law. All personnel who have
direct contact with clients must take part in annual training events on money laundering and knowing the client.
Evli has also adopted an active role in developing the regulation and good operating practices in the industry. In
addition, Evli continuously trains its personnel in the prevention of money laundering and terrorist financing.
Policies and measures
Business conduct policies and corporate culture
Evli’s operations are always based on good governance, legislation, and authorities’ guidelines. Responsibility is
based on Evli’s values: entrepreneurship, valuable relationships, learning, and integrity. These values also form
the foundation for the ethical principles followed by the Group and its employees, and which guide the company’s
relationship with its clients and stakeholders. In addition to applicable legislation, the responsibility of Evli’s
business conduct is governed by the responsibility policy approved by the Board of Directors of the company,
Evli’s Ethical Principles, and Evli’s strategy and risk policy.
Evli’s corporate culture, which is based on its values, has been built over the years through strong cooperation
and open communication. In 2024, Evli started drafting a Cultural Handbook. The aim is to document Evli’s
corporate culture so that awareness and understanding of the corporate culture can be better managed and
promoted among employees and new employees joining Evli.
Depending on the role, personnel are also required to review other policies and complete regular online training.
Supervisors also play a strong role in training policies and corporate culture. Team Leaders info sessions and
training for supervisors ensure that they have the necessary know-how and tools to guide personnel.
The completion of online training is regularly monitored by Evli’s Human Resources and the Compliance function.
In addition, Evli’s Internal Audit is currently developing a process that will enable it to monitor the competition of
trainings more systematically. The process will be completed in 2025 and reported in connection with the 2025
sustainability report.
To ensure the responsibility of suppliers and other partners, Evli exercises due diligence. Evli’s Supplier Code of
Conduct governs relations with suppliers. Evli expects responsible business conduct from own employees and
from partners (including suppliers, subcontractors, and service providers).
The Supplier Code of Conduct states that Evli is committed to respecting and promoting internationally
recognized human rights, such as the UN’s Universal Declaration of Human Rights and the ILO’s eight core
conventions of fundamental human rights. This commitment extends to ensuring that all employees are treated
equally and with respect, regardless of gender, age, religion, health, or other similar factors. Our partners must
ensure that they are not complicit in human rights abuses. Evli Group and its partners must support, in their own
activities, the effective elimination of all forms of forced labor and child labor.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
52
Evli has made it possible for internal and external stakeholders to report violations through a Whistleblowing
procedure in accordance with the EU directive 2019/1937 (“Whistleblower Directive”) and the Finnish national
law implementing it (“Laki ilmoittajansuojasta” 1171/2022). If an employee or other stakeholder suspects that
unethical activities or activities violating the law, regulations, authorities’ guidelines, or Evli’s internal guidelines
have occurred, they can report it through the anonymous Whistleblowing reporting channel.
In accordance with the Whistleblowing process of Evli, the identity of the whistleblower must be kept confidential
throughout the process to the extent appropriate or permitted by the law. Participation in the investigation of
a case is also confidential and must not have negative consequences. Information collected in the reporting
procedure will be kept confidential and stored for five years, unless otherwise provided in any applicable
mandatory legislation.
The responsibility of business operations is guided by the Ethical Principles of the Evli Group that include a
prohibition of bribery and instructions on hospitality shown to authorities. Evli is committed to fighting against
corruption and bribery in its own operations and in its relations with its partners. A similar prohibition is also
included in Evli’s Supplier Code of Conduct.
The main ways to prevent and detect corruption and bribery are the following:
- Training in ethical principles and other policies governing Evli’s operations (discussed in section “Business
conduct policies and corporate culture”).
- Whistleblowing reporting channel that is open to all internal and external stakeholders. The reports are
handled in accordance with a process (discussed in section “Mechanisms for identifying, reporting, and
investigating concerns (Protection of whistleblowers)).
In 2024, no cases of corruption or bribery were reported.
Mechanisms for identifying, reporting, and investigating concerns (Protection of whistleblowers)
Personnel and stakeholders are encouraged to report any legal violations related to Evli’s operations and
unethical grievances they observe. Observations can be reported to one’s supervisor, contact person, or Evli’s
Whistleblowing reporting channel.
The Whistleblowing reporting channel is on Evli’s website and open to all internal and external stakeholders of the
Group. The reporting can be made anonymously. The technical implementation of the channel is carried out by
an external partner. All violations and suspected violations brought to the attention of the Group are investigated.
At Evli, it has been decided that the Whistleblowing reports will be handled by the Head of Legal and HR affairs,
assisted by the company lawyer and, if necessary, an internal auditor. Cases are reported as part of the
Compliance Report and presented to the Audit and Risk Committee and the Board of Directors of the Group.
In 2024, Evli was not aware of any confirmed cases of bribery, or cases where there was retaliation against a
whistleblower.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 BP-1
General basis for preparation of sustainability
statements
ESRS 2 BP-1-3 General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-1-5 a General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-1-5 b i General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-1-5 b ii General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-1-5 c Responsibility governance and strategy - Strategy, business model, and value chain
ESRS 2 BP-1-5 d General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-1-5 e Not material
ESRS 2 BP-2 Disclosures in relation to specific circumstances
ESRS 2 BP-2-6 General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-2-9 Not material
ESRS 2 BP-2-9 a Not material
ESRS 2 BP-2-9 b Not material
ESRS 2 BP-2-10 Not material
ESRS 2 BP-2-10 a Not material
ESRS 2 BP-2-10 b Not material
ESRS 2 BP-2-10 c Not material
ESRS 2 BP-2-10 d Not material
Content index of Corporate Responsibility Report
This report is not a CSRD-compliant sustainability report, and the content and structure of the reporting
will be further developed in the coming years. The CSRD reporting requirements have guided the content
and structure of the 2024 report, but only from the 2025 report onwards Evli will be required to report in
accordance with the CSRD. The content index of the Corporate Responsibility Report follows the format of the
sustainability report’s list of disclosure requirements, which a company must provide as part of its sustainability
statement, but it has been drafted voluntarily, and it is not audited by a sustainability reporting auditor.
53
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 BP-2-11 a Not material
ESRS 2 BP-2-11 b i Not material
ESRS 2 BP-2-11 b ii 12 Not material
ESRS 2 BP-2-13 a General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-2-13 b General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-2-13 c General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-2-14 a Not material
ESRS 2 BP-2-14 b Not material
ESRS 2 BP-2-14 c Not material
ESRS 2 BP-2-15 General information - Corporate Responsibility Report Reporting Principles
ESRS 2 BP-2-AR 2 Not material
ESRS 2 BP-2-16 Not material
ESRS 2 BP-2-17
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 BP-2-17 a
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 BP-2-17 b
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 BP-2-17 c
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 BP-2-17 d
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 BP-2-17 e
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 GOV-1
The role of the administrative, management and
supervisory bodies
ESRS 2 GOV-1-21
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-21 a
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-21 a
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-21 b
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
54
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 GOV-1-21 c
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-21 d
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-21 d
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-21 e
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 a
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 b
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 c
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 c i
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 c ii
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 c iii
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-22 d
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-23
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-1-23 a
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
55
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 GOV-1-23 b
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-2
Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
ESRS 2 GOV-2-26 a
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-2-26 b
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-2-26 c
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
ESRS 2 GOV-3
Integration of sustainability-related
performance in incentive schemes
ESRS 2 GOV-3-29
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
ESRS 2 GOV-3-29 a
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
ESRS 2 GOV-3-29 b
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
ESRS 2 GOV-3-29 c
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
ESRS 2 GOV-3-29 d
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
ESRS 2 GOV-3-29 e
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
ESRS 2 GOV-4 Statement on due diligence
ESRS 2 GOV-4-30; 32 Responsibility governance and strategy - Statement on due diligence
ESRS 2 GOV-5
Risk management and internal controls over
sustainability reporting
ESRS 2 GOV-5-36 a
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 GOV-5-36 b
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
56
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PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 GOV-5-36 c
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 GOV-5-36 d
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 GOV-5-36 e
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 SBM-1 Strategy, business model and value chain
ESRS 2 SBM-1-40 Strategy, business model, and value chain
ESRS 2 SBM-1-40 a i Strategy, business model, and value chain
ESRS 2 SBM-1-40 a ii Strategy, business model, and value chain
ESRS 2 SBM-1-40 a iii Strategy, business model, and value chain
ESRS 2 SBM-1-40 a iv Strategy, business model, and value chain
ESRS 2 SBM-1-40 b Reporting on the data point will be refined in future reporting periods
ESRS 2 SBM-1-40 c Not material
ESRS 2 SBM-1-40 d i Not material
ESRS 2 SBM-1-40 d ii Not material
ESRS 2 SBM-1-40 d iii Not material
ESRS 2 SBM-1-40 d iv Not material
ESRS 2 SBM-1-40 e Reporting on the data point will be refined in future reporting periods
ESRS 2 SBM-1-40 f Strategy, business model, and value chain
ESRS 2 SBM-1-40 g Strategy, business model, and value chain
ESRS 2 SBM-1-41 Not material
ESRS 2 SBM-1-42 Interests and views of stakeholders
ESRS 2 SBM-1-42 a Not material
ESRS 2 SBM-1-42 b Interests and views of stakeholders
ESRS 2 SBM-1-42 c Reporting on the data point will be refined in future reporting periods
ESRS 2 SBM-2 Interests and views of stakeholders
ESRS 2 SBM-2-45 a Interests and views of stakeholders
ESRS 2 SBM-2-45 a i Interests and views of stakeholders
ESRS 2 SBM-2-45 a ii Interests and views of stakeholders
ESRS 2 SBM-2-45 a iii Interests and views of stakeholders
ESRS 2 SBM-2-45 a iv Interests and views of stakeholders
ESRS 2 SBM-2-45 a v Interests and views of stakeholders
ESRS 2 SBM-2-45 b Interests and views of stakeholders
ESRS 2 SBM-2-45 c Interests and views of stakeholders
57
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 SBM-2-45 c i Interests and views of stakeholders
ESRS 2 SBM-2-45 c ii Interests and views of stakeholders
ESRS 2 SBM-2-45 c iii Interests and views of stakeholders
ESRS 2 SBM-2-45 d
The role of the administrative, management, and supervisory bodies and information
provided to them and sustainability matters addressed by them
ESRS 2 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
ESRS 2 SBM-3-48 a
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 b
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 c i
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 c ii
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 c iii Not material
ESRS 2 SBM-3-48 c iv
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 d
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 e Not material
ESRS 2 SBM-3-48 f
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 SBM-3-48 g Not material
ESRS 2 SBM-3-48 h
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 IRO-1
Description of the processes to identify and
assess material impacts, risks and opportunities
ESRS 2 IRO-1-53 a
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 IRO-1-53 b Reporting on the data point will be refined in future reporting periods
ESRS 2 IRO-1-53 b i Not material
ESRS 2 IRO-1-53 b ii Not material
ESRS 2 IRO-1-53 b iii
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
ESRS 2 IRO-1-53 b iv Reporting on the data point will be refined in future reporting periods
58
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GENERAL DISCLOSURES
ESRS 2 IRO-1-53 c
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 IRO-1-53 c i
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 IRO-1-53 c ii
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 IRO-1-53 c iii Reporting on the data point will be refined in future reporting periods
ESRS 2 IRO-1-53 d
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 IRO-1-53 e
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 IRO-1-53 f
Responsibility governance and strategy - Risk management and internal controls over
sustainability reporting
ESRS 2 IRO-1-53 g Not material
ESRS 2 IRO-1-53 h Not material
ESRS 2 IRO-2
Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
ESRS 2 IRO-2-56 Content index of Corporate Responsibility Report
ESRS 2 IRO-2-57 Not material
ESRS 2 IRO-2-58 Not material
ESRS 2 IRO-2-59
Responsibility governance and strategy - Identification and assessment of material
impacts, risks, and opportunities
59
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
ENVIRONMENTAL INFORMATION
E1 E1.GOV-3 -13
Responsibility governance and strategy - Integration of sustainability-related
performance in incentive plans
E1 E1-1 Transition plan for climate change mitigation
E1 E1-1 -14 Climate change - Transition plan and Evli’s climate targets
E1 E1-1 -16a Climate change - Transition plan and Evli’s climate targets
E1 E1-1 -16b Reporting on the data point will be refined in future reporting periods
E1 E1-1 -16c Reporting on the data point will be refined in future reporting periods
E1 E1-1 -16d Reporting on the data point will be refined in future reporting periods
E1 E1-1 -16e Not material
E1 E1-1 -16f Not material
E1 E1-1 -16g Not material
E1 E1-1-16h Climate change - Transition plan
E1 E1-1 -16i Climate change - Transition plan
E1 E1-1 -16j Climate change - Progress in targets
E1 E1-1 -17 Climate change - Transition plan
E1 E1.SBM-3 -18
Climate change - Identification and assessment of material impacts, risks, and
opportunities
E1 E1.SBM-3 -19a Reporting on the data point will be refined in future reporting periods
E1 E1.SBM-3 -19b Reporting on the data point will be refined in future reporting periods
E1 E1.SBM-3 -AR 7b Reporting on the data point will be refined in future reporting periods
E1 E1.SBM-3 -19c Reporting on the data point will be refined in future reporting periods
E1 E1.SBM-3 -AR 8b Reporting on the data point will be refined in future reporting periods
E1
E1.IRO-1 -20a, AR
9
Climate change - Identification and assessment of material impacts, risks, and
opportunities
E1 E1.IRO-1 -20b Reporting on the data point will be refined in future reporting periods
E1 E1.IRO-1 -21
Climate change - Identification and assessment of material impacts, risks, and
opportunities
E1 E1.IRO-1 -20c Reporting on the data point will be refined in future reporting periods
E1 E1.IRO-1 -21 Reporting on the data point will be refined in future reporting periods
E1 E1.IRO-1 -AR 15 Reporting on the data point will be refined in future reporting periods
E1 E1-2
Policies related to climate change mitigation and
adaptation
E1 E1-2-24 Climate change - Policies and actions and resources related to them
E1 E1-2-25 Climate change - Policies and actions and resources related to them
ESRS 2 62 Not material
60
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
ENVIRONMENTAL INFORMATION
E1 E1-3
Actions and resources in relation to climate
change policies
E1 E1-3 -28 Climate change - Policies and actions and resources related to them
E1 E1-3 -29a Reporting on the data point will be refined in future reporting periods
E1 E1-3-AR19d Reporting on the data point will be refined in future reporting periods
E1 E1-3-29b Reporting on the data point will be refined in future reporting periods
E1 E1-3-AR21 Reporting on the data point will be refined in future reporting periods
E1 E1-3-29ci Reporting on the data point will be refined in future reporting periods
E1 E1-3-29ciii,16c Reporting on the data point will be refined in future reporting periods
E1 E1-3-AR22 Reporting on the data point will be refined in future reporting periods
ESRS 2 62 Climate change - Policies and actions and resources related to them
E1 E1-4
Targets related to climate change mitigation
and adaptation
E1 E1-4 -32 Evli’s climate targets
E1 E1-4 -33 Evli’s climate targets
E1 E1-4 -34a + 34 b Evli’s climate targets
E1 E1-4 -34b Evli’s climate targets
E1 E1-4 -34c Evli’s climate targets
E1 E1-4 -AR 25 a Reporting on the data point will be refined in future reporting periods
E1 E1-4 -AR 25 b Not material
E1 E1-4-34e,16a Evli’s climate targets
E1 E1-4 -34f,16b Evli’s climate targets
E1 E1-4-AR 30c Evli’s climate targets
ESRS 2 E1-4-81 Evli’s climate targets
E1 E1-5 Energy consumption and mix
E1 E1-5-37 Not material
E1 E1-5-37a Not material
E1 E1-5-37b Not material
E1 E1-5-AR 34 Not material
E1 E1-5-37c Not material
E1 E1-5-37ci Not material
E1 E1-5-37cii Not material
E1 E1-5-37ciii Not material
E1 E1-5-AR 34 Not material
E1 E1-5-38a Not material
61
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
ENVIRONMENTAL INFORMATION
E1 E1-5-38b Not material
E1 E1-5-38c Not material
E1 E1-5-38d Not material
E1 E1-5-38e Not material
E1 E1-5-AR 34 Not material
E1 E1-5-39 Not material
E1 E1-5-40 Not material
E1 E1-5-41 Not material
E1 E1-5-42 Not material
E1 E1-5-43 Not material
E1 E1-5-AR 38b Not material
E1 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions
E1 E1-6-44 Greenhouse gas emissions (GHG)
E1 E1-6 -50 Reporting on the data point will be refined in future reporting periods
E1 E1-6 -AR 41 Greenhouse gas emissions (GHG)
E1 E1-6 -AR 46 d Greenhouse gas emissions (GHG)
E1 E1-6 -AR 50 Not material
E1 E1-6 -AR 52 Reporting on the data point will be refined in future reporting periods
E1 E1-6-48 a Not material
E1 E1-6-48 b Not material
E1 E1-6-49 a Greenhouse gas emissions (GHG)
E1 E1-6-49 b Greenhouse gas emissions (GHG)
E1 E1-6-51 Greenhouse gas emissions (GHG)
E1 E1-6-44+52 Greenhouse gas emissions (GHG)
E1 E1-6-44+52a Greenhouse gas emissions (GHG)
E1 E1-6-44+52b Greenhouse gas emissions (GHG)
E1 E1-6-52 a) Greenhouse gas emissions (GHG)
E1 E1-6-52 b) Greenhouse gas emissions (GHG)
E1 E1-6-47 Not material
E1 E1-6-AR 39b Climate change - Principles of preparing metrics
E1 E1-6-AR 42c Climate change - Principles of preparing metrics
E1 E1-6 -AR 43c Not material
E1 E1-6 -AR 45d Greenhouse gas emissions (GHG)
E1 E1-6 -AR 45e Not material
62
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
ENVIRONMENTAL INFORMATION
E1 E1-6-AR 46g Climate change - Principles of preparing metrics
E1 E1-6-AR 46i Climate change - Principles of preparing metrics
E1 E1-6 -AR 46j Not material
E1 E1-6-AR 46h Climate change - Principles of preparing metrics
E1 E1-6 -53 Reporting on the data point will be refined in future reporting periods
E1 E1-6 -55 Reporting on the data point will be refined in future reporting periods
E1 E1-6-AR 55 Reporting on the data point will be refined in future reporting periods
E1 E1-7
GHG removals and GHG mitigation projects
financed through carbon credits
E1 E1-7 -56a Not material
E1 E1-7 -56b Not material
E1 E1-7 -58 Not material
E1 E1-7 -58a Not material
E1 E1-7 -AR 58f Not material
E1 E1-7 -58b Not material
E1 E1-7 -AR 58e Not material
E1 E1-7 -59a Not material
E1 E1-7 -59b Not material
E1 E1-7 -AR 60 Not material
E1 E1-7 -AR 61 Not material
E1 E1-7 -AR 62a Not material
E1 E1-7 -AR 62b Not material
E1 E1-7 -AR 62c Not material
E1 E1-7 -AR 62d Not material
E1 E1-7 -AR 62e Not material
E1 E1-7 -AR 64 Not material
E1 E1-7 -60 Not material
E1 E1-7 -61 Not material
E1 E1-7 -61a Not material
E1 E1-7 -61b Not material
E1 E1-7 -61 a, b Not material
E1 E1-7 -61c Not material
E1 E1-7 -AR 62 Not material
E1 E1-8 Internal carbon pricing
63
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
ENVIRONMENTAL INFORMATION
E1 E1-8 -63 a Not material
E1 E1-8 -63b Not material
E1 E1-8 -63c Not material
E1 E1-8 -63d Not material
E1 E1-8 -AR 65 Not material
E1 E1-9
Anticipated financial effects from material
physical and transition risks and potential
climate-related opportunities
E1 E1-9 -66a Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 70 c i) Reporting on the data point will be refined in future reporting periods
E1 E1-9 -66b Reporting on the data point will be refined in future reporting periods
E1 E1-9-66 c Reporting on the data point will be refined in future reporting periods
E1 E1-9 -66d Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 69a Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 69b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 71b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 71b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -67a Reporting on the data point will be refined in future reporting periods
E1 E1-9 -67b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -67c Reporting on the data point will be refined in future reporting periods
E1
E1-9 -AR 72a, AR
73a
Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 72b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 73a Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 73b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -67d Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 74c Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 74d Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 74e Reporting on the data point will be refined in future reporting periods
E1 E1-9 -67e Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 76, Reporting on the data point will be refined in future reporting periods
E1 E1-9 -AR 76b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -68a Reporting on the data point will be refined in future reporting periods
E1 E1-9 -68b Reporting on the data point will be refined in future reporting periods
E1 E1-9 -69a Reporting on the data point will be refined in future reporting periods
E1 E1-9 -69b Reporting on the data point will be refined in future reporting periods
64
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S1 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model related to own workforce
S1 SBM-3-14 Own workforce - Material impacts, risks, and opportunities related to own workforce
S1 SBM-3-14 a Own workforce - Material impacts, risks, and opportunities related to own workforce
S1 SBM-3-14 b Own workforce - Material impacts, risks, and opportunities related to own workforce
S1 SBM-3-14 c Own workforce - Material impacts, risks, and opportunities related to own workforce
S1 SBM-3-14 d Own workforce - Material impacts, risks, and opportunities related to own workforce
S1 SBM-3-14 e Not material
S1 SBM-3-14 f (i) Not material
S1 SBM-3-14 f (ii) Not material
S1 SBM-3-14 g (i) Not material
S1 SBM-3-14 g (ii) Not material
S1 SBM-3-15 Not material
S1 SBM-3-16 Not material
S1 S1-1 Policies related to own workforce
S1 S1-1-19 Own workforce - Policies
S1 S1-1-AR10 Not material
S1 S1-1-20 Own workforce - Policies
S1 S1-1-20a Own workforce - Policies
S1 S1-1-20b Own workforce - Engaging with own workers and workers’ representatives about impacts
S1 S1-1-20c
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-1-21 Own workforce - Policies
S1 S1-1-22 Own workforce - Policies
S1 S1-1-23 Own workforce - Health and safety
S1 S1-1-24a Own workforce - Measures - Equal treatment and opportunities for all
S1 S1-1-24b Own workforce - Measures - Equal treatment and opportunities for all
S1 S1-1-24c Own workforce - Measures - Equal treatment and opportunities for all
S1 S1-1-24d Own workforce - Measures - Equal treatment and opportunities for all
S1 S1-1-AR 14 Not material
S1 S1-1-AR 17 a) Not material
S1 S1-1-AR 17 b) Not material
S1 S1-1-AR 17 c) Not material
S1 S1-1-AR 17 d) Not material
65
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S1 S1-1-AR 17 e) Not material
S1 S1-1-AR 17 f) Not material
S1 S1-1-AR 17 g) Not material
S1 S1-1-AR 17 h) Not material
ESRS 2 62 Not material
S1 S1-2
Processes for engaging with own workers and
workers’ representatives about impacts
S1 S1-2-27 Own workforce - Engaging with own workers and workers’ representatives about impacts
S1 S1-2-27a Own workforce - Engaging with own workers and workers’ representatives about impacts
S1 S1-2-27b Own workforce - Engaging with own workers and workers’ representatives about impacts
S1 S1-2-27c Own workforce - Engaging with own workers and workers’ representatives about impacts
S1 S1-2-27d Not material
S1 S1-2-27e Not material
S1 S1-2-28 Not material
S1 S1-2-29 Not material
S1 S1-2-AR 25 a Not material
S1 S1-2-AR 25 b Not material
S1 S1-2-AR 25 c Not material
S1 S1-2-AR 25 d Not material
S1 S1-2-AR 25 e Not material
S1 S1-2-AR 26 Not material
S1 S1-3
Processes to remediate negative impacts and
channels for own workers to raise concerns
S1 S1-3-32a
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-32b
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-AR 29
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-AR 30
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-32c
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-32d
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
66
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S1 S1-3-32e
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-33
Own workforce - Processes to remediate negative impacts and channels for own workers
to raise concerns
S1 S1-3-34 Not material
S1 S1-4
Taking action on material impacts on own
workforce, and approaches to mitigating
material risks and pursuing material
opportunities related to own workforce, and
effectiveness of those actions
S1 S1-4-37 Own workforce - Measures
S1 S1-4-38a Own workforce - Measures
S1 S1-4-38b Own workforce - Measures
S1 S1-4-38c Not material
S1 S1-4-38d Own workforce - Measures
S1 S1-4-39 Own workforce - Measures
S1 S1-4-40a Own workforce - Measures
S1 S1-4-40b Own workforce - Measures
S1 S1-4-41 Own workforce - Measures
S1 S1-4-43 Own workforce - Measures
S1 S1-4-AR 33 a Not material
S1 S1-4-AR 33 b Not material
S1 S1-4-AR 33 c Not material
S1 S1-4-AR 33 d Not material
S1 S1-4-AR 35 Not material
S1 S1-4-AR 36 Not material
S1 S1-4-AR 40 a Not material
S1 S1-4-AR 40 b Not material
S1 S1-4-AR 41 Not material
S1 S1-4-AR 43 Not material
S1 S1-4-AR 48 Not material
ESRS 2 62 Not material
S1 S1-5
Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
S1 S1-5-46 Own workforce - Targets and their progress
67
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S1 S1-5-47a Own workforce - Targets and their progress
S1 S1-5-47b Own workforce - Targets and their progress
S1 S1-5-47c Own workforce - Targets and their progress
S1 S1-5-AR 49 a Not material
S1 S1-5-AR 49 b Not material
S1 S1-5-AR 49 c Not material
ESRS 2 81 Not material
S1 S1-6 Characteristics of the undertaking’s employees
S1 S1-6-50a Own workforce - Personnel key figures
S1 S1-6-50b Own workforce - Personnel key figures
S1 S1-6-50b + 51 Own workforce - Personnel key figures
S1 S1-6-50c Own workforce - Personnel key figures
S1 S1-6-50d Own workforce - Personnel key figures
S1 S1-6-50 d (i) Own workforce - Personnel key figures
S1 S1-6-50 d (ii) Own workforce - Personnel key figures
S1 S1-6-50e Own workforce - Personnel key figures
S1 S1-6-50f Own workforce - Personnel key figures
S1 S1-6-52 Own workforce - Personnel key figures
S1 S1-6-52 a Own workforce - Personnel key figures
S1 S1-6-52 b Own workforce - Personnel key figures
S1 S1-7
Characteristics of non-employee workers in
the undertaking’s own workforce
S1 S1-7-55 a Own workforce - Personnel key figures
S1 S1-7-56 Own workforce - Personnel key figures
S1 S1-7-55 b Own workforce - Personnel key figures
S1 S1-7-55 b (i) Own workforce - Personnel key figures
S1 S1-7-55 b (ii) Own workforce - Personnel key figures
S1 S1-7-55c Own workforce - Personnel key figures
S1 S1-7-57 Own workforce - Personnel key figures
S1 S1-8
Collective bargaining coverage and social
dialogue
S1 S1-8-60 a Own workforce - Personnel key figures
S1 S1-8-60 b Own workforce - Personnel key figures
S1 S1-8-60 c Own workforce - Personnel key figures
S1 S1-8-61 Not material
68
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S1 S1-8-62 Not material
S1 S1-8-63a Own workforce - Personnel key figures
S1 S1-8-63b Own workforce - Personnel key figures
S1 S1-8-AR 70 Own workforce - Personnel key figures
S1 S1-9 Diversity metrics
S1 S1-9-66a Own workforce - Personnel key figures
S1 S1-9-66b Own workforce - Personnel key figures
S1 S1-9-AR 71 Own workforce - Personnel key figures
S1 S1-10 Adequate wages
S1 S1-10-69 Own workforce - Personnel key figures
S1 S1-10-70 Not material
S1 S1-10-71 Not material
S1 S1-11 Social protection
S1 S1-11-74 a Own workforce - Personnel key figures
S1 S1-11-74 b Own workforce - Personnel key figures
S1 S1-11-74 c Own workforce - Personnel key figures
S1 S1-11-74 d Own workforce - Personnel key figures
S1 S1-11-74 e Own workforce - Personnel key figures
S1 S1-11-75 Own workforce - Personnel key figures
S1 S1-12 Persons with disabilities
S1 S1-12-79 Own workforce - Personnel key figures
S1 S1-12-80 Not material
S1 S1-12-AR 76 Own workforce - Personnel key figures
S1 S1-13 Training and skills development metrics
S1 S1-13-83 a Own workforce - Personnel key figures
S1 S1-13-83 b Own workforce - Personnel key figures
S1 S1-13-84 Not material
S1 S1-13-85 Not material
S1 S1-14 Health and safety metrics
S1 S1-14-88 a Own workforce - Personnel key figures
S1 S1-14-88b Own workforce - Personnel key figures
S1 S1-14-88c Own workforce - Personnel key figures
S1 S1-14-88d Own workforce - Personnel key figures
S1 S1-14-88e Own workforce - Personnel key figures
69
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S1 S1-14-89 Not material
S1 S1-14-90 Not material
S1 S1-14-AR 81 Not material
S1 S1-14-AR 82 Not material
S1 S1-14-AR 94 Not material
S1 S1-15 Work-life balance metrics
S1 S1-15-93 a Own workforce - Personnel key figures
S1 S1-15-93 b Own workforce - Personnel key figures
S1 S1-15-94 Own workforce - Personnel key figures
S1 S1-16
Compensation metrics (pay gap and total
compensation)
S1 S1-16-97 a Own workforce - Personnel key figures
S1 S1-16-97 b Own workforce - Personnel key figures
S1 S1-16-97 c Own workforce - Personnel key figures
S1 S1-16-98 Not material
S1 S1-16-99 Not material
S1 S1-17
Incidents, complaints and severe human rights
impacts
S1 S1-17-103 a Own workforce - Personnel key figures
S1 S1-17-103 b Own workforce - Personnel key figures
S1 S1-17-103 c Own workforce - Personnel key figures
S1 S1-17-103 d Own workforce - Personnel key figures
S1 S1-17-104 a Own workforce - Personnel key figures
S1 S1-17-104 b Own workforce - Personnel key figures
S1 S1-17-AR 103 Not material
S1 S1-17-AR 106 Not material
S4 SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model related to consumers and end-users
S4 SBM-3-10
Consumers and end-users - Material impacts, risks, and opportunities related to
consumers and end-users
S4 SBM-3-10 a) Not material
S4 SBM-3-10 a i)-iv) Not material
S4 SBM-3-10 b
Consumers and end-users - Material impacts, risks, and opportunities related to
consumers and end-users
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S4 SBM-3-10 c
Consumers and end-users - Material impacts, risks, and opportunities related to
consumers and end-users
S4 SBM-3-10 d
Consumers and end-users - Material impacts, risks, and opportunities related to
consumers and end-users
S4 SBM-3-11 Consumers and end-users - Policies
S4 SBM-3-12 Consumers and end-users - Policies
S4 S4-1 Policies related to consumers and end-users
S4 S4-1-15
Consumers and end-users - Information-related impacts for consumers and/or end-
users
S4 S4-1-16 Consumers and end-users - Policies
S4 S4-1-16 a Consumers and end-users - Policies
S4 S4-1-16 b
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-1-16 c Not material
S4 S4-1-17 Not material
S4 S4-1-AR 9 Not material
S4 S4-1-AR 13 Not material
ESRS 2 62 Not material
S4 S4-2
Processes for engaging with consumers and
end-users about impacts
S4 S4-2-20
Consumers and end-users - Information-related impacts for consumers and/or end-
users
S4 S4-2-20 a
Consumers and end-users - Information-related impacts for consumers and/or end-
users
S4 S4-2-20 b
Consumers and end-users - Information-related impacts for consumers and/or end-
users
S4 S4-2-20 c
Consumers and end-users - Information-related impacts for consumers and/or end-
users
S4 S4-2-20 d
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-2-21
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-2-22 Not material
S4 S4-2-AR 15 Not material
S4 S4-3
Processes to remediate negative impacts and
channels for consumers and end-users to raise
concerns
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S4 S4-3-25 a
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-3-25 b
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-3-25 c
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-3-25 d
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-3-26
Consumers and end-users - Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4 S4-3-27 Not material
S4 S4-3-AR 20 Not material
S4 S4-3-AR 21 Not material
S4 S4-3-AR 22 Not material
S4 S4-4
Taking action on material impacts on consumers
and end-users, and approaches to managing
material risks and pursuing material
opportunities related to consumers and end-
users, and effectiveness of those actions
S4 S4-4-31 a Consumers and end-users - Policies
S4 S4-4-31 b Consumers and end-users - Policies
S4 S4-4-31 c Consumers and end-users - Policies
S4 S4-4-31 d Consumers and end-users - Targets and their progress
S4 S4-4-32 a Consumers and end-users - Policies
S4 S4-4-32 b Consumers and end-users - Policies
S4 S4-4-32 c Consumers and end-users - Policies
S4 S4-4-33 a Consumers and end-users - Policies
S4 S4-4-33 b Consumers and end-users - Policies
S4 S4-4-34 Consumers and end-users - Policies
S4 S4-4-35 Not material
S4 S4-4-37 Consumers and end-users - Policies
S4 S4-4-AR 25 a Not material
S4 S4-4-AR 25 b Not material
S4 S4-4-AR 25 c Not material
S4 S4-4-AR 25 d Not material
S4 S4-4-AR 27 Not material
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PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
SOCIAL INFORMATION
S4 S4-4-AR 28 Not material
S4 S4-4-AR 33 a) Not material
S4 S4-4-AR 33 b) Not material
S4 S4-4-AR 34 Not material
S4 S4-4-AR 41 Not material
ESRS 2 62
S4 S4-5
Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
S4 S4-5-41 Consumers and end-users - Targets and their progress
S4 S4-5-41 a Consumers and end-users - Targets and their progress
S4 S4-5-41 b Consumers and end-users - Targets and their progress
S4 S4-5-41 c Consumers and end-users - Targets and their progress
S4 S4-5-AR 42 a Not material
S4 S4-5-AR 42 b Not material
S4 S4-5-AR 42 c Not material
ESRS 2 81 Not material
73
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GOVERNANCE INFORMATION
G1 GOV-1
The role of the administrative, management and
supervisory bodies
G1 GOV-1-5a
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
G1 GOV-1-5 b
Responsibility governance and strategy - The role of the administrative, management, and
supervisory bodies and information provided to them and sustainability matters addressed
by them
G1 G1-1
Corporate culture and Business conduct
policies and corporate culture
G1 G1-1-7 Business conduct - Material impacts, risks, and opportunities related to business conduct
G1 G1-1-9 Business conduct - Business conduct policies and corporate culture
G1 G1-1-10a Business conduct - Prevention and detection of corruption and bribery
G1 G1-1-10 b Business conduct - Prevention and detection of corruption and bribery
G1 G1-1-10 c Business conduct - Prevention and detection of corruption and bribery
G1 G1-1-10 d Not material
G1 G1-1-10 e Business conduct - Prevention and detection of corruption and bribery
G1 G1-1-10 f Not material
G1 G1-1-10 g Business conduct - Prevention and detection of corruption and bribery
G1 G1-1-10 h Business conduct - Prevention and detection of corruption and bribery
G1 G1-1-11 Not material
G1 G1-2 Management of relationships with suppliers
G1 G1-2-14 Not material
G1 G1-2-15 a Not material
G1 G1-2-15 b Not material
ESRS 2 62 Not material
G1 G1-3
Prevention and detection of corruption and
bribery
G1 G1-3-18 a Business conduct - Prevention and detection of corruption and bribery
G1 G1-3-18 b Reporting on the data point will be refined in future reporting periods
G1 G1-3-18 c Reporting on the data point will be refined in future reporting periods
G1 G1-3-19 Not material
G1 G1-3-20 Business conduct - Prevention and detection of corruption and bribery
G1 G1-3-21 a Business conduct - Prevention and detection of corruption and bribery
G1 G1-3-21 b Business conduct - Prevention and detection of corruption and bribery
G1 G1-3-21 c Business conduct - Prevention and detection of corruption and bribery
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
PART OF THE CORPORATE
RESPONSIBILITY REPORT ESRS PARAGRAPH HEADLINE PLACE IN REPORT
GOVERNANCE INFORMATION
G1 G1-3-AR 7 Business conduct - Prevention and detection of corruption and bribery
G1 G1-3-AR 8 Business conduct - Prevention and detection of corruption and bribery
G1 G1-4 Confirmed incidents of corruption or bribery
G1 G1-4-24 a Business conduct - Prevention and detection of corruption and bribery
G1 G1-4-25 a Not material
G1 G1-4-25 b Not material
G1 G1-4-25 c Not material
G1 G1-4-25 d Not material
G1 G1-5 Political influence and lobbying activities
G1 G1-5-29 a Not material
G1 G1-5-29 b Not material
G1 G1-5-29 b i Not material
G1 G1-5-AR 12 a Not material
G1 G1-5-AR 12 b Not material
G1 G1-5-29 b i Not material
G1 G1-5-29 b (ii) Not material
G1 G1-5-29 c Not material
G1 G1-5-29 d Not material
G1 G1-5-30 Not material
G1 G1-5-AR13 Not material
ESRS 2 62 Not material
G1 G1-6 Payment practices
G1 G1-6-33 a Not material
G1 G1-6-33 b Not material
G1 G1-6-33 c Not material
G1 G1-6-33 d Not material
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
76
Responsible Investment Annual Review 2024
Contents
Responsibility at the core of the strategy .......................................... 77
Responsible investment at Evli .................................................................... 78
Active ownership and engagement ....................................................... 85
Promoting children’s rights as part of human
rights work ............................................................................................................... 91
Evli’s work to mitigate climate change .................................................. 92
Integrating biodiversity in investment activities ............................ 96
Responsible investment practices are constantly
evolving .................................................................................................................... 100
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
At Evli, responsibility has been an integral part of business for years and we are actively developing
responsibility in our operations. Responsibility is also one of Evli’s strategic focus areas.
At Evli, responsible investment means taking the environmental, social, and good governance (ESG) issues
into account in our investment activities. We want to grow our clients’ wealth responsibly, which is why
responsibility is integrated into our asset management investment activities.
Transparency and openness are the cornerstones of Evli’s responsible investment. Each year, we report on
the progress of this work. In the Responsible Investment Annual Review 2024, we describe the development
of Evli’s responsible investment during 2024 as well as our focus areas and the engagement activities
we have carried out. In 2024, Evli strengthened its work in particular on climate change mitigation and
biodiversity, and raised, as part of its human rights work, the children’s rights in the wider debate.
Responsibility at the core of the
strategy
“At Evli, responsibility has been an
integral part of portfolio management
for many years, as we believe that
taking responsibility into account will
create long-term added value.”
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
At Evli, we believe that taking responsibility issues into account in investment decisions, alongside the analysis
of key financial figures, increases understanding of the investment target and the risks and opportunities
associated with it.
Responsible investment is integrated into investment activities and reporting
At Evli, responsibility factors have been integrated into the investment activities of Wealth Management,
which means that responsibility is systematically considered in portfolio management. In practice, for listed
investments this is done through an internal ESG database based on sustainability data produced by MSCI
ESG Research and ISS STOXX, as well as through information published by companies and attained through
company meetings. The ESG database provides portfolio managers with easy access to companies’ ESG
data when making equity and fixed income investments. For example, portfolio managers can search for
companies’ responsibility assessments (the so-called ESG scores), information on the share of revenue
generated by controversial activities and any ESG violations, as well as information on companies’ emissions
and emission reduction targets, and how companies are aligned with the Paris Agreement.
The ESG database is also used for reporting purposes. Evli publishes public ESG reports on all its equity and
corporate bond funds, allowing anyone to monitor the responsibility of Evli’s investments. In addition to ESG
and UN Global Compact analyses, the ESG reports show the development of the investments’ ESG ratings,
reputational risk, and carbon footprint, as well as company-specific ESG data for the ten largest holdings.
Furthermore, Evli reports on a semi-annual basis the responsibility of its clients’ equity and corporate bond
investments in separate client-specific responsibility reports.
Responsible investment at
Evli
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
An investment-specific ESG analysis is part of all investments, including those for alternative investment
funds. In the Evli Private Equity, Evli Infrastructure and Evli Private Debt funds, each new target fund is
analyzed against the same ESG criteria, and investments are only made in funds that meet the criteria.
The funds are also analyzed according to the same criteria during the investment period, and the ESG
analysis data is transparently available to investors. Similarly, in Evli’s direct equity investments and growth
companies, ESG analysis and value creation are a key part of the investment process. Examples of portfolio
work include the creation of ESG principles and KPI metrics together with each target company.
With its real estate funds, Evli works in a socially responsible manner and demands the same from its
partners. In addition, through concrete measures Evli is able to influence the energy efficiency of buildings
and the construction’s carbon footprint. In Evli’s direct infrastructure funds, responsibility is an integral
part of operations, and the aim is to produce as much renewable energy as possible in an economically
viable way. Solutions enabling the growth of renewable energy, such as electricity storage, are also included
in the investment strategy of the funds. Evli’s forestry funds identify ESG risks and opportunities in their
target funds as well as measure and report on the carbon impact of the funds annually. The funds invest in
sustainable commercial forestry that produces renewable, environmentally friendly products for a range
of end uses. Sustainable forest management is ensured through third-party forest certification schemes,
such as FSC and PEFC.
Four Pillars of Responsible Investing at Evli
1. PRINCIPLES FOR RESPONSIBLE INVESTMENT
- Policies by asset classes
- Separate Climate Change Principles and engagement policy
- Climate Targets and Biodiversity Roadmap for taking biodiversity into account
- Internal division of responsibilities and governance model
2. ESG INTEGRATION IN INVESTMENT PROCESS
- Responsibility analysis as part of the investment decision-making
- Asset class-specific responsibility expertise
- Responsible Investment team as support for portfolio managers
3. ENGAGEMENT AND ACTIVE OWNERSHIP
- Independent discussions with companies
- Collaborative engagement and investor initiatives
- Asset class-specific engagement and active ownership
4. REPORTING
- Comprehensive and transparent reporting at fund and client level
- Responsible Investment Annual Review overviews progress in responsible investing
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
More responsible practices through engagement
Evli analyzes its actively managed equity and corporate bond funds and the direct investments made by
Wealth Management every three months to identify potential non-compliance with the UN Global Compact, the
UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises,
and to ensure compliance with Evli’s Climate Change Principles. The UN Global Compact is an international
corporate responsibility standard that requires companies to respect human rights, fight corruption and take
environmental issues into account. The UN Guiding Principles on Business and Human Rights informs how
states and companies should implement their obligations and responsibilities. The OECD Guidelines contain
recommendations for multinational enterprises made by governments. The recommendations consist of
voluntary principles and standards of responsibility and the application of legislation to international business.
Information on non-compliance is available from the MSCI and ISS STOXX databases and other sources such
as news reports.
Each case of non-compliance and violation of the Climate Change Principles triggers a pre-defined process at
Evli. First, the case is discussed with the portfolio manager, after which Evli’s Responsible Investment (RI) team
analyzes the company’s situation. The RI team has two options for further action:
1. Initiate measures of engagement
2. Exclude the investment.
The cases calling for engagement that have come to light in the quarterly inspections mostly concern
environmental problems, human rights, workers’ rights, or actions to mitigate climate change. Evli does not
disclose the names of the companies with which it engages, as it believes that engagement with the company in
a confidential manner is more effective.
Evli also engages companies related to different ESG themes and participates in various collaborative
engagements and initiatives with other investors with the aim of making the operations of even more companies
responsible. Responsibility is also systematically raised with the companies and partners of the alternative
investment funds taking into consideration asset class-specific differences and best practices.
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
81
Focus areas for responsible investing at Evli
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Continuous work towards
climate targets
Continuing to deepen ESG
integration in portfolio
management
Research around
biodiversity
New responsibility
themed products
Working to promote
human rights
Following EU sustainable
finance legislation
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Results and priorities in 2024
During the year, Evli continued active work in responsible investment and related focus areas and followed the
development of the EU sustainable finance legislation.
In January 2024, as part of its actions under the biodiversity roadmap, Evli became a TNFD Early Adopter. In
2025, Evli will report on 2024 in accordance with the Taskforce on Nature-related Financial Disclosures (TNFD)
framework. TNFD is a market-led, science-based initiative that has developed a reporting framework on nature
for financial institutions and organizations. In addition, Evli joined as an endorser the PRI’s Spring collaborative
engagement initiative, in which investors use their influence to halt biodiversity loss by 2030. The initiative
focuses in its first phase on forest loss and land degradation, which are the key drivers of biodiversity loss and
also affect the climate crisis.
In accordance with the Sustainable Finance Disclosure Regulation (SFDR), Evli published the necessary
information on its funds that are disclosed before investing, and as part of the annual review of the funds, its
periodic reports on how the sustainability characteristics of the equity and fixed income funds were met during
2023. The corresponding periodic report was also published on alternative investment funds as well as on a
portfolio basis for asset management clients.
Evli reported on the company-level PAI
1
indicators and adverse sustainability impacts in accordance with the
regulation schedule at the end of June 2024. Evli has also developed the monitoring and analysis process of the
PAI indicators. The Responsible Investment team systematically reviews companies quarterly.
Evli participated in general meetings of 33 companies and engaged 32 companies independently. The general
meetings were attended by voting in advance, attending physical meetings, or attending remote meetings.
Prior to the general meetings, Evli engaged with 18 companies in relation to good governance. Furthermore,
Evli engaged with eight companies in relation to climate targets and/or principles. In addition, two engagement
discussions were related to both climate and nature, three discussions related to environmental issues and one
related toa suspected breach of norms. Evli also participated in companies’ materiality analyses and discussed
sustainability themes with various stakeholders. In addition, Evli Fund Management Company’s representatives
were appointed to nomination boards of three companies.
In addition to its independent engagement, Evli was involved in collaborative engagement initiatives and/or
investor letters, such as the Nature Action 100 initiative, Climate Action 100+ initiative, and the CDP investor
letters. CDP is an independent organization whose aim is to encourage companies to report on and manage their
impact on the environment. Through investor letters, investors work together to engage with companies that do
not yet report on their actions related to climate, forests, and/or water. In April 2024, Evli signed the “Finance
Statement on Plastic Pollution” with other financial companies to support an international plastic agreement, as
we recognize the negative impacts of plastics on the climate, people, and biodiversity. In 2024, Evli also signed
the “2024 Global Investor Statement to Governments on the Climate Crisis” investor letter. The letter calls for
governments to take necessary political actions to accelerate private capital flows needed for the just transition
to a climate-resilient and nature-positive economy.
Related to the quarterly monitoring of norm violations, Evli did not exclude new companies from its investment
universe.
Evli’s Climate Targets’ Working Committee actively continued its work. Separate meetings were also organized
with Evli portfolio managers about the assessment of companies based on the Net Zero Investment Framework
and how to find information about the company assessments in portfolio managers’ tools. The progress of the
targets will also be reported as part of our annual reporting. Furthermore, Evli’s Responsible Investment Team
discussed actively, in particular, the climate data with the ESG data providers.
During 2024 Evli continued its research on biodiversity metrics regarding, for example, portfolio-specific
analyses and preparation for reporting in accordance with the TNFD reporting framework. Evli also participated
in TNFD’s consultation in early 2024. In addition, in 2024, Evli’s Responsible Investment team participated in a
TNFD training organized by Sitra and in the drafting of Finance Finland’s nature commitment.
As part of its human rights work, Evli participated in a research project, started by UNICEF Finland, to find out
how investors can advance the fulfilment of children’s rights. Evli provided investor view on Finnish companies in
the benchmark study by UNICEF Finland, published in February 2024. In addition, Evli explored ways to integrate
children’s rights more strongly into methods for responsible investing and constructed an extensive sector-
specific, children’s rights analysis primarily from the point of view of Finnish companies. The sector analysis
1
Principal Adverse Impact, i.e. PAI indicators mean indicators that describe adverse impacts of investment decisions on sustainability factors.
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
was developed for three sectors. To address the challenge of obtaining data, as raised by the study, Evli started
to find a solution using artificial intelligence and various analysis models. Evli was also able to present its work
at an investor event organized by UNICEF Sweden in August and at the Building Bridges event in Switzerland in
December.
In the fall, Evli organized portfolio management’s ESG training days, with the topics being planetary boundaries,
nature reporting in accordance with the TNFD framework, and considering nature and biodiversity from a
company and investor perspective. In addition, the development of responsible investment at Evli was discussed
over the course of the training days. Interactive workshops and active discussion around the themes were also
organized.
In 2024, Evli’s alternative investment funds also systematically developed responsible investment practices. The
Evli Private Equity, Evli Infrastructure, and Evli Private Debt funds performed an ESG analysis for 12 investment
target funds and two future target funds. In the spring of 2024, fund managers were provided the results of
the previous year’s ESG survey, so that they got feedback on their performance, in relation to the peer group,
in various aspects of responsible investment. All Evli’s alternative fund of funds, which had previous results
available, improved their average ESG results. The biggest improvement was related to the fund managers’
climate work. In addition, in the annual ESG assessment, more detailed bilateral discussions with the low
performers among the target fund managers on their development areas were held. The ESG survey, sent at the
end of year, included few extra questions to clarify topics related to biodiversity and human rights.
In 2024, the growth company funds, Evli Growth Partners I and II, continued their work on climate in terms of
calculation of carbon dioxide emissions and offsetting. Both funds also continued to collect data from the PAI
indicators and examined companies’ capacities to check their business partners and key employees for sanction.
In 2024, Evli Growth Partners (EGP) explored the administrative capacity of its portfolio companies by asking
companies’ guidelines on 25 different themes. After this mapping, the purpose is to create model guidelines, so
that the companies can complement their missing guidelines. In addition, the EGP supported portfolio companies’
preparation for the CSRD regulation by providing guidelines on issues that companies must take into account
and the timeline for this. A workshop on CSRD was also held with companies that need to report in accordance
with the CSRD in the next phase. As part of the due diligence process, a sustainability analysis was made for one
new portfolio company, and the findings served as the basis for the company’s ESG policy and targets for 2025.
With the other target company, we started working on ESG reporting based on the company’s existing metrics.
Two target companies published their public reports on the sustainability of their business.
In EAB Private Equity’s target companies, responsible investment was promoted in many ways. Depending on
the growth phase of companies, capacities for carbon footprint calculation, CSRD reporting, and climate targets
setting were created, among other things, and measures to promote occupational safety and well-being at work
were improved during the year.
In September, the new Evli Private Capital Fund I alternative fund was launched. It is Finland’s first thematic
growth fund making minority investments. The fund invests in unlisted companies with significant growth
potential and focuses on energy sector transformation, resource efficiency, and circular economy, and thus
continues EAB Private Equity’s previous investment strategy. The fund follows the Principles for Responsible
Investment, and sustainability analysis and monitoring are integrated into its investment process. In addition, the
fund promotes environmental and social characteristics in accordance with Article 8 of the SFDR. In November,
the fund made its first investment in a Finnish growth company that drives digitalization and resource efficiency
in the retail sector. As part of the due diligence process, a sustainability analysis was made for a new portfolio
company, and the findings served as the basis for the company’s ESG strategy and sustainability targets.
ESG obligations were also included in contractual documents of the investment, such as in the shareholder
agreement.
At the end of 2024, the investment team of EAB Private Equity and Evli Private Capital organized a workshop for
their portfolio companies, offering the participants an opportunity for peer learning and networking on selected
responsibility topics.
In 2024, in Evli’s real estate fund operations, systematic responsibility work was continued. One quarter of the
funds participated in the global GRESB (Global Real Estate Sustainability Benchmark) assessment. In properties
owned by funds, several sustainability activities were carried out, such as energy efficiency projects and
energy audits, and energy certificates were renewed. Furthermore, there was active stakeholder engagement
in real estate funds. The annual tenant satisfaction surveys examined the tenants’ views on responsibility. Tenant
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
events were organized in many properties to improve understanding of responsible practices and of reducing
environmental impact. As for suppliers, responsible operating models were demanded and monitored.
In Evli’s direct infrastructure funds, focus was on developing and expanding the investment platforms of
renewable energy. During the year, industrial-scale solar power plants and rooftop solar power plants were
completed in Spain. In Finland, the electricity storage project supporting the growth of renewable energy
progressed to construction phase. The project suppliers are committed to complying with Evli’s Supplier Code of
Conduct.
In 2024, Evli Impact Forest Fund I (EIFF I) published its first responsibility report for investors. The highlights
of the 2023 reporting period were over 6.5 million trees planted (relative proportion of EIFF I), 20 percent of
the forest area set-aside in permanent conservation areas or legal reserves, and 500 kilometers of protected
streams and watercourses. All forest assets have achieved third-party sustainability certification or are
working towards certification for new investments after acquisition. Evli recognizes the FSC and PEFC forest
certification schemes. EIFF I has a defined sustainability objective, which is to remove atmospheric carbon by
investing in commercial forestry. The investments support climate change mitigation efforts. In 2023, the fund
removed 1.08 million tons of carbon (tCO
2
e), exceeding the Fund’s target. Evli’s second forest fund, Evli Impact
Forest Fund II, has introduced an independent evaluation of carbon accounting procedures of its target funds
before investment. In both funds, the performance fee received by Evli depends on the achievement of the
stated carbon dioxide removal targets.
Evli’s responsible investment performed excellently in external evaluations, too. Evli was placed first overall in
sustainable investments expertise in Finland in the Kantar Prospera’s “External Asset Management 2024 Finland”
survey
1
. In the annual institutional asset management survey by SFR Research Evli was ranked second in
responsible investment expertise in Finland among large asset management companies
2
.
You can read more about Evli’s responsible investing and its development at evli.com.
Evli reports on its climate risks in accordance with the Task Force on Climate-related Financial Disclosures
(TCFD) framework and, now for the first time, its nature risks in accordance with the Taskforce on Nature-
related Financial Disclosures (TNFD). TNFD is a market-led, science-based initiative that has developed a
reporting framework on nature for financial institutions and organizations. The 2024 TCFD and TNFD reports
are available in the Responsibility section of Evli’s Annual Report.
1
Kantar Prospera External Asset Management 2024 Finland.
2
SFR Scandinavian Financial Research Institutional Investment Services Finland 2024.
Active ownership and engagement are a systematic part of the way Evli operates. Evli participates in annual
general meetings of its investee companies in Finland and engages with companies independently and
through collaborative initiatives with other investors.
Attendance at annual general meetings and nomination boards as part of active ownership
During 2024, Evli participated in 30 annual general meetings (AGM) and three extraordinary general meetings
(EGM). The meetings were attended by voting in advance, attending physical meetings, or attending remote
meetings. Evli’s representative attended 19 physical general meetings during the year. Evli’s representatives
attended the AGMs and/or EGMs of Admicom, Detection Technology, Eezy, Enento Group, Fortum, Gofore,
Harvia, HKScan, Huhtamäki, Kempower, Kojamo, Konecranes, Lemonsoft, Marimekko, Metsä Board, Musti
Group, Neste, NoHo Partners, Ponsse, Puuilo, Relais Group, Remedy Entertainment, Qt Group, Sanoma,
Sitowise Group, Talenom, Terveystalo, UPM Kymmene, Valmet, and Verkkokauppa.com. The meetings were
selected on the basis of the content of the agenda and influence potential. Prior to the general meetings, Evli
was in contact with 18 companies in relation to good governance.
Through its four funds, Evli voted in advance in general meetings of 14 companies, and more than one fund
could participate in the general meetings. Evli abstained from the vote once on the election of a Board
member. Apart from this, Evli supported all proposals. At the general meetings Evli attended physically, Evli’s
representative asked for two votes against on the election of Board members to be recorded in the minutes.
In addition, Evli voted against on one occasion on the approval of the remuneration report. The above voting
details are presented at company level. At other general meetings Evli attended physically, Evli did not oppose
the proposals. In 2024, Evli Fund Management Company’s representatives were appointed to nomination
boards of three companies.
Active ownership and
engagement
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Examples on engagement discussions in equity
funds and corporate bond funds
Independent engagement and dialogue with target companies
Systematic engagement with Evli’s investee companies continued. In 2024, Evli was in contact with 32
companies in the area of sustainability discussions alone. The engagement took the form of emails and, with
some companies, engagement meetings. Of the engagement cases, eight were primarily related to encouraging
companies to set climate targets and/or science-based climate targets and/or climate principles. In addition,
two engagement discussions were related to both climate and nature and three related to environmental issues.
One engagement case was related to suspected norm violation. Prior to the general meetings, Evli also engaged
with 18 companies in relation to good governance.
In 2024, Evli participated in companies’ materiality analyses as well as discussed responsibility themes with
various stakeholders. In addition, Evli participated in the consultation of the TNFD’s financial sector guidelines.
In addition to the engagement meetings, portfolio managers discussed corporate responsibility themes with
companies as part of their company meetings. In 2024, portfolio managers of Evli’s equity and corporate bond
funds met with companies around 725 times.
Related to the quarterly monitoring of norm violations, Evli did not exclude any companies from its investment
universe.
TOPIC
ENVIRONMENT: CLIMATE
AND NATURE WORK
SOCIETY: HUMAN RIGHTS,
SUSPECTED BREACH OF
NORMS
GOOD GOVERNANCE:
INCREASING BOARD FEES
Engagement
Evli discussed with the
company about updating
the company’s climate
targets and asked the
company’s plans related to
their biodiversity work. In
the meeting the company
was open and transparent
in its actions and related
challenges and had a clear
action plan.
The company was asked
about its human rights
policies and actions to
ensure best practices.
The goal is to assess
the company’s activities
and corrective actions in
respect of human rights.
The company was asked
to provide reasons for
significant increase in
Board fees. The company
provided clear reasons. We
encouraged the company
to be transparent and open
towards other shareholders,
too, and the company
stated that it will include the
information in the general
meeting materials.
Result
The transparency of
company activities
increased. The company’s
actions will be followed.
We strive to have
active discussion with
the company, but not
received a response from
the company. Thus, the
engagement failed. During
the engagement, the reason
for the suspected violation
of norms was removed.
The transparency of
the company activities
increased. As a result
of their clear reasons, it
was possible to retain the
investment in the company
and to second the general
meeting proposal.
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Engagement in alternative investment funds
Responsibility is systematically raised with the target investment companies and partners of the alternative
investment funds. For example, in 2024, in the Evli Infrastructure, Evli Private Debt, and Evli Private Equity fund
of funds, the portfolio management of the target funds were provided the results of the annual ESG survey,
giving them feedback on their performance, in relation to the peer group, in various aspects of responsible
investment. With the ESG survey’s low performers among the portfolio managers of the target funds, more
detailed discussions were held on their development areas. Evli Impact Forestry conducts an annual ESG survey
and engages with managers regarding carbon sequestration reporting. The Fund monitors and reports its
removals of atmospheric carbon through its investments in commercial forestry.
In Evli’s growth company funds, EGP Fund I and EGP Fund II, engagement was carried out through active
cooperation with the target companies. In 2024, target companies were met 24 times in quarterly sustainability
discussions on a company’s progress in their annual targets as well as on the most important measures
for the coming quarter. In addition, an obligation to monitor sanctions was written into two new partnership
agreements. Materials were produced for target companies in order to prepare for the CSRD regulation. Evli
explored the responsibility politics of companies and highlighted missing policies, which would be good to do.
EAB Private Equity and Evli Private Capital Fund engage target companies through the work of Board of
Directors and working committees. Active ownership always requires that at least one Board of Directors
seat in the target company is obtained in order to enable regular interaction. In addition, ESG obligations are
included in contractual documents of investments, and target companies are expected to continuously improve
their environmental, social, and governance procedures. Together with the management, Board of Directors,
and other owners of each company, sustainability activities aimed at value creation are determined for the
ownership period, and their achievement is closely monitored. This ensures that investments not only bring
economic value but also have positive impacts on the environment and society.
In real estate funds, stakeholder engagement is focused on investors, tenants, and service providers. In 2024,
responsibility perspectives were discussed in investor meetings, among other things, and tenants’ views on
responsibility were examined on annual tenant satisfaction surveys. Tenant events were organized in many
properties to improve understanding of responsible practices and of reducing environmental impact. Tenants
were also encouraged to actively report any failures in order to jointly improve real estates. As for suppliers,
responsible operating models are demanded and monitored. In real estate management, for example, this meant,
among other things, monitoring of energy consumption and reacting quickly to consumption variations, active
monitoring of water leakages and water consumption, monitoring of safe real estate use as well as transparency
of governance in tenders for real estate acquisitions..
Engagement through collaborative initiatives and investors statements
In addition to its independent engagement, Evli is involved in collaborative engagement initiatives and investor
statements. The purpose of collaborative engagement initiatives and investors statements is to bring together
a wider group of investors behind the same objectives, thus enabling a broader engagement. The themes of the
initiatives and statements include climate change mitigation, human rights, and biodiversity.
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Collaborative engagement initiatives and investor statements
Climate Action 100+
Evli has been part of the Climate Action 100+ initiative since 2017. The initiative aims to better manage climate
change in companies, reduce greenhouse gas emissions, and report climate impacts more transparently. From
2018 to 2022, the initiative aimed to influence the most significant greenhouse gas emitters to mitigate climate
change and achieve the goals of the Paris Agreement. In 2023, the second phase of the initiative was announced,
running until 2030. At the end of 2024, over 600 investors had signed the Climate Action 100+. In 2024, the
initiative focused on 168 companies, of which 80% were committed to net zero at the end of the year and 90%
have a Board committee oversight of climate change risks and opportunities. Of the companies, 88% have aligned
their disclosures with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
Investor letters coordinated by CDP
Evli has been an investor member of the CDP since 2007 and since 2017 has been involved in engaging with
companies through CDP’s investor letters. CDP is an independent organization whose aim is to encourage
companies to report on and manage their impact on the environment. In 2024, 276 investors (2023: 288
investors) with combined assets of 21 trillion dollars were involved in the engagements. In total, 1,998 companies
were targeted for engagement (1,590 companies). Of those companies, 352 (317) started reporting their
activities to the CDP. Of the companies, 164 (211) included impacts on climate change, 46 (58) impacts on forests,
and 196 (66) impacts on water.
CDP’s Science-Based Targets (SBTs) collaborative engagement
Evli has been involved in the Science-Based Targets (SBTs) collaborative engagement initiative coordinated by the
CDP since the beginning of the campaign in 2020. The initiative ended in September of 2024. The initiative aimed
to encourage companies to set science-based climate targets which are aligned with the Paris Agreement’s
emission reduction targets and which enable companies to make action plans for their own climate action. In
the initiative’s last engagement cycle of 2023-2024, there were 307 investors and companies (2023: 367) with
combined assets of 32 trillion dollars involved in the SBT engagement. In the campaign’s last engagement cycle,
2,132 companies (2,100 companies) were targeted with the collaborative engagement. During the campaigns,
a total of 551 companies joined the Science Based Targets initiative (SBTi) or received approval for their SBTi
targets from the initiative. Between 2023 and 2024, 71 new companies joined the SBTi.
PRI Advance
In 2022, Evli joined as an endorser the PRI Advance, an initiative in which investors work together for the
benefit of human rights and social issues. It is engaging with sectors, and 39 companies selected from them,
with the most severe human rights risks. The collaborative engagement campaign was launched in December
2022 with 220 investors. At the end of 2024, 265 investors with combined assets of 35 trillion dollars had joined
the initiative. The campaign includes endorsers and participant investors who are in contact with companies
targeted for engagement. A wider engagement with companies started in 2023. The first assessment of the
progress of the companies was carried out in early 2024, after which progress will be reported annually.
Investor statement on Global Plastics Treaty
In April 2024, Evli signed the investor letter “Finance Statement on Plastic Pollution” with other financial
companies to support a global plastics treaty. A total of 160 investors from 29 countries signed the investor
letter representing 15.5 trillion dollars in combined assets. The statement was published before the UN
intergovernmental negotiations on a global plastics treaty at the end of April.
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GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Nature Action 100
In September 2023, Evli joined the global Nature Action 100 investor initiative, which encourages companies to
take on concrete corporate actions to reduce nature loss. The initiative includes more than 200 investors and
engages with 100 companies operating in eight key sectors with significant impacts on biodiversity around the
world. The initiative started by sending letters to companies and has continued with investor participants’ direct
engagement with companies either individually or as a part of engagement groups with other participating
investors. Evli is part of one investor group to engage with one company. Investor participants will report to
Nature Action 100 on the progress of their engagement.
PRI Spring
In the early 2024, Evli joined as an endorser the PRI Spring initiative, in which institutional investors engage with
companies to halt and reverse biodiversity loss by 2030. The initiative focuses primarily on forest loss and land
degradation, which are one of the key drivers of biodiversity loss. The initiative focuses on 40 companies. By
mid-2024, the initiative endorses represented combined assets of 15 trillion dollars. The campaign includes both
endorsers and participant investors responsible for engaging with companies. Company engagement began in
the second half of 2024.
Investor letter to governments to address climate crisis
Evli signed the “2024 Global Investor Statement to Governments on the Climate Crisis” investor letter. The letter
calls for governments to take necessary political actions to accelerate private capital flows needed for the just
transition to a climate-resilient and nature-positive economy. The investor letter was signed by 650 financial
companies, representing more than 33 trillion dollars in assets under management.
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CASE
Evli’s new green transition fund focuses on energy
transformation, resource efficiency and the circular economy
Evli Private Capital Fund I, launched by Evli in autumn 2024, is Finland's first thematic
growth equity fund focused on minority investments. The alternative investment fund
will be diversified across 5–8 target companies in Finland and Sweden.
Green transition is one of the most important growth drivers both in the current and in the coming decades.
Global investment needs driven by climate change are estimated to be in the range of USD 100–150 trillion by
2050
1
. Evli's new Evli Private Capital Fund I enables investors to capitalize on attractive opportunities from the
green transition megatrend.
The fund makes significant minority investments in Finnish and Swedish small and medium-sized growth
companies (within energy transformation, resource efficiency, and the circular economy). Evli is an active
owner that, in addition to capital, provides the companies with support in areas such as strategy clarification,
implementing M&A and internationalization, as well as access to a broad network of experts. The fund has a
lifespan of 8+2 years and an annual net return target of 20–30%
2
.
Experienced team behind the fund
The Evli Private Capital team consists of experienced investment professionals and is part of Evli's 38-person
alternative investment organization. The team's founding partners, Kalle Kekkonen and Kia Aejmelaeus,
have proven the effectiveness of the investment strategy over the past three years through private equity
investments in several exciting growth companies promoting sustainable development, including Proventia,
Solnet Green Energy, Bladefence, and Elcoline. The aim is to continue the implementation of the previous
investment strategy through the Evli Private Capital Fund I.
"The new fund is a continuation of the successful investment strategy we’ve implemented earlier. As a result of
our active work, we have a significant number of interesting deal flow, strong networks and a good reputation in
the market," says Kalle Kekkonen, Managing Partner, Evli Private Capital.
The investment themes selected by the team around energy sector transformation, resource efficiency and the
circular economy offer a significant number of attractive investment opportunities, indicating a relatively quick
investment timeframe.
In November 2024, the fund made its first investment. The investment was made in EWQ Zone, a company
driving digitalization and resource efficiency in the retail sector. As a result of the investment, Evli became a
significant minority shareholder in EWQ and Kia Aejmelaeus a member of EWQ’s Board of Directors.
Favorable investment environment and timing
From the fund’s perspective, the investment environment and timing in both Finland and the Nordic countries is
very positive, with up to EUR 260 billion
3
expected to be invested in the green transition in Finland alone in the
coming years.
"The fund has been established at an interesting time. Some of the best performing funds investing in unlisted
companies have been launched in uncertain times during a downturn, when it is possible to get into interesting
companies at reasonable valuation levels. Finland has fostered a strong, forward-looking environment for
innovation and a highly skilled workforce to accelerate the green transition. Through our investments, we want
to be part of building successful growth companies in the Nordics,” says Kekkonen.
Like all Evli funds, Evli Private Capital Fund I follows the principles of responsible investment. In addition
to integrating sustainability analysis and monitoring into the investment process, the fund will promote
environmental and social characteristics in accordance with Article 8 of the Sustainable Finance Disclosure
Regulation (SFDR).
1
Sources: Boston Consulting Group (BCG and Climate Leadership Coalition (CLC) Finland’s Moonshots for Green Growth - Maximizing Finland’s
Growth and Handprint in the Green Transition, 02/2023. Ministry of Finance Finland: Economic Survey, Summer 2023.
2
The return target is based on an assessment of the value of the investment and the development of market conditions. The target return may
not be achieved, as the realized return will depend on the success of the investment activity and the actual market development.
3
Sources: The Finnish Climate Fund and AFRY.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
As part of its human rights work, Evli has brought children’s rights into a broader perspective. Investors have
the power to influence how children’s rights are implemented in companies’ operations. From 2022 to 2024 Evli
participated in UNICEF Finland’s research project
1
, examining how Finnish companies take children’s rights into
account in their activities and what kind of clear metrics could be used to measure this. The study is unique in
the world, as there are only a few known similar projects.
At the same time, Evli began its own research project to better understand how companies consider children’s
rights and how this could be integrated into investment decisions. As Finnish companies also operate in
international markets, value chains reach emerging markets. The study examined the children’s rights from a
wide range of perspectives and shed light on risks in many industries and companies. Three industries were
selected for the study: basic materials, consumer goods, and digital services (the IT sector). The choice was
based on the importance of the industries in Finland, but also on their concreteness to better understand the
complexity of issues related to child rights. As for basic materials, it was relevant to notice that risk areas usually
lie at the beginning of the value chain and that companies’ operations are very global. In consumer goods, the
emphasis was on data privacy and marketing, among other things. In digital services, learning opportunities,
data security, and particularly vulnerable position of children in marketing and product safety, for example, were
highlighted.
The aim of the industry-specific analysis is to create metrics that will help to integrate children’s rights more
strongly into responsible investing methods. In practice, this means that when analyzing investment decisions,
children’s rights could be considered as part of the company analysis. In this context, however, it is important
to consider the availability of data, which is also important to raise in a broader discussion with different
stakeholders. As a solution to data challenges, Evli also considered the use of artificial intelligence. Evli’s new
service platform for equity investing, Atlas, enables building tailored equity portfolios based on clients’ individual
needs and values. As part of Atlas, Evli has developed the Atlas Intelligence tool that uses artificial intelligence for
boosting company analysis and generating new data to support reporting and investment decisions. Artificial
intelligence helps to process and analyze large amounts of data generated by companies systematically and
consistently. The platform can utilize existing expert frameworks, such as the UNICEF’s Tool for Investors and
the Global Child Forum’s Benchmark model related to the children's rights, or create tailored analysis models for
specific questions.
Promoting children’s rights as
part of human rights work
1
UNICEF Finland’s benchmark study “Child Lens on ESG: A Study of Nasdaq Helsinki Companies” was published in February 2024. The study
mapped the children’s rights performance of 52 large Finnish listed companies. Evli brought an investor view to the study.
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Climate change mitigation has been part of Evli’s responsible investment processes for a long time. Evli continued
this work with its climate targets published in 2021. According to its climate targets, Evli aims to achieve
carbon neutrality by 2050 at the latest. The target applies to emissions from both Evli’s own operations and its
investments. In addition to the main target, Evli set interim targets and a separate climate roadmap to support
the long-term goal of carbon neutrality.
In 2022, Evli reinforced its climate commitment by signing the Net Zero Asset Managers
5
(NZAM) initiative. The
signatories of the initiative include a large group of internationally renowned investors committed to achieving
carbon neutrality by 2050. Commitment to the initiative requires signatories to take several steps, including the
setting of interim targets, annual reporting on progress towards targets, a clear climate roadmap and planned
actions for engagement. The initiative will guide the industry to reduce emissions and report on their progress in
a consistent way, which will make it easier to monitor the overall picture.
The signatories of the NZAM initiative must confirm their interim targets as well as the share of investments
committed to it. In line with the NZAM initiative’s target setting, best practices for climate work are favored. This
has also supported Evli’s Climate Targets’ Working Committee’s analysis of how best to achieve the investment-
related interim target through real-world emission reductions and in line with the Paris Agreement.
Evli’s work to mitigate climate
change
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5
www.netzeroassetmanagers.org/
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
1. Building a snapshot
2. Development of climate risk management
3. Updating the exclusions
4. Engagement
5. Systematic analysis of the targets
Roadmap to becoming a net zero asset manager
Evli’s climate targets
Evli aims to achieve carbon neutrality by 2050 at the latest. The target applies to emissions from both Evli’s own
operations and investments.
In addition to the main target, Evli set three interim targets:
1. Evli aims to achieve carbon neutrality for emissions from its own operations (Scope 1 and 2) by
2025 at the latest.
2. Evli set an interim target of a 50% reduction in indirect emissions from investments by 2030,
provided that the investment environment enables this. The base year is 2019.
3. Evli set up a Working Committee to further explore how best to achieve the investment-related milestone
through real-world emission reductions and in line with the Paris Agreement. In 2022, it was decided
that the Climate Working Committee continues supporting climate work until 2025. Evli reinforced its
climate commitment by signing the Net Zero Asset Managers initiative in 2022.
The interim targets and the roadmap of climate targets support Evli’s long-term goal of carbon neutrality. In
line with the climate targets roadmap, Evli will refine the monitored metrics as work progresses and report
accordingly.
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94
Progress of interim targets under the Net Zero Asset Managers initiative
In summer 2023, Evli submitted its interim target for the NZAM initiative, which has also been published on the
initiative’s website. The interim target is based on Evli’s milestones of climate targets, set in 2021, and on Evli’s
Climate Working Committee’s analysis of how best to achieve the investment target through real-world emission
reductions and in line with the Paris Agreement. The NZAM interim target provides concrete tools and metrics to
support Evli’s short-term and long-term climate targets in accordance with Evli’s roadmap of climate targets.
In the first phase, Evli’s equity and corporate bond funds are included in the NZAM interim target. The work
will continue for other asset classes based on the roadmap of Evli's climate targets. Equity and corporate
bond funds were selected for the first set of targets as they have the best and most comprehensive data
available at this stage. The interim target is based on two methodologies recommended by the NZAM initiative,
the combination of which continued Evli’s climate work and provided clear next steps and tools in line with the
roadmap of climate targets.
The two methodologies used in the target setting were Paris Aligned Investment Initiative’s
1
Net Zero Investment
Framework
2
(NZIF) and Net Zero Asset Owner Alliance’s
3
Target-Setting Protocol
4
(TSP). Evli defined the interim
targets related to assessment of companies (portfolio coverage targets) by following the NZIF methodology.
Based on the TSP methodology, Evli defined an interim target for investments (sub-portfolio target) and an
engagement target.
The interim target related to the assessment of companies following the NZIF methodology is based on the
assessment of how companies’ business model and climate policies relate to the requirements of a low-carbon
society. This target provides a clear tool that emphasizes forward-looking indicators and acknowledges the
different requirements for high impact sectors. The method is also in line with Evli's engagement work and brings
concreteness to climate work.
In addition to the work under these methodologies, Evli encourages its investee companies to set their own
climate targets and/or science-based targets and monitors the progress of the targets that companies have
already set.
Sub-portfolio target
Target: Investment emissions reduction -50%
Base year: 2019
Carbon footprint of the base year: 241.8 t CO
2
e/$M Sales
Target year: 2030
Achieved at the end of 2024: -56.8% of the base year
Engagement target
Target: Evli will engage with the 20 highest emitting companies
that have not committed to or do not have an approved
science-based target (SBTi) or that are not aligned to
a net zero pathway as defined in the NZIF methodology
Base year: 2022
Target year: 2025
Achieved at the end of 2024:
- Independent engagement: 8 companies (2023: 4 companies)
- Through collaborative initiatives: 16 companies (2023: 12 companies)
Portfolio coverage targets
Target: To achieve a certain percentage of assets under
management (AUM) in material sectors that is net zero,
aligned, or aligning by 2050
Base year: 2022, share of AUM 42%
Target year: 2027, share of AUM 55%
Target year: 2030, share of AUM 65%
Achieved at the end of 2024: share of AUM 52.01%
Net Zero Asset Managers initiative’s interim
targets
1
The Paris Aligned Investment Initiative (PAII) was launched in May 2019 by the Institutional Investors Group on Climate Change (IIGCC). The
objective of the initiative is to examine how investors can align their portfolios to the goals of the Paris Agreement.
2
The Net Zero Investment Framework methodology, developed by the PAII, provides a common set of recommended actions, metrics, and
methodologies through which investors can maximize their contributions to achieving global net zero emissions by 2050 or sooner (www.
parisalignedassetowners.org/media/2021/03/PAII-Net-Zero-Investment-Framework_Implementation-Guide.pdf).
3
The UN-convened Net Zero Asset Owner Alliance (NZAOA) is a member-led initiative of institutional investors committed to transitioning their
investment portfolios to net zero greenhouse gas emissions by 2050 – consistent with a maximum temperature rise of 1.5°C.
4
Target-Setting Protocol is a broad framework for reporting and delivering short-term climate targets (www.unepfi.org/industries/target-
setting-protocol-third-edition/).
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
95
Development of climate targets and next steps
In 2024, climate target-related metrics, methodologies, and tools were discussed with Evli’s portfolio
management teams. Climate change and planetary boundaries were also discussed at Evli’s internal ESG
training days. Evli focused its climate engagement work on companies previously engaged with as well as on
high emitting companies either independently or through collaborative engagement initiatives. As for Evli’s
engagement target included in the NZAM interim target, Evli engaged independently with eight companies and
through collaborative engagement initiatives with 16 companies. Related to the target Evli has engaged a total of
10 companies independently and 27 individual companies through collaborative engagement initiatives in 2023–
2024. The figures take into account the changes happened between 2022–2024 for the 20 highest-emitting
companies. Engagement in line with the target will continue also in 2025.
Regarding the interim target for Evli’s investments, which is a 50% emission reduction by 2030, the carbon
footprint decreased by 56.8% from the 2019 baseline year by the end of 2024, based on the MSCI carbon data.
Interim targets related to assessment of companies showed that 52% of the target companies in material
sectors were considered aligning at the end of 2024. In 2024, Evli also continued its active discussions with
various ESG service providers on how ESG data could also help improve classification of companies as aligned
and net zero, for which data is not yet widely available.
Emissions from Evli’s own operations
In terms of emissions from own operations, Evli started to build a snapshot in 2021 with the construction of
an emissions calculation and the mapping of the most significant emission sources. The framework set by the
GHG Protocol
1
was used for this task. The mapping of emission sources revealed that emissions from Evli’s own
operations are mostly concentrated in indirect Scope 3 emissions, such as emissions from purchased products
and services.
In 2024, together with a partner, Evli continued to calculate the greenhouse gas emissions from its own
operations for 2023 and 2024. The calculation was carried out in accordance with the GHG protocol, using the
operational control approach that takes into account as a whole such emissions that are part of Evli’s operations.
The calculation has been developed to be more comprehensive than in previous years, and the number of
included Scope 3 emission categories has been increased by, for example, identifying emissions from commuting
between home and the office.
Based on the results, Evli has no direct Scope 1 emissions. Based on the new emission calculation, Evli’s Scope
2 emissions include energy consumption of all its premises. Energy consumption consists of electricity
consumption and heating. In accordance with the milestone of Evli’s climate targets related to emissions from
own operations, Evli aims to update, as comprehensible as possible, its electricity consumption contracts to
zeroemission energy sources, as far as such changes are possible. In addition to renewal of contracts, Evli aims
to offset the amount of emissions equivalent to the remaining Scope 2 emissions. Evli will report on the target
and the amount of the offset in more detail in 2025.
Most of the emissions from own operations are centered on indirect Scope 3 emissions. The biggest Scope
3 emission categories are products and services purchased and emissions from investments on the balance
sheet. Some emissions also arise from business travel. More detailed information on different emission
categories is presented in Evli’s Corporate Responsibility Report. As a whole, Evli’s (Scope 1, 2, 3) emissions for
the year 2024 are equivalent to the annual carbon footprint of approximately 592 Finns. The carbon footprint of
the average Finnish person is 9,610 kgCO₂e/person/year
2
.
Evli’s climate portfolio supports achieving carbon neutrality
Evli also provides its clients with a climate portfolio strategy that helps reduce greenhouse gas emissions
from investments. Evli’s climate portfolio is an asset management strategy that aims to reduce the portfolio’s
greenhouse gas emissions and direct investments towards climate solutions based on the client’s goals. Careful
allocation and risk analysis are the core of the strategy, and investments can be made in both funds and stocks.
An essential step in achieving carbon neutrality is to assess what kind of investments are in the portfolio and
calculate their carbon footprint and carbon intensity. The data helps asset managers make better investment
decisions. Excluding specific companies or industries is not the only option, the investments can also focus on
supporting the net-zero transition.
1
The calculation of the carbon footprint is defined, for example, by the international standard Greenhouse Gas Protocol (GHG; ghgprotocol.org),
which divides greenhouse gas emissions into Scope 1, 2, and 3. Scope 1 greenhouse gas emissions refer to direct emissions from activities that
come from sources owned or controlled by the company. Scope 2 greenhouse gas emissions refer to the indirect emissions from the activity
that arise from the production of purchased energy, and Scope 3 includes indirect emissions related to products purchased by the company,
outsourcing, business travel, etc.
2
Sitra, Keskivertosuomalaisen hiilijalanjälki, www.sitra.fi/artikkelit/keskivertosuomalaisen-hiilijalanjalki/
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Incorporating biodiversity, or in other words natural diversity, into investing has fast emerged as a significant
area of responsibility alongside climate change. More than half of the world’s gross domestic product is
moderately or highly dependent on nature and the services it provides.
1
In the worst-case scenario, biodiversity
loss could lead to significant losses for companies and investors alike.
In addition to climate change mitigation, Evli makes further efforts to take biodiversity into account in its
activities. Evli published a biodiversity roadmap in December 2023 and in 2024 examined, in line with the action
steps of the roadmap, how Evli could make further efforts to take biodiversity into account in its activities. The
aim is to increase biodiversity-related analysis, measuring, and reporting, as well as to encourage companies to
consider biodiversity in their operations.
The significance of biodiversity in investing and business
Biodiversity has a significant impact on human and planetary wellbeing as well as on the preconditions for
economic activity. Nature provides ecosystem services on which many business activities depend. Ecosystem
services include provisioning services (nutrition, water, medicinal substances, and materials), supporting services
(photosynthesis and soil quality), regulating services (climate regulation, clean air, and clean water) and cultural
services (recreation and aesthetic nature).
2
Biodiversity loss disrupts ecosystem services, and in the worst-
case scenario, it could lead to significant losses for both companies and investors.
Correspondingly, companies’ activities may have impacts on biodiversity and ecosystem services. Therefore, it
is important to recognize the impacts of corporate actions on nature and to consider their double materiality.
Integrating biodiversity into
investment activities
1
World Economic Forum, www.weforum.org/press/2020/01/half-of-world-s-gdp-moderately-or-highly-dependent-on-nature-says-
new-report/
2
World Resources Institute, www.wri.org/
3
Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), www.ipbes.net/
4
Kunming-Montreal Global Biodiversity Framework, www.cbd.int/gbf/
Nature impacts refer to the positive or negative impacts of corporate actions on biodiversity. IPBES
3
has
identified five drivers of biodiversity loss as the 1) changes in land and sea use, 2) direct exploitation of
organisms, 3) climate change, 4) pollution, and 5) invasive alien species. These biodiversity loss drivers, for
example, can be used to examine the negative impacts of corporate actions. On the other hand, when assessing
positive impacts, it is possible to make use of the EU taxonomy definition of environmentally sustainable business
activities, for example.
The Kunming-Montreal Global Biodiversity Framework (GBF) is a global framework adopted in December 2022
at the UN Biodiversity Conference (COP15) and signed by 196 countries. The target of the GBF framework is
that, by 2050, biodiversity is valued, conserved, restored, and wisely used and that ecosystem services are
maintained. One of the GBF’s intermediate targets is that companies assess and report their biodiversity-related
dependencies, impacts, and risks, as well as reduce their negative impacts on nature.
4
Evli’s biodiversity work
Evli has raised biodiversity research as one of its focus areas for responsible investing for 2022–2024. In 2024,
the work continued in line with the biodiversity roadmap.
In January 2024, Evli joined TNFD Early Adopters, which means that Evli will report the nature-related risks,
opportunities, dependencies, and impacts of its investments as part of its annual report, in accordance with the
Taskforce on Nature-related Financial Disclosures (TNFD) framework. TNFD is a market-led, science-based
initiative that has developed a reporting framework on nature for financial institutions and organizations. In
2024, Evli’s Responsible Investment team studied data aligned with the framework and developed tools to enable
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reporting. During the third quarter, Evli’s Responsible Investment team participated in the TNFD nature reporting
training, organized by Sitra, which included review of the reporting framework aspects and introduction to
the LEAP approach
1
. During the year, Evli also participated in the consultation of the TNFD’s financial sector
guidelines.
In the early 2024, Evli joined as an endorser the PRI Spring initiative, in which institutional investors engage with
companies to halt and reverse biodiversity loss by 2030. The initiative focuses primarily on forest loss and land
degradation, which are one of the key drivers of biodiversity loss. The initiative focuses on 40 companies. The
campaign includes both endorsers and participant investors responsible for engaging with companies. Company
engagement began in the second half of 2024.
Evli acted as an active investor participant in the Nature Action 100 initiative, which engages with 100 companies
that are systemically important regarding nature and biodiversity loss and encourages companies to take
more ambitious action to reduce nature loss. Evli is involved in the initiative in a collaborative engagement group
focusing on one company. In addition, Evli arranged for the engagement group an external expert lecture on
Finnish forests and their biodiversity.
In spring 2024, Evli signed the “Finance Statement on Plastic Pollution” with other financial companies to support
an international plastic agreement, as we recognize the negative impacts of plastics on the climate, people, and
biodiversity. The statement was published before the UN intergovernmental negotiations on a global plastics
treaty at the end of April.
In the fall of 2024, for the third year in a row, Evli organized internal ESG training days for portfolio management
and others working with responsibility themes. The topics of the training days included, among other things,
planetary boundaries, global ESG trends, biodiversity, development of sustainable finance regulation, and
preparation for the TNFD reporting. Approximately 80 people participated in the training days.
1
LEAP is an approach in line with the TNFD framework to identify interfaces with nature. LEAP stands for Locate, Evaluate, Assess, Prepare.
Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-
based initiative that has developed a risk management and communication framework for
organizations and financial institutions. The framework can be applied to organizations
regardless of their size or geographical location. The aim is to help organizations identify and
report on the risks, opportunities, impacts, and dependencies associated with the nature
of their activities in a standardized way. Increased reporting and more comprehensive
data will allow biodiversity to be taken into account in future investment activities. The
TNFD disclosure recommendations are built on the previously published and already widely
used climate reporting framework TCFD, following the same four pillars: 1) governance, 2)
strategy, 3) risk and impact management, and 4) metrics and targets. TNFD published the
final reporting framework in September 2023.
Taskforce on Nature-related Financial
Disclosures
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Wealth Management’s biodiversity roadmap
Evli has prepared its Wealth Management’s biodiversity roadmap with action steps for 2023–2025. The objective
of the roadmap is to gain a better understanding of the risks and impacts of investments on biodiversity.
According to the roadmap, Evli is developing biodiversity-related ESG integration and reporting in such a manner
that biodiversity is integrated into Evli’s operations in line with best practices. The aim of the roadmap’s action
steps is to set more specified biodiversity-related principles and targets in the future.
Biodiversity roadmap action steps
1. Building a snapshot
In its investment activities, Evli seeks to identify biodiversity-related risks and dependencies as well as the
impacts of investments on biodiversity. For this purpose, Evli improves the analysis of its investments and
explores nature-related metrics.
2. Developing data and tools
As part of building a snapshot and analyzing investments, Evli examines available data, identifies the needs of new
metrics, and develops portfolio management tools so that biodiversity-related metrics are taken into account in
investment analysis.
3. Engagement and active ownership
Based on relevant biodiversity metrics and analysis, Evli seeks to identify target companies it can engage
with to address biodiversity matters. As part of active ownership, Evli also continues to collaborate with other
investors to engage with companies when the target and goals of collaborative engagement are in line with Evli’s
biodiversity work.
4. Developing reporting and TNFD reporting
After identifying the biodiversity metrics integral to investment activities, Evli aims to improve its responsibility
reporting. Evli aims to find biodiversity metrics that comply with, for example, recommendations of Taskforce on
Nature-related Financial Disclosures (TNFD) or other reporting frameworks and that best reflect biodiversity
risks and impacts related to investments. Evli will report on its investments in accordance with the TNFD from
2025 onwards based on the year 2024.
5. Setting biodiversity-related principles and targets
As a result of the roadmap, Evli seeks to set biodiversity principles that specify how Evli takes into account
biodiversity as part of its investment activities in different asset classes. In addition, Evli’s monitored metrics,
analysis tools, engagement targets and principles as well as biodiversity-related reporting are described in the
principles.
In the future, Evli also seeks to establish biodiversity targets. The aim of Evli’s biodiversity roadmap is to set
action steps for biodiversity-work, and based on that more detailed biodiversity targets and asset class-
specific policies can be determined in the future.
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CASE
When risk management is no longer sufficient,
it's time to invest for impact
Humankind is behind in achieving its net zero emission commitment and what's worse,
we're not even on track to limit global warming to a two-degree increase. But the
urgent need to reduce emissions, legislative pressure, technological advancements,
and sustainable consumer preferences also create enormous opportunities for
investors.
According to International Energy Agency’s (IEA) World Energy Outlook Special Report
1
released in autumn
2024, achieving the COP28 goals for renewables and energy efficiency could cut global emissions by up to 10
billion tonnes by year 2030. The key pledges include transitioning away from fossil fuels, tripling renewable
energy capacity, and doubling energy efficiency improvements.
IEA estimates that to reach the renewable energy goals, 25 million kilometers of electricity grids should be built
and modernized by 2030. In addition, the world would need 1,500 gigawatts (GW) of energy storage capacity by
2030, of which 1,200 GW from battery storage, a 15-fold increase from today.
It is evident that action is needed, now. And investors can play a significant role in these advancements. From
the investing viewpoint, one means to tackle this challenge is thematic impact investing, which has gained
prominence alongside responsible investing in recent years.
Focus on companies that offer solutions to challenges
Responsible investing traditionally focuses on companies that don't harm the environment or society. Impact
investing, on the other hand, goes a step further and focuses on companies that offer solutions to challenges.
These companies contribute to positive outcomes in the areas mentioned above.
Impact themes on the environmental side can range from renewable energy to energy efficiency. On the
societal side, impact investments focus on themes like healthcare, microloans in emerging markets and
companies that develop medicine.
“At Evli, we already see the positive double effect of impact investing: investments can advance critical issues,
such as mitigating climate change or leaps in science in a tangible way while offering attractive financial
returns,” says Olga Marjasova, Portfolio Manager of the Evli Impact Equity.
Evli Impact Equity Fund offers a solution to meet the evolving needs of investors
One example of the unlocked investment opportunity is Evli’s Impact Equity Fund, which addresses the global
challenge by investing in both developed and emerging markets.
The fund actively selects a global portfolio of undervalued and growing quality companies that significantly
contribute to low-carbon, resource-efficient and sustainable development. What sets it apart from similar
funds is its clear investment strategy as well as a consistent and transparent process for selecting investments
and assessing impact.
The companies in the portfolio provide products, services and technologies that address the most urgent
needs in sustainable development and green transition. The fund also aims to achieve positive measurable
environmental or social outcomes by investing in companies that are undergoing significant transformation.
“Evli's clients and investors have long wished for a fund that supports the net-zero emissions target by 2050.
Evli Impact Equity Fund is for mission-driven and value-based investors, such as endowments, foundations and
family offices. It is also suitable for private investors who are passionate about environmental and social issues
and want to express this in their portfolios,” explains Marjasova.
The fund's focus areas in emissions reduction are renewable energy production, distribution networks,
infrastructure construction, planning, electric vehicles and carbon capture technology. Investments in the
portfolio include companies like Iberdrola, Spie and Clean Harbors. It is estimated that 80% of portfolio
companies contribute to the emission reduction goal.
¹ IEA, From Taking Stock to Taking Action, How to implement the COP28 energy goals, September 2024, iea.blob.core.windows.net.
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“We see ourselves as facilitators of
a broader context where wealth and
sustainability drive positive change
together. We have the expertise, the
vision, and the courage to initiate and
drive the discussion on the initiatives
that long-term value creation enables
both for individuals, society, and our
planet.”
100
Responsible investment requires continuous development together with stakeholders. We value our dialogue
with our clients and actively follow the public debate. In line with our focus areas for responsible investment,
we aim to continue to work systematically towards our climate targets, to strengthen our responsibility work
in investment activities and at fund level, and to deepen our work on human rights and biodiversity.
Responsible investment practices are
constantly evolving
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Evli has committed to supporting the Task Force on Climate-related Financial Disclosures (TCFD) reporting
framework. The TCFD is an international climate risk reporting framework designed to improve reporting on the
economic impact of climate change by making it clearer, more comparable, and more consistent. This report
outlines Evli’s climate risks and opportunities, based on the TCFD’s recommendations, and compiles information
on Evli’s climate work progress in 2024. From 2024, IFRS Foundation’s International Sustainability Standards
Board (ISSB) will continue the TCFD’s work by overseeing companies’ climate reporting and by reporting on it.
The ISSB has issued its IFRS 1 and IFRS 2 standards, which include TCFD’s reporting recommendations.
Introduction
In August 2019, Evli became a public supporter of the TCFD with the goal of developing Evli’s own climate risk
reporting. It is important for asset managers and other investors to be able to identify and assess the economic
impacts of climate change on their own operations and those of investee companies, as the transition to a low-
carbon economy is changing the business environment. Companies are also exposed to the physical effects of
climate change. On the other hand, climate change creates opportunities for companies that offer products or
services that contribute to climate change adaptation and mitigation.
Reports based on the TCFD’s recommendations provide stakeholders information on a company’s
1. governance of climate-related risks and opportunities (role of the Board of Directors and the
management);
2. strategy related to the actual and potential impact of climate-related risks and opportunities on the
company’s business, strategy, and financial planning;
3. risk management related to the company’s processes for identifying, assessing, and
managing climate risks;
4. metrics and targets for assessing and managing climate-related risks and opportunities.
Task Force on Climate-related Financial
Disclosures report
1.
management
2.
strategy
3.
risk management
4.
indicators
and targets
Reporting framework of the TCFD report
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Governance
As part of the broader discussion on responsibility, Evli’s Board and Executive Group regularly address climate-
related issues. Evli’s Head of Sustainability attends Board and Executive Group meetings from time to time. Evli’s
Board has the ultimate decision-making power over responsibility-related issues at the Group level, including
climate aspects. In addition to the work of the Board and Executive Group, Evli has a Responsible Investment
Executive Group, which decides on the principles and practical procedures of responsible investment at Evli. In
addition to the CEO, the Responsible Investment Executive Group includes managers from the business areas,
Portfolio Management, Responsible Investment team, and Legal and Compliance. The Responsible Investment
Executive Group also oversees Evli’s climate work.
The Responsible Investment team, under the supervision of the Head of Sustainability, is responsible for
coordinating and developing ESG issues in the funds and discretionary portfolio management, as well as
for engaging with companies. The Responsible Investment team monitors the implementation of the UN
Global Compact principles, the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for
Multinational Enterprises, and the Evli Principles for Climate Change. The team has the right to exclude individual
companies from investments.
When analyzing potential investments and making investment decisions, Evli’s portfolio managers also take
ESG matters into account, including climate issues. Portfolio managers are responsible for implementing the
Principles for Responsible Investment and ESG integration in portfolio management. Portfolio management
and other specialists working on responsible investment are systematically offered training in climate change,
risks and opportunities caused by it, and its potential impacts on investments. In 2024, for the third time, Evli
organized two-day ESG training days for portfolio management, with the topics being planetary boundaries and
biodiversity, among other things. In previous years, climate change has been one of the main topics.
The investment activities of Wealth Management are guided by the Evli Principles for Responsible Investment,
which define responsible investment practices. In addition, Wealth Management is governed by the Evli Principles
for Climate Change, which describe Evli’s approach to taking climate change and its related impacts on its
investments into account. These principles are applied to direct equity and fixed income investments, as well
as to Evli’s equity and fixed income funds. Evli’s alternative investments have their own responsible investment
principles.
RESPONSIBLE INVESTMENT EXECUTIVE GROUP
- Decides on the principles and practical procedures of responsible investing
- Members: CEO and managers from the business areas, Portfolio Management, Responsible
Investment team, and Legal and Compliance
- Regular meetings approximately on a quarterly basis
- Reports to Evli’s Executive Group
RESPONSIBLE INVESTMENT TEAM
- Makes proposals to the Responsible Investment Executive Group on responsible investment
principles and practices, and supports the work of portfolio managers and client representatives
- Monitors norm violations and Evli’s Principles for Climate Change, and has the right to exclude
individual companies from investments
- Is responsible for engaging with companies
- Reports to the Responsible Investment Executive Group
PORTFOLIO MANAGERS
- Take ESG matters into consideration when analyzing potential investments and making
investment decisions
- Are responsible for implementing the Principles for Responsible Investment and ESG
integration
- Report to the Responsible Investment team on companies that violate the Principles for
Responsible Investment
The responsible investments governance model
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Evli published separate climate targets in 2021, according to which Evli aims to achieve carbon neutrality by
2050 at the latest. The target applies to emissions from both Evli’s own operations and investments. The climate
targets also include separate milestones. For climate targets, a roadmap has been defined, and a Climate
Working Committee has been set up to further clarify how to best achieve the investment-related milestone
through real-world emission reductions and in line with the Paris Agreement. Evli’s Climate Working Committee
monitors, together with Evli’s Responsible Investment team, the progress of Evli’s climate targets and Evli's work
related to Net Zero Asset Manager initiative.
Strategy
At Evli, responsibility has been an integral part of portfolio management for many years, as we believe that
taking responsibility into account will create long-term added value. In January 2020, Evli made responsibility
one of its strategic focus areas in the Group for the coming years, and in June 2021, Evli published its climate
targets and the included milestones. Climate change mitigation has always been an important issue for Evli, and
we want to create products that address climate change challenges.
As an asset manager, the most significant climate risks and opportunities for Evli are related to its investment
activities, as Evli’s own operations do not cause significant direct environmental impacts. In its own operations,
Evli has committed to reducing energy consumption and carbon dioxide emissions from its premises and to
avoiding unnecessary travel. One of Evli’s three milestones of climate targets concerns emissions from its
own operations (Scope 1 and 2). However, Evli’s strategy focuses on the integration of climate-related risks
and opportunities and their impacts into the Group’s products and investment strategies, which has also been
reflected in the climate targets.
Most of Evli’s emissions come indirectly through investments. The second milestone of the climate targets is to
reduce indirect emissions from investments by 50 percent by 2030, provided that the investment environment
allows this. In the longer term, Evli aims to be a carbon neutral asset manager by 2050 at the latest. To reinforce
this commitment, Evli joined the Net Zero Asset Managers (NZAM) initiative in the summer of 2022. As the initiative
signatory, Evli had to confirm its interim targets within a year of making the commitment. In the summer of
2023, Evli submitted its interim target to the NZAM initiative, which was based on a report made by Evli’s Climate
Working Committee. The interim target is in line with the best practices defined by the initiative, and it was
approved by the member organizations of the NZAM initiative in summer 2023. Evli’s interim target in line with
the NZAM initiative is described in more detail in the section “Metrics and targets”.
The TCFD divides climate change risks into risks from the transition to a low-carbon economy and physical
risks from climate change that may be realized in different time horizons. Transition risks are the financial
risks arising from the transition to a low-carbon economy. These include risks arising from changes in policy,
regulation, technology, and markets, which, if they materialize, could affect the market value and returns on
investments. As clients’ climate strategies evolve, Evli must be able to ensure that its products and services meet
their changing needs. Investing in companies that are perceived to contribute to climate change also increases
the reputational risk associated with investment activities. Physical risks, on the other hand, are the economic
risks arising from climate change, which can be the result of single events or long-term changes in the climate.
In Evli’s investment activities, physical risks may materialize, for example, in real estate investments, which
may be increasingly exposed to extreme weather events and sea level rise or flooding damage, for example,
as a result of climate change. The physical impacts of climate change also extend to other asset classes, such
as equity and corporate bond investments. Within these asset classes, industries dependent on foreign raw
materials, for example, may be vulnerable to increasing extreme weather conditions.
In addition to physical and transition risks, climate change risks can also be considered through the climate
targets of the investee companies. Such targets can be used to examine how well companies’ business and
strategy are aligned with the Paris Agreement, and how well they are prepared to respond to climate change
in their own operations. Setting climate targets is part of a company’s long-term risk management, and the
absence of targets also increases risk from an investor’s perspective. Evli regularly monitors the climate targets
and their development of the target companies of its active equity and corporate bond funds and its direct
equity and corporate bond investments. In addition, Evli’s engagement work aims to encourage companies to
set science-based climate targets (SBT). The first phase of the engagement, which started in 2021, focused in
particular on high emitting companies whose emissions or targets are not aligned with the 1.5°C target. In 2024,
Evli continued to monitor the progress of engaged companies and also engaged with new companies.
Climate change also brings opportunities for investors. These include, for example, investing in companies that
take advantage of opportunities to mitigate and adapt to climate change. In addition, climate change will increase
the market for sustainable investments, such as green bonds, providing opportunities for the development of
new products.
In fall 2024, Evli launched the new Evli Private Capital Fund I alternative fund, which is Finland’s first thematic
growth fund making minority investments. The fund invests in unlisted companies with significant growth
potential and focuses on energy sector transformation, resource efficiency, and circular economy.
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In addition, Evli has several other investment products supporting sustainable development. The investment fund
Evli Green Corporate Bond focuses on green corporate bonds. The forest funds, Evli Impact Forest I and Evli
Impact Forest II, aim to mitigate climate change by achieving positive carbon impacts. In the case of the forest
funds, which are part of the alternative investment funds, Evli’s performance fee depends on the achievement
of the fund’s carbon dioxide removal target. The Evli Renewable Energy Infrastructure Fund II offers the
opportunity to invest in reducing global CO2 emissions. The Evli Impact Equity fund promotes a low carbon and
resource efficient economy, as well as human development.
Evli also offers its clients the wealth management’s climate portfolio strategy that aims to reduce the investment
portfolio’s greenhouse gas emissions and direct investments towards climate solutions according to the client’s
objectives. Careful allocation and risk analysis are the core of the investment strategy.
Evli has examined the sustainability of its investment strategy by conducting scenario analyses based on climate
data provided by ISS STOXX. The purpose of the scenario analysis is to assess the potential impact of climate-
related risks and opportunities in global warming scenarios. The scenario analysis is also included in the tools
used by portfolio managers of the equity and corporate bond funds managed by Evli, so the analysis information
can be used both before and during the investment decision. The tools also allow systematic monitoring of the
evolution of investment strategy scenarios. For example, Evli monitors how equity and corporate bond funds are
aligned with the 1.5-degree and 2-degree scenarios. The scenario analyses are based on analyses produced by
ISS STOXX. In addition to the scenarios, Evli monitors and reports on the fossil fuel reserves of its investments
and the transition of companies to low carbon. More detailed figures on the scenarios and other metrics can be
found in the section “Metrics and targets”.
Risk management
Evli’s Principles for Climate Change and climate targets set the baseline for taking into account and managing
climate change and its impacts in investment activities. The identification and assessment of climate risks are
based on an analysis of the investments by portfolio managers and the Responsible Investment team. Climate
risk management measures include analyzing and monitoring greenhouse gas emissions of investments,
engagement, and exclusion. Evli uses data from an external service provider, which is also used by Evli’s portfolio
managers for investment decisions, for monitoring the climate principles and other day-to-day work related
to responsibility. Evli has also defined a climate roadmap for its climate targets, according to which it will
systematically carry out its climate work.
The emissions of investee companies in Evli’s equity and corporate bond funds are monitored by analyzing the
carbon intensity weighted by the portfolio weights of the funds, among others, as recommended by the TCFD,
which measures the exposure of the portfolio to carbon-intensive companies. Emission data and other climate
analysis data, along with other ESG data, are integrated into the portfolio management systems, and thereby
allowing Evli to also monitor and assess the evolution of climate risks in its investments. In line with its Principles
for Climate Change, Evli has excluded companies producing peat for energy production and avoids investing
in companies with a significant proportion (at least 10%) of their revenue coming from thermal coal mining, its
use in energy production, or oil sands extraction. If a company has a concrete plan to change its procedures
and/or the company supports Just Transition, the Responsible Investment team may decide to depart from
the exclusion. Evli does not finance new thermal coal-fired power plants, thermal coal mines, or oil sands
projects that are in the planning or construction stages. In addition to the general exclusion principles, some
of Evli’s funds follow an even broader exclusion for coal and fossil fuels, with a five percent revenue threshold
for exclusion. The information required by the climate change principles, as well as the broader exclusion
information for the funds, are included in the portfolio management system, which prevents investments in
excluded companies and requires portfolio managers to justify any investment that exceeds the avoidable
limits. Should the avoidable limit for climate principles be exceeded, this would automatically be reported to the
Responsible Investment team, which would analyze the company and decide on further action.
Evli sees active ownership and corporate engagement as one of the ways to manage climate change risks.
Climate change mitigation is one of Evli’s key themes for engagement. In its engagement work, Evli also
encourages companies to report transparently and set climate targets. In addition, Evli monitors company-
specific targets and their progress. When making the NZAM commitment, Evli also set targets for engagement,
which continue engagement in line with Evli’s roadmap of climate targets. These targets are described in more
detail in the section “Metrics and targets”.
As part of its independent engagement work based on its climate targets, Evli was in contact with eight
companies in 2024 and monitored the progress of the companies that were engaged with in the previous years.
In 2024, Evli attended in 33 general meetings in Finland. More information on Evli’s principles for attending
general meetings is available in the engagement policies of Evli and Evli Fund Management Company. Evli reports
on votes cast at the general meetings in relation to its funds semiannually, as part of the annual report and the
half-yearly report of investment funds.
In addition to independent engagement, Evli is committed to several investor initiatives that aim, among
other things, to have a broader impact on the market, to influence companies at risk from a climate change
perspective and to encourage governments in different countries to take more ambitious measures to mitigate
climate change. Evli is involved in the following major climate initiatives, for example: the Climate Action 100+
initiative, CDP investor letters (climate change, deforestation, and water) and the CDP’s collaborative engagement
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to set science-based targets. For several years, Evli has also signed a joint investor letter to governments.
In 2024, the investor letter “Global Investor Statement to Governments on the Climate Crisis” called on the
governments to take necessary political actions to accelerate private capital flows needed for the just transition
to a climate-resilient and nature-positive economy. In addition, Evli has signed in 2022, together with other
investors, the global COP15 investor statement “Moving Together on Nature”, which called on governments to take
coordinated action to tackle climate change and biodiversity loss around the world and give financial institutions
a stronger mandate to align financial activities with biodiversity targets, and to adopt an ambitious Global
Biodiversity Framework.
In 2024, Evli joined as an endorser the PRI Spring initiative, in which institutional investors engage with
companies to halt biodiversity loss by 2030. The initiative focuses on forest loss and land degradation, which are
one of the key drivers of biodiversity loss and climate crisis.
In addition to these measures, Evli regularly monitors changes in climate change regulation. Evli has been
involved in the EU legislative debate in Finland as a member of Finsif and Finance Finland and participated in
global discussion, as a PRI signatory, at events organized by PRI. In 2024, Evli was part of Finance Finland’s
working group drafting a joint nature commitment for the finance sector. Evli also participated in TNFD’s
consultation concerning reporting recommendations for the finance sector.
One significant stakeholder for Evli is data providers, with which Evli engages in continuous dialogue about,
among others, climate data. The purpose is to develop Evli’s own operations, tools, and reporting as well as to
improve the data available to investors in order to achieve the climate targets.
1
The calculation of carbon footprint figures is defined by the international standard GHG protocol (Greenhouse Gas Protocol), for example.
The GHG protocol breaks down greenhouse gas emissions into scopes 1–3. Scope 1 greenhouse gas emissions refer to direct emissions from
activities that are owned or controlled by the company. Scope 2 greenhouse gas emissions, on the other hand, refer to the indirect emissions
from the activity that arise from the production of purchased energy, and Scope 3 includes indirect emissions related to products purchased
by the company, outsourcing, business travel, etc.
Metrics and targets
Evli regularly monitors the development of the carbon footprint of its equity and corporate bond funds by
calculating the carbon intensity weighted by the portfolio weights of the funds, i.e. by analyzing Scope 1 and
Scope 2 emissions
1
of each investment, relating them to the company’s revenue and weighting each investment
by its relative share in the portfolio. The carbon intensity obtained by the fund is compared to the corresponding
figure of the fund’s benchmark index.
Evli has also mapped the absolute and financed emissions of its investments. The absolute emissions of Evli’s
investments are the total emissions of the investments in relation to Evli’s ownership share of the total value
of the investments. Similarly, the financed emissions are calculated by dividing the absolute emissions of the
investments by the present value of all investments. The absolute emissions and weighted average carbon
intensity is presented in the table below for Scope 1, 2, and 3 emissions. For Scope 3
1
emissions, it should be
noted that the figures are largely still based on estimates and should be interpreted as indicative. In addition to
Evli’s equity and corporate bond funds, direct equity and corporate bond investments in wealth management
are included in the data in the table.
Scope 1 + 2 Scope 1+2+3
Absolute emissions (t CO2 e, coverage 73%) 728,000 4,559,000
Carbon intensity (t CO2 e/$M Sales, coverage 81%) 101.8 694.1
Source: Evli, MSCI ESG Research
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While carbon footprint tracking helps to understand the emissions profile of investments, it is not a complete
single measure of the emissions associated with a portfolio and does not help to assess future emissions
trends or mitigation opportunities. For this reason, in addition to carbon emissions, Evli monitors the emissions
reduction targets of its investee companies and their development. Evli has mapped the distribution of its
investments’ climate targets between 2019 and 2024. The development of the targets is shown in the graph
“Distribution of climate targets 2019–2024”. The climate targets of the investments range from “No target” to
“Approved science-based target (SBT)”. Evli aims to increase the proportion of investments that have science-
based climate targets, thereby reducing the potential risks to investments caused by climate change.
Distribution of climate targets 2019-2024
Source: Evli, ISS STOXX
%
60
50
40
30
20
10
0
No target Non-Ambitious Target Ambitious target Committed SBT Approved SBT
2019 2020 2021 2022 2023 2024
The mapping of climate targets takes into account all of Evli’s direct investments, including equity and corporate
bond funds and the direct equity and corporate bond investments made in wealth management. The graph
shows the evolution of the climate targets of investment firms between 2019 and 2024. The graph indicates
that over the course of six years, the share of “No target” has significantly decreased and the share of science-
based targets has clearly increased. For example, the share of “Approved SBT” increased by 34 percentage
points and the share of “Committed SBT” increased by 3 percentage points. The trend in the share of committed
SBTs between 2022 and 2024 has been descendent, which can be explained by the companies with committed
SBTs getting the targets approved. This is also illustrated by the increased share of “Approved SBT” which was 7
percentage points higher compared to 2023. Correspondingly, between 2019 and 2024, the share of “No target”
had decreased by 27 percentage points. The positive trend shown in the graph is in line with Evli’s ambitions,
as encouraging the investee companies to set climate targets is an important part of Evli’s engagement work
and climate roadmap. Of the companies covered by Evli’s own climate engagement, which started in 2021, 19
committed to a science-based climate target between 2022 and 2024.
Evli also uses scenario analysis to identify climate-related risks and opportunities. At the end of 2024, 47
percent of Evli’s equity and corporate bond funds were aligned with the 1.5-degree scenario and 31 percent
with the 2-degree scenario. In addition, Evli analyses the share of companies owning fossil fuel reserves
and compares it to the corresponding figure in the fund’s benchmark index. Evli also examines the transition
of companies to low-carbon status, dividing companies into different categories according to the risks and
opportunities associated with their energy transition. This allows Evli to better assess the potential for reducing
the carbon footprint of funds and to identify companies that are at risk from a climate change perspective. Evli
also regularly explores new tools to better measure the actual impact of investments on different stakeholders
and the environment, including the impact on climate change. Evli’s ESG reports for equity and corporate bond
funds are publicly available on Evli’s website evli.com.
Evli’s climate targets
In line with its responsible investment objectives, Evli published separate climate targets in June 2021. Evli
aims to achieve carbon neutrality by 2050 at the latest. The target applies to emissions from both Evli’s own
operations and investments. In addition to the main target, Evli set three interim targets:
1. Evli aims to achieve carbon neutrality for emissions from its own operations (Scope 1 and 2)
by 2025 at the latest.
2. Evli set an interim target of a 50 percent reduction in indirect emissions from investments by 2030,
provided that the investment environment enables this. The base year is 2019.
3. Evli set up a Working Committee to further explore how best to achieve the investment-related milestone
through real-world emission reductions and in line with the Paris Agreement. In 2022, it was decided that
the Climate Working Committee continues supporting climate work until 2025. In 2022, Evli reinforced its
climate commitment by signing the Net Zero Asset Managers initiative.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
107
The interim targets and the roadmap of climate targets support Evli’s long-term goal of carbon neutrality. In
line with the climate targets roadmap, Evli will refine the monitored metrics as work progresses and report
accordingly.
Targets in line with the Net Zero Asset Managers initiative
In addition to its own climate targets, Evli has an interim target approved by the Net Zero Asset Managers
(NZAM) initiative in 2023, which is based on Evli’s milestones of climate targets and climate roadmap, set in 2021.
The NZAM interim target provides concrete tools and clear metrics to support Evli’s short-term and long-term
climate targets. In the first stage, the NZAM interim target includes Evli’s equity and corporate bond funds, as
comprehensive data is available for them. With other asset classes, the work will be continued in accordance
with Evli’s roadmap of climate targets.
Evli’s NZAM interim target is based on two methodologies approved by the initiative. Evli defined the interim
targets related to assessment of companies (portfolio coverage targets) by following the Paris Aligned
Investment Initiative’s
1
Net Zero Investment Framework
2
(NZIF) methodology. Based on Net Zero Asset Owner
Alliance’s
3
Target-Setting Protocol
4
(TSP) methodology, Evli defined an interim target for investments (sub-
portfolio target) and an engagement target. Evli will report on the progress of the targets annually.
For the interim target of investments (sub-portfolio target), a -56.8 percent reduction in carbon footprint had
been achieved by the end of 2024 as compared with the base year 2019.
In accordance with the engagement target, Evli engaged with eight companies independently and with 16
companies through collaborative engagement initiatives in 2024. In addition, Evli continued its independent
engagement with other high emitting companies.
At the end of 2024, 52 percent of the investments of material sectors were net zero, aligned, or aligning.
1
The Paris Aligned Investment Initiative (PAII) was launched in May 2019 by the Institutional Investors Group on Climate Change (IIGCC). The
objective of the initiative is to examine how investors can align their portfolios to the goals of the Paris Agreement.
2
The Net Zero Investment Framework developed by the PAII provides a common set of recommended actions, metrics and methodologies
through which investors can maximize their contributions to achieving global net zero emissions by 2050 or sooner www.parisalignedasse-
towners.org/media/2021/03/PAII-Net-Zero-Investment-Framework_Implementation-Guide.pdf).
3
The UN-convened Net Zero Asset Owner Alliance (NZAOA) is a member-led initiative of institutional investors committed to transitioning their
investment portfolios to net zero greenhouse gas emissions by 2050 – consistent with a maximum temperature rise of 1.5°C.
4
Target-Setting Protocol is a broad framework for reporting and delivering short-term climate targets (www.unepfi.org/industries/tar-
get-setting-protocol-third-edition/).
Sub-portfolio target
Target: Investment emissions reduction -50%
Base year: 2019
Carbon footprint of the base year: 241.8 t CO
2
e/$M Sales
Target year: 2030
Achieved at the end of 2024: -56.8% of the base year
Engagement target
Target: Evli will engage with the 20 highest emitting companies
that have not committed to or do not have an approved
science-based target (SBTi) or that are not aligned to
a net zero pathway as defined in the NZIF methodology
Base year: 2022
Target year: 2025
Achieved at the end of 2024:
- Independent engagement: 8 companies (2023: 4 companies)
- Through collaborative initiatives: 16 companies (2023: 12 companies)
Portfolio coverage targets
Target: To achieve a certain percentage of assets under
management (AUM) in material sectors that is net zero,
aligned, or aligning by 2050
Base year: 2022, share of AUM 42%
Target year: 2027, share of AUM 55%
Target year: 2030, share of AUM 65%
Achieved at the end of 2024: share of AUM 52.01%
Net Zero Asset Managers initiative’s interim
targets
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
Sources: Evli, MSCI ESG Research
1 Evli uses weighted average carbon intensity to measure carbon footprint. A fund’s weighted average carbon intensity is calculated by dividing the company-specific scope 1 and scope 2 greenhouse gas emissions by the company’s revenues. After that, company-specific carbon intensity is multiplied by the company’s portfolio
weight. The fund-specific carbon footprint is a sum of company-specific carbon intensities apportioned based on portfolio weights. Scope 1 greenhouse gas emissions refer to emissions directly occurring from sources that are owned or controlled by the company. Scope 2 greenhouse gas emissions refer to indirect emissions
generated in the production of electricity purchased by the company.
2
Compared to benchmark figure shows how the fund compares to corresponding figures for the benchmark index. As it is not possible to calculate this figure to all benchmark indeces, some sections are left blank
3
Weight of companies owning fossil fuel reserves shows the share of companies owning coal, gas or oil reserves in the fund. In this report coal reserves refer to use of coal in energy production (thermal coal).
4
Coverage indicates the share of fund’s/index’s holdings (measured by market value) for which emissions data is available. The emissions data is based on emissions reported by the companies or other publicly available emissions data (e.g. CDP) and the data provider’s estimate of emissions.
5
Shows the share of companies which have been classified in MSCI’s Low Carbon Transition Classification to Solutions category. The Solutions category means that, according to MSCI’s analysis, the companies in this category have the potential to benefit through the growth of low-carbon products and services.
Although Evli Plc’s (later “Evli”) information providers, including without limitation, MSCI ESG Research Inc. and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy, and/or completeness of any data herein. None of the ESG
Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties have any liability for any errors or omissions in connection with any data herein. Further, without
limiting any of the foregoing, in no event will any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential, or any other damage (including lost profits) even if notified of the possibility of such damages.
Carbon intensity
(t CO
2
e / USD million)
1
Compared to benchmark
2
Weight of companies
owning fossil fuel reserves
(%)
3
Compared to benchmark
(%-points)
2
Coverage / Fund
4
Coverage /
Benchmark index
4
Investments in Solutions class in
the MSCI Low Carbon Transition
classification
5
Equity Funds
Evli Emerging Frontier 610,4 0,0 % 47,8 %
Evli Europe 212,0 174,5 % 9,9 % 2,2 % 98,0 % 98,8 % 4,3 %
Evli Europe Growth 29,1 -62,4 % 0,0 % -7,6 % 96,4 % 99,9 % 10,9 %
Evli GEM 208,3 -32,4 % 5,9 % -0,8 % 93,6 % 99,3 % 2,7 %
Evli Hannibal 174,3 174,5 % 0,0 % -7,6 % 90,3 % 99,9 % 1,7 %
Evli Impact Equity 233,8 106,8 % 0,0 % -5,9 % 95,0 % 99,4 % 27,4 %
Evli Japan 61,5 1,9 % 1,5 % -5,8 % 96,2 % 97,1 % 4,4 %
Evli Global 83,0 -10,8 % 0,0 % -5,9 % 99,2 % 99,0 % 5,8 %
Evli Global X 88,0 -5,4 % 0,0 % -5,9 % 99,3 % 99,0 % 6,3 %
Evli Equity Factor Europe 31,0 -59,8 % 0,0 % -7,7 % 96,9 % 98,8 % 6,8 %
Evli Equity Factor Global 47,0 -49,5 % 0,0 % -5,9 % 98,2 % 99,0 % 3,5 %
Evli Equity Factor USA 52,7 -42,3 % 0,0 % -4,6 % 99,0 % 99,1 % 3,5 %
Evli North America 146,3 50,9 % 11,4 % 6,4 % 96,6 % 99,1 % 3,2 %
Evli Nordic 186,2 366,1 % 8,3 % 5,9 % 98,3 % 98,7 % 10,9 %
Evli Nordic Small Cap 13,8 -81,3 % 0,0 % -2,0 % 88,3 % 89,0 % 0,0 %
Evli Sweden Equity Index 16,6 5,0 % 0,0 % 0,0 % 96,8 % 100,0 % 1,6 %
Evli Swedish Small Cap 27,9 -13,8 % 0,0 % 0,0 % 83,3 % 88,7 % 3,3 %
Evli Silver and Gold 337,5 0,3 % 85,1 % 0,0 %
Evli Finland Mix 89,0 0,0 % 76,6 % 0,0 %
Evli Finnish Small Cap 38,2 -39,5 % 0,0 % 0,0 % 67,3 % 72,8 % 9,3 %
Evli Finland Select 50,2 -33,0 % 0,0 % 0,0 % 92,4 % 90,5 % 4,1 %
Evli UK Value Fund 63,8 5,0 % 88,0 % 0,0 %
Evli USA Growth 24,4 -73,3 % 0,6 % -3,9 % 97,2 % 99,1 % 21,0 %
Fixed Income Funds
Evli Green Corporate Bond 97,6 -23,0 % 4,5 % 4,5 % 91,6 % 96,1 % 10,5 %
Evli European High Yield 62,3 -47,4 % 0,7 % -2,1 % 59,4 % 68,6 %
Evli European Investment Grade 46,9 -52,4 % 0,5 % -5,5 % 94,1 % 95,2 % 7,5 %
Evli Emerging Markets Credit 350,6 -27,2 % 14,4 % -0,5 % 66,9 % 81,7 % 1,9 %
Evli Euro Liquidity 98,9 0,0 % 66,8 % 2,8 %
Evli Short Corporate Bond 128,7 0,0 % 78,2 % 2,7 %
Evli Nordic 2025 Target Maturity 82,3 0,0 % 58,0 % 4,5 %
Evli Nordic Corporate Bond 88,8 -0,8 % 0,0 % -5,7 % 71,0 % 94,7 % 9,0 %
Evli Corporate Bond 72,0 -27,0 % 0,9 % -5,2 % 86,7 % 95,2 % 11,1 %
108
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109
Evli has designated the consideration of biodiversity, or in other words natural diversity, as one of its focus
areas for responsible investment. In January 2024, as part of its actions under the biodiversity roadmap, Evli
joined the TNFD Early Adopters. Now for the first time, Evli publishes a report in accordance with the Taskforce
on Nature-related Financial Disclosures (TNFD) framework on how Evli considered biodiversity in its operations
in 2024. TNFD is a market-led, science-based initiative that has developed a reporting framework on nature
for organizations and financial institutions to standardize nature-related reporting. The framework follows the
Task Force on Climate-related Financial Disclosures (TCFD) climate reporting framework and includes the same
reporting pillars: governance, strategy, risk and impact management, and metrics and targets.
Introduction
Considering biodiversity has emerged as a significant area in responsible investment. In the worst-case
scenario, biodiversity loss could lead to significant losses for companies and investors alike. Therefore, it is
important to be able to identify risks related to nature and the negative impacts of companies’ operations on
nature. In 2022, the Global Biodiversity Framework
1
(GBF) was adopted at the UN Biodiversity Conference COP15
in Montreal. It includes 23 targets to halt biodiversity loss by 2030. According to Target 15 of the GBF, companies
need to assess and disclose on the risks, dependencies, and impacts of their operations on nature, and the
TNFD’s reporting recommendations will help in this.
This Taskforce on Nature-related Financial Disclosures report provides information on biodiversity-related
risks of Evli’s operations and on Evli’s biodiversity work progress in 2024. At Evli, we understand the role of the
atmosphere as part of nature and the importance of climate change as one of the drivers of biodiversity loss.
Evli has a long history of working to mitigate climate change, including setting climate change principles and
Taskforce on Nature-related Financial
Disclosures report
targets and publishing its TCFD report since 2020. This TNFD report on nature risks does not include information
on climate and Evli’s climate work, as they are reported on the TCFD report, available in Evli’s annual report.
Governance
As part of the broader discussion on responsibility, Evli’s Board and Executive Group regularly address issues
related to biodiversity and nature loss. Evli’s Head of Sustainability attends Board and Executive Group meetings
from time to time. In addition to the work of the Board and Executive Group, Evli has a Responsible Investment
Executive Group, which decides on the principles and practical procedures of responsible investment at Evli. In
addition to the CEO, the Responsible Investment Executive Group includes managers from the business areas,
Portfolio Management, Responsible Investment team, and Legal and Compliance.
The Responsible Investment team, under the supervision of the Head of Sustainability, is responsible for
coordinating and developing ESG matters in the funds and discretionary portfolio management, as well as
for engaging with companies. Evli’s biodiversity work is guided by Evli Wealth Management’s biodiversity
roadmap. Evli also recognizes the impacts of nature impacts and dependencies on indigenous peoples and local
communities and monitors, for example, whether investee companies comply with international standards. When
analyzing potential investments and making investment decisions, Evli’s portfolio managers take ESG matters into
account, including nature-related issues. Portfolio management and other specialists working on responsible
investment are systematically offered training in biodiversity loss and its drivers, risks and opportunities caused
by biodiversity loss, and potential impacts of biodiversity loss on investments. For example, in 2024 Evli organized
ESG training days for portfolio management, with one of the main topics being biodiversity.
1
Kunming-Montreal Global Biodiversity Framework
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110
Strategy
At Evli, responsibility has been an integral part of portfolio management for many years, as we believe that
taking responsibility into account will create long-term added value. In January 2020, Evli made responsibility
one of its strategic focus areas for the coming years. The Group has published the Wealth Management’s
biodiversity roadmap, with the aim of gaining a better understanding of the nature impacts, dependencies, risks,
and opportunities of investments. Evli has already made climate change more prominent in Wealth Management’s
investments and published Climate Targets and Climate Change Principles, which are followed in investment
activities. In addition to climate change mitigation, Evli makes further efforts to take biodiversity into account in
its activities.
Evli has made biodiversity one of its focus areas for responsible investing for 2022–2024. In December 2023,
Evli published a biodiversity roadmap, guiding its work between 2023 and 2025, with the aim of gaining a better
understanding of the biodiversity-related risks, opportunities, dependencies, and impacts of investments.
The roadmap also aims to develop biodiversity-related ESG integration and reporting in such a manner that
biodiversity is integrated into Evli’s operations in line with best practices. In the future, the aim is to set more
specified biodiversity-related principles and targets.
As an asset manager, the most significant biodiversity risks, opportunities, dependencies, and impacts for Evli
are related to its investment activities, as Evli’s own operations do not cause significant direct environmental
impacts. Evli’s strategy focuses on the integration of nature-related risks and opportunities and their impacts
on the Group’s products and investment strategies, which has also been reflected in the biodiversity roadmap.
Most of Evli’s nature impacts materialize through investment activities. The World Economic Forum’s report
states that more than half of the world’s gross domestic product is moderately or highly dependent on nature
and the services it provides. Nature provides ecosystem services on which many business activities depend.
Ecosystem services include provisioning services (for example, nutrition, water, medicinal substances, and
materials), supporting services (for example, photosynthesis and soil quality), regulating services (for example,
climate regulation, clean air, and clean water) and cultural services (for example, recreation and aesthetic
nature). Biodiversity loss disrupts ecosystem services, and in the worst-case scenario, it could lead to
significant losses for companies and investors alike. Correspondingly, companies’ activities may have impacts on
biodiversity and ecosystem services. Therefore, it is important to recognize the double materiality of corporate
actions.
Biodiversity roadmap action steps
1. Building a snapshot
In its investment activities, Evli seeks to identify biodiversity-related risks and dependencies as well as the
impacts of investments on biodiversity. For this purpose, Evli improves the analysis of its investments, for
example with the ENCORE analysis, and explores nature-related metrics. The purpose is to examine the
biodiversity-related risk and opportunities of investee companies and possible investments in Evli’s equity
and fixed income funds, as well as to explore how alternative asset classes recognize and measure key
figures related to biodiversity.
2. Developing data and tools
As part of building a snapshot and analyzing investments, Evli examines available data, identifies the needs
of new metrics, and develops portfolio management tools so that biodiversity-related metrics are taken
into account in investment analysis.
3. Engagement and active ownership
Based on relevant biodiversity metrics and analysis, Evli seeks to identify target companies it can engage
with to address biodiversity matters. Based on the analysis, the purpose is to identify corporate risks
related to biodiversity loss and how companies take into account nature risks and the impacts of their
operations on biodiversity. Before engagement, targets for the engagement outcome are set based on the
observations of the analysis. In addition, Evli aims to consider just transition in its engagement analysis.
As part of active ownership, Evli also collaborates with other investors to engage with companies when the
target and goals are in line with Evli’s biodiversity work. Evli also explores new collaborative engagement
ways and actively follows the development of the initiatives.
4. Developing reporting and TNFD reporting
After identifying the biodiversity metrics integral to investment activities, Evli aims to improve
its responsibility reporting. Evli aims to find biodiversity metrics that comply with, for example,
recommendations of Taskforce on Nature-related Financial Disclosures (TNFD) or other reporting
frameworks, and describe, in the best possible way, biodiversity risks and impacts related to investments.
Evli will report on its investments in accordance with the TNFD recommendations from 2025 onwards.
5. Setting biodiversity-related principles and targets
As a result of the roadmap, Evli seeks to set biodiversity principles that specify how Evli takes into account
biodiversity as part of its investment activities in different asset classes. In addition, Evli’s monitored
metrics, analysis tools, engagement targets and principles as well as biodiversity-related reporting are
described in the principles. In the future, Evli also seeks to establish biodiversity targets.
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111
Risk and impact management
Evli’s main risks and nature impacts arise through investments and are widely distributed across different
sectors and geographical areas. Identifying and considering risks and impacts are key to risk management
and also allow the identification of engagement targets. Evli’s biodiversity roadmap sets out the steps for work
to develop the integration of biodiversity into Evli’s investment activities, including the development of risk
management and identification of nature impacts.
As with climate change, biodiversity loss poses physical and transition risks to companies and investors. Physical
risks refer to risks caused by changes in ecosystems. Physical risks are also often local and can occur either
in a short period of time, such as accidents and natural disasters, or they can be slowly developing changes in
nature’s ecosystems, with impacts realized in the long term. In particular, companies whose operations depend
on healthy ecosystems are exposed to physical risks if the ecosystems they depend on and the services they
provide degrade. Transition risks, on the other hand, refer to companies’ abilities to adapt their operations to
changing operating environments, where the aim is to prevent biodiversity loss, for example, through legislation
or new technologies. Especially companies whose operations are environmentally unsustainable and whose
industries have impacts on nature, are exposed to transition risks.
To identify nature risks and impacts, Evli monitors, among other things, norm violations of companies and the
principal adverse impacts of investments on sustainability factors, i.e. the PAI indicators (Principal Adverse
Impact Indicators)
1
. In addition, Evli’s portfolio managers are responsible for ESG integration when analyzing
investments, thus also allowing potential environmental risks to be considered. In its responsibility work, Evli uses
data from an external service provider, which is also used by portfolio managers for investment decisions.
Evli regularly monitors that investments comply with the principles of the UN Global Compact, the UN Guiding
Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises. By monitoring
these, the nature aspect is also taken into account and serious nature-related violations are brought to the
attention of Evli’s Responsible Investment team. In connection with dealing with violations, Evli’s Responsible
Investment team may decide to start engaging with a company, so that the company may change its operations
to be more responsible and reduce its negative nature impacts. If the company fails to improve its operations
despite our engagement, Evli’s Responsible Investment team may ultimately exclude the company from its
investments. The PAI indicators of investments are also regularly monitored, and their consideration is based on
Evli’s Principles for Responsible Investment, Climate Change Principles, and Climate Targets. The PAI indicators
include nature-related indicators, such as companies’ operations in biodiversity-sensitive areas, emissions
to water, and hazardous waste ratio. Evli’s Responsible Investment team regularly analyses companies raised
by the PAI monitoring and can, for example, start engaging with a company if the company’s operations have
negative impacts on nature or otherwise pose a significant risk. Evli reports on PAI indicators annually at the
company level.
In the identification of nature risks and impacts, Evli uses, among other things, the ENCORE
2
tool and its data,
based on which Evli has built its portfolio analysis. The analysis allows us to examine which ecosystem services
the industries in the portfolio are dependent on, what impacts the portfolio’s industries can have on nature,
and how significant the dependency or impact is. The data of the portfolio analysis are industry-specific and
can serve as a first step in a more detailed analysis to identify the industries in which the portfolio’s nature-
related risks and impacts are concentrated. In the next step, individual companies in the relevant industries
can be studied in more detail, such as what procedures, targets, and metrics the company has in place. With
the ENCORE analysis, it is also possible to assess which industries or drivers of biodiversity loss are the most
relevant for Evli’s investments, and on which ones to focus in the first phase. Evli will continue the assessment in
2025.
Active ownership and engaging with companies are one of the ways in which Evli can address the management
of nature risks. Biodiversity has emerged as an important theme in discussions with companies, especially
when the company’s operations have significant impacts on nature. When discussing with companies, it is
possible to influence the way companies consider and minimize nature risks and impacts in their operations
and to encourage companies to report on nature transparently, for example in accordance with the TNFD’s
recommendations. In 2024, Evli discussed issues related to nature with four companies. The companies were
selected based on the ENCORE analysis, PAI indicator monitoring, and a serious environmental violation. In
addition, Evli attends general meetings mainly in Finland, but may also provide voting instructions to foreign
general meetings without attending the meetings itself. Attendance at general meetings is assessed based on
the matters to be discussed and on Evli’s possibilities to influence the matters.
In addition to independent engagement, Evli is involved in investor initiatives related to nature, such as the
Nature Action 100
3
, where investor groups encourage companies with significant impacts on nature to take
more ambitious actions to halt biodiversity loss. Evli is in one investor group and thereby actively participates in
the engagement of the target company. Furthermore, Evli is an endorser of the PRI Spring initiative
4
, in which
institutional investors engage with companies to halt biodiversity loss by 2030. The initiative focuses primarily
on the prevention of forest loss and land degradation, which are one of the key drivers of biodiversity loss. Evli is
also involved in CDP’s investor letters, with the topics being climate change, deforestation, and water. In 2024, a
total of approximately 2,000 companies were engaged through these three initiatives.
1
Principal Adverse Impact, i.e. PAI indicators mean indicators that describe adverse impacts of investment decisions on sustainability factors.
2
www.encorenature.org/en
3
www.natureaction100.org/
4
www.unpri.org/investment-tools/stewardship/spring
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112
At the end of 2022, Evli signed, together with other investors, the global COP15 investor statement “Moving
Together on Nature”, which called on governments to take coordinated action to tackle climate change and
biodiversity loss around the world and give financial institutions a stronger mandate to align financial activities
with biodiversity targets, and to adopt an ambitious Global Biodiversity Framework. In spring 2024, Evli signed
the investor letter “Finance Statement on Plastic Pollution” together with other financial companies to support
a global plastics treaty. The signatories support a commitment to end plastic waste and instead create a
sustainable life cycle for plastics. The reduction and elimination of plastic waste are also part of the Global
Biodiversity Framework’s targets.
Metrics and targets
Evli’s biodiversity-related risks and opportunities are assessed through investment activities. Risks arising from
investments may be physical or transition risks, and they arise from investee companies’ nature dependencies
and nature impacts. Opportunities related to nature are primarily such investments that promote green
transition and biodiversity, for example in accordance with the objectives of the EU taxonomy.
Evli has analyzed the exposure of equity and corporate bond funds to biodiversity-related risks by identifying
the share of investments that 1) operate in material nature-related sectors or 2) operate in biodiversity-
sensitive areas. The metrics are based TNFD’s reporting guidance for financial sector. The analysis uses MSCI
and ISS STOXX data, from which the shares of investments in the relevant sectors and areas concerned have
been calculated as the relative share of investments in a portfolio.
The material nature-related sectors, in accordance with the TNFD, are based on the classification in line with
the GICS standard. The sector-specific figures are reported in accordance with the higher level GICS sector
classification, but the figures are based on more specific industry data on the material nature-relevant sector
classification by the TNFD.
Biodiversity-sensitive areas have been defined based on MSCI’s data on companies with at least three known
operational locations in biodiversity-sensitive areas. The following are classified as sensitive areas: healthy
forests, areas with intact biodiversity, prime areas for conservation, and deforestation fronts. In addition, the
metric takes into account companies who have reported sites owned, leased, or managed in or adjacent to such
areas.
Sector
1
Proportion of investments in equity and corporate
bond funds with activities in material biodiversity-
relevant sectors
2
Consumer discretionary 6.4%
Consumer staples 4.9%
Energy 2.8%
Health care 3.9%
Industrials 5.1%
Information technology 2.3%
Materials 10.2%
Real estate 5.8%
Utilities 2.0%
Not relevant 56.5%
1
Material nature-related sectors according to TNFD’s guidance: Energy equipment and services, Oil, gas and consumable fuels, Chemicals, Construction
materials, Containers and packaging, Metals and mining, Paper and forest products, Air freight and logistics, Passenger airlines, Marine transportation, Ground
transportation, Transportation infrastructure, Automobile components, Automobiles, Household durables, Textiles, apparel and luxury goods, Hotels, restaurants
and leisure, Consumer staples distribution and retail, Beverages, Food products, Tobacco, Household products, Personal care products, Biotechnology,
Pharmaceuticals, Semiconductors and semiconductor equipment, Commercial services and supplies, Electric utilities, Gas utilities, Multi-utilities, Water utilities,
Independent power and renewable electricity producers, Homebuilding, Construction and engineering, Real estate management and development, Diversified
real estate investment trusts (REITs), Industrial REITs, Hotel and resort REITs, Office REITs, Health care REITs, Residential REITs, Retail REITs, and Specialized
REITs.
2
Data coverage 72.3%
Sources: Evli, ISS STOXX
According to the metrics, the proportion of material biodiversity-relevant sectors in Evli’s equity and corporate
bond funds is 43.5 percent. Of these, the largest share is in materials. The ENCORE tool enables industry-
specific examination of nature impacts and dependencies of industries.
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113
Materials include, for example, chemicals, containers and packaging, and metals and mining as sub-sectors.
Relevant nature impacts may include, for example, discharge of toxic waste into water or soil, or noise pollution
from activities. In particular, the materials industry is dependent on ecosystem services related to rain and
water purification. It should be noted from the ENCORE’s results that the analysis data are sector-specific
and do not directly indicate how individual companies operate or what the impacts and dependencies of the
companies’ operations are in reality.
Proportion of investments in equity and corporate
bond funds with activities in biodiversity-sensitive
areas
Activities in sensitive areas 38.9%
Activities negatively affecting biodiversity-sensitive
areas
8.2%
No activities in sensitive areas 44.1%
Data not available 17.0%
Sources: Evli, MSCI
This disclosure was developed using information from MSCI ESG Research LLC or its affiliates or information providers. Although Evli Fund Management
Company Ltd information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information (the “Informati-
on”) from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness, of any data herein and
expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose. The Information may only be used for
your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a component of, any financial instruments or
products or indices. Further, none of the Information can in and of itself be used to determine which securities to buy or sell or when to buy or sell them. None of
the ESG Parties have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect, special, punitive,
consequential, or any other damages (including lost profits) even if notified of the possibility of such damages.
Of Evli’s investments, 38.9 percent are in biodiversity-sensitive areas. In addition, the analysis on sensitive
areas presents the PAI indicator describing the principal adverse impacts on sustainability factors, “Activities
negatively affecting biodiversity-sensitive areas”. The indicator shows the proportion of investments that
operate in biodiversity-sensitive areas and have had negative nature impacts. The proportion of such
investments was 8.2 percent.
Although an analysis based on sector data and operating locations helps to understand the biodiversity-related
risks of investments, it alone does not give a complete picture of the exposure of a portfolio to biodiversity risks
or of the impacts of investee companies’ operations on nature. Company-specific methods of preserving or
restoring biodiversity may vary within a sector and regionally. Companies may also have biodiversity-related
targets or instructions that are outside the scope of this review. It is also worth noting that not all companies
necessarily report extensively on their impacts on nature.
Evli aims to develop biodiversity-related analysis, metrics, and reporting in accordance with its biodiversity
roadmap. The roadmap aims to develop metrics related to biodiversity, ESG integration, and reporting in such a
manner that biodiversity can be taken into account as part of investment activities. The aim is also to set more
specified biodiversity-related principles and targets in the future.
GovernanceResponsibility Financial ReviewBusiness Overview Responsibility
114
FINANCIAL REVIEW
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
115
Key financial figures
2024 2023 2022
1
Carve-out 2021 Carve-out 2020
Income statement key figures
Net revenue, M€ 126.8 108.7 96.1 116.2 80.1
Operating profit/loss, M€ 58.2 40.2 30.9 56.6 32.3
Operating profit margin, % 45.9 37.0 32.1 48.7 40.4
2
Profit/loss excl. non-recurring items related to
mergers and acquisitions, M€
43.3
37.1
Profit for the financial year, M€ 49.9 32.0 25.1 45.5 25.5
Profitability key figures
Return on equity (ROE), % 34.4 22.8 20.4 50.4 35.7
Balance sheet key figures
Equity-to-assets ratio, % 42.4 39.8 39.1 27.7 -
Other key figures
Expense ratio (operating costs to net revenue) 0.53 0.63 0.67 0.52 -
Recurring revenue ratio, % 132 130 123 135 128
Permanent personnel at the end of the period 273
3
316 294 283 -
Assets Under Management, mrd. € 18.9 18.0 16.0 17.5 -
Share based key figures
Earnings per share, € 169 1.09 0.83 - -
Equity to owners of parent entity per share, € 5.5 4.9 5.1 - -
Dividend per share, € 1.18
4
1.16 0.80 - -
Capital return per share, € - - 0.35 - -
Dividend to earnings ratio, % 70% 105% 97% - -
Effective dividend yield, % 6.7% 5.8% 7.6% - -
Price to earnings ratio (P/E) 10.4 18.1 18.3 - -
Market value, M€ 463.5 521.8 398.1 - -
Diluted number of shares at the end of period 27,347,899 27,367,899 26,945,975 - -
Trading volume (B-share), % 8 10 6 - -
1
Includes Carve-out figures for 1-3/2022
2 Unaudited
3
The number of employees of Allshares Oy is not included in the 1–12/2024 personnel figures
4
The Board of Directors proposal to the Annual General Meeting
34.4
RETURN ON EQUITY (%)
(2023: 22.8)
ASSETS UNDER MANAGEMENT (BN. €)
18.9
(2023: 18.0)
RECURRING REVENUE RATIO (%)
132
(2023: 130)
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116
Graphs of the financial development
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
NET REVENUE (M€)
OPERATING PROFIT (M€) AND
PROFIT MARGIN (%)
NET COMMISSION INCOME (M€)
PROPORTION OF RECURRING REVENUE
TO OPERATING EXPENSES (%)
RETURN ON EQUITY (%) DEVELOPMENT OF ASSETS UNDER
MANAGEMENT, (BN. €)
NET PROFIT (M€)
DIVIDEND & EARNINGS/SHARE (€)
56.6
80,1
25.5
116,2
45.5
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
96,1
108,7
126,8
76.8
111.7
92.1
25.1
26.2
50.4
20.4
14.1
17.5
16.0
128
135
1.47
0.81
100.0
106.3
32.0
49.9
130
132
22.8
34.4
18.0
18.9
32.1
37.0
123
1.05
1.63
40.3
45.9
30.9
40.2
46.0
58.2
32.3
0.88
1.15
1.16 1.18
1
1.06
0.73
¹ Board of Directors’ proposal to the annual
general meeting
117
Board of directors report 1.1.–31.12.2024
Market development
The year 2024 offered investors good returns in both the equity and fixed income markets. The positive
development was driven by the huge rise in the share prices of growth companies – and especially global
technology giants – as well as interest rate cuts initiated in Europe and the United States. At the same time,
however, uncertainty in the markets remained exceptionally high. The ongoing war in Ukraine, the escalation
of the Middle East crisis and the tense situation around Taiwan kept investors on their toes over the past year.
Political uncertainty also increased; During 2024, elections were held in more than 60 countries. In many
countries, power changed, the position of the ruling parties weakened, and governments fell. A particular
interest was aroused by the US presidential election and the policies heard during it, which are expected to
have a wide-ranging impact on the economic development of various market areas in the next few years. Talk of
tariffs, geopolitical measures and changes in taxation point to difficult times, especially for Europe, as the United
States focuses increasingly on strengthening the domestic market. In Asia, China, the world's second-largest
market economy, struggled with slower demand and a challenging real estate sector. Strained relations with the
United States further increased tensions and uncertainty in the investment markets. Despite the uncertainty,
the market expects economic growth to accelerate, supported by growing demand, lower interest rates and
advances in artificial intelligence. We enter the year 2025 with anticipation but also fear.
In terms of equity markets, the divergence between good and weak markets was large. Particularly strong
development in 2024 was seen especially in the United States, where the price rally of mega-companies
continued, supported by the artificial intelligence boom. Another market that developed exceptionally strongly
was Japan, where the country's central bank made its first interest rate hike in 17 years, ending a period of
negative interest rates. Growth in Europe was also driven especially by large companies, LVMH, which focuses
on luxury products, and pharmaceutical company Novo Nordisk. Finland, which relies on more cyclical industrial
production, developed exceptionally weakly for the third year in a row. Since the beginning of the year, the stock
market in the United States rose by 25.0 percent (S&P 500). In Europe, equity markets rose by 9.7 percent
since the beginning of the year (Stoxx 600). During the same period, however, the Finnish stock market fell by 0.1
percent (OMX Helsinki Cap).
In the fixed income markets, development was positive thanks to the clearer outlook for interest rates. The worst
inflation fears eased during the year creating confidence in future interest rate cuts, which were seen in both
Europe and the United States. However, the stabilization of inflation at slightly higher than expected levels at the
end of the year dispelled hopes of further rapid interest rate cuts. Instead, the expectation is that they will move
further into the future. The value of higher-rated investment grade corporate bonds increased by 4.6 percent
during the year. The value of lower-rated high-yield bonds increased by 6.9 percent. Euro area government
bond values rose by 1.8 percent. The exchange rate of the euro decreased by 6.3 percent against the dollar.
Development of revenue and result
In 2024 Evli Group's net revenue increased by almost 17 percent from the previous year's level to EUR 126.8
million (2023: EUR 108.7 million). The development of net revenue was positively impacted especially by EUR 13.8
million non-recurring non-cash valuation item recognized as income during the first quarter related to the
transaction of the incentive business. Successful new sales and performance-related fees earned through
successful portfolio management supported the growth of the core business. Performance-related fees from
investment funds during 2024 amounted to EUR 8.3 million (EUR -0.4 million). The Group's net commission income
increased by six percent from the previous year to EUR 106.3 million (EUR 100.0 million). The growth figures
are burdened by the lack of income from the incentive business starting from the second quarter of the year.
Income from own investments amounted to EUR 1.1 million (EUR 3.0 million), including income from securities
trading, foreign exchange brokerage and net interest income. The decrease is mainly explained by impairments
to own investments in real estate linked assets.
Total costs for the year 2024, including depreciation and impairment, amounted to EUR 68.1 million (EUR
69.2 million). When comparing the figures the effect of the arrangement of the incentive business should
be considered. Personnel expenses amounted to EUR 40.4 million (EUR 41.0 million), including an estimate of
performance-based bonuses directed at personnel. Other administrative expenses amounted to EUR 22.2
million (EUR 21.0 million). Depreciation, amortization and impairment amounted to EUR 4.4 million (EUR 5.6 million)
and other operating expenses to EUR 1.2 million (EUR 1.6 million). The share of profit of associates was EUR -0.5
million (EUR 0.7 million). Evli's cost-income ratio was 0.53 (0.63).
Operating profit increased by some 45 percent year-on-year and was EUR 58.2 million (EUR 40.2 million).
Operating profit margin was 45.9 percent (37.0%). The profit for 2024 was EUR 49.9 million (EUR 32.0 million).
Evli presents the impact on profit arising from the valuation of Alisa Bank Plc's investment as a separate item in
other comprehensive income statement in accordance with IFRS 9. During 2024, the change in the value of the
investment was EUR -0.1 million (EUR -2.3 million), taking deferred tax into account.
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118
In the first quarter of 2024, Evli announced that it had entered into a strategic partnership with Bregal Milestone
to accelerate the international growth of its incentive business. As a result of the arrangement, Evli's holding
in Allshares Oy (formerly Evli Alexander Incentives Oy), a company focusing on the Group's incentive business,
decreased from 65 percent to approximately 40 percent. In the future, Allshares will be Evli's associated
company, and its figures will not be consolidated with Evli's group figures by result item. Instead, Allshares' share
of profit attributable to Evli will be presented in the line "Share of profits of associated companies" together with
the Group’s other associated companies as of the second quarter of 2024.
Business area - Wealth management and investor clients
The Wealth Management and Investor Clients segment offers services to present and future high net worth
private individuals and institutions. The comprehensive product and service selection includes asset management
services, fund products offered by Evli and its partners, various capital market services and alternative
investment products. The segment also includes execution and operations activities that directly support these
core activities.
Development of client assets under management
Client assets under management consist of direct investments in mutual funds, discretionary asset
management, and assets managed through Evli's subsidiaries and associated companies.
Client assets under management increased from the previous year's level due to new sales and positive market
development. At the end of December 2024, the Group's total net assets under management stood at EUR 18.9
billion (EUR 18.0 billion).
At the end of December assets under discretionary management amounted to EUR 6.3 billion (EUR 5.7 billion).
Correspondingly, direct investments in Evli's traditional mutual funds totaled EUR 7.4 billion (EUR 7.2 billion) at the
end of the year. The assets under management of alternative investment funds amounted to EUR 2.8 billion (EUR
2.7 billion). Assets managed through associated companies were EUR 2.4 billion (EUR 2.4 billion).
Discretionary asset management
Assets under management increased from the level of the previous year as a result of positive market
development. At the end of 2024, Evli had EUR 6.3 billion (EUR 5.7 billion) in assets under discretionary asset
management, which includes both traditional and digital services.
During the end of the year, Evli won the Platinum Award and shared first place in terms of overall quality
assessment in SFR Research's institutional asset management survey in the large asset managers category.
The overall quality assessment received by Evli is its best result in SFR Research’s surveys during the past 10
years. The survey also showed that Evli is the most used institutional asset manager in Finland. 74 percent of the
respondents used Evli as their asset management partner. Also, according to Kantar Prospera's "External Asset
Management 2024 Finland" survey, published in September 2024, Evli is the best and most used institutional
asset manager in Finland.
Traditional mutual funds
Net subscriptions of about EUR 30 million (EUR 500 million) were made to Evli's mutual funds in 2024. According
to Evli's strategy, the goal is to increase the international sales of its investment products. In 2024, net
subscriptions from foreign investors were EUR 240 million (EUR -20 million). The returns of all of Evli's fixed
income funds developed positively during 2024. Of the funds, the best returns relative to the benchmark index
were generated by Evli Nordic Corporate Bond and Evli Corporate Bond funds. The majority of the returns of
Evli's equity funds were also positive during 2024, driven by the strong general market situation. Relative to the
benchmark index, the best returns were generated by Evli USA Growth and Evli Equity Factor Europe funds.
The total capital of traditional investment funds managed by the fund management company was EUR 10.8 billion
(EUR 9.9 billion). Of this, around EUR 3.7 billion was invested in equity funds (EUR 3.5 billion), EUR 6.9 billion in fixed
income funds (EUR 6.3 billion) and EUR 0.2 billion in mixed funds (EUR 0.2 billion). At the end of December 2024,
EUR 2.8 billion of Evli's fund capital came from customers outside of Finland (EUR 2.4 billion) when direct fund
investments are considered.
SPLIT OF ASSETS UNDER MANAGEMENT ON
DECEMBER 31, 2024
Mutual funds, direct 39%
Asset management 33%
Alternative funds 15%
Other 13%
DEVELOPMENT OF ASSETS UNDER
MANAGEMENT(BN. €)
20202019 2021
14.114.3
2022
17.5
2023 2024
16.0
18.0 18.9
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119
During 2024, 33 percent of Evli's traditional investment funds performed better than their benchmark index. In
a three-year review, 27 percent of mutual funds outperformed the benchmark index. In Morningstar's quality
ranking, Evli was the best performing fund house in Finland at the end of 2024 with 3.88 stars.
Responsibility is a central part to Evli's asset management. At the end of the year, the average ESG rating of Evli's
funds was “A” (source: MSCI ESG database).
At the beginning of the last quarter of the year, the management of AJ Evli Value Hedge was transferred from
Evli Fund Management Company Ltd to GRIT Fund Management Company Ltd in accordance with a decision
granted by the Financial Supervisory Authority.
Alternative investment funds
Due to the increased interest rate level, the current market environment is challenging for the sale of alternative
investment products. Considering the market situation, sales and product development in this asset class
performed relatively well during 2024. In total, net subscriptions and investment commitments for alternative
investment products totaled approximately EUR 265 million during the year.
In September, Evli announced that it will expand its product offering in alternative funds and launch co-investment
operations in unlisted equities with its own dedicated team. Co-investments open the door to attractive direct
unlisted investments for Evli's clients alongside the world's best fund managers. Co-investments in international
unlisted equities with an own dedicated team is the first of its kind in the Finnish asset management industry.
Other investment products
During 2024, demand for direct investment products was moderate and brokerage fees decreased from the
comparison period.
Financial performance
In 2024 the Wealth Management and Investor Clients segment's net revenue increased by 14 percent year-on-
year due to positive new sales, favorable market development and performance-related fees. The development
of net revenue was burdened by lower commission income than in the previous year. Operating profit was better
than in the previous year, being EUR 39.8 million (EUR 33.0 million).
DEVELOPMENT OF FUND CAPITAL (BN. €)
20202019 2021
2.7
7.6
2.3
7.4
3.3
8.8
2.2
8.8
2.4
10.2
-182
219
-9
266
2.8
10.7
2022 2023 2024
NET SALES BY FUND TYPE (M€)
International clients
Domestic clients
Equity
Fixed-income
Other
Alternatives
DEVELOPMENT OF ASSETS UNDER
MANAGEMENT IN ALTERNATIVE FUNDS (BN. €)
20202019 2021
1.1
0.9
2022
1.6
2023 2024
2.4
2.7
2.8
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120
WEALTH MANAGEMENT AND INVESTOR CLIENTS
M€ 2024 2023 Change %
Net revenue 96.4 84.2 14%
Operating profit/loss before Group allocations 49.7 43.4 15%
Operating profit/loss 39.8 33.0 21%
Business area - Advisory and corporate clients
The Advisory and Corporate Clients segment provides corporate and equity services, such as advisory services
related to acquisitions and divestments, listings and share issues. In addition, the segment provides company
analysis for listed companies. Previously, the segment also reported the planning and management services of
remuneration and incentive schemes. As a result of the corporate arrangement related to the incentive business
carried out on March 27, 2024, these services will be reported as part of the associated companies' results in
Group functions, in the same way as other associated companies.
M&A transactions
The good momentum in the M&A markets continued throughout the year. Customer activity increased clearly,
and the mandate base developed favorably. During 2024, Evli acted as advisor in, among others, the following
transactions:
- Sales of Lantmännen's convenience food store Gooh to Atria Plc
- Directed issue in Qvalia
- Rights issue of Beowulf Mining Plc
- Sale of Crediflow and OptoSweden to VIA equity
- Labquality’s acquisition of Qadvis
- Directed share issue for Aiforia Technologies
- Alisa Bank’s combination with PURO Finance
- Sale of EPM Data to Nordlo
- Labquality’s acquisition of Scandinavian CRO
- Lantmännen’s acquisition of Entrack
- Frontit’s acquisition of Prové
- G2 Risk Solutions’ public takeover offer and acquisition of ZignSec AB (Publ)
- XPartners Samhällsbyggnad AB’s two acquisitions, Planera Oy and RAPP Oy
- Sale of BTJ Sverige AB to Bokus AB
- Sale of Docklin Digital AB to s360 A/S.
Financial performance
In 2024 the Advisory and Corporate Clients segment's net revenue decreased by 37 percent from the previous
year and was EUR 9.9 million (EUR 15.8 million). The decrease is due to the removal of commission fees from the
incentive business from the second quarter of the year onwards as a result of the corporate restructuring
carried out at the beginning of the year. Advisory fees received from M&A activities increased from the previous
year to EUR 6.3 million (EUR 3.7 million). Significant fluctuations in revenue from one period to the next are typical
of the segment’s M&A activities.
ADVISORY AND CORPORATE CLIENTS
M€ 2024 2023 Change %
Net revenue 9.9 15.8 -37%
Operating profit/loss before Group allocations 4.4 4.5 -1%
Operating profit/loss 3.3 2.7 33%
Group operations
The Group Operations segment includes support functions serving the business areas, such as Information
Management, Financial Administration, Marketing, Communications and Investor Relations, Human Resources,
and Internal Services. The company’s own investment operations and the Group’s supervisory functions (Legal
and Compliance, Risk Management, and Internal Audit) are also part of Group Operations. In addition, the Group's
associated companies are reported as part of Group functions.
Development of associated companies
Evli has two significant associated companies, Allshares, which specializes in remuneration services, and
Northern Horizon Capital, which specializes in real estate fund management. In the first quarter, Evli Plc and
Bregal Milestone, a private equity firm focusing on software and technology growth, launched a strategic
partnership to grow Allshares' incentive business. As a result of the arrangement, Evli's ownership in the
company decreased to approximately 40 percent and Allshares Oy became Evli's associated company. The
business developed favorable during 2024.
For Northern Horizon Capital, business was challenging during 2024. The focus in the near future is to scale up
the existing product portfolio, especially the Nordic Age Care fund, which was converted into an open-end fund
in the second quarter. Northern Horizon Capital's assets under management totaled EUR 1.5 billion at the end of
December 2024.
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121
Financial performance
In 2024, the Group Operations segment's net revenue increased by 135 percent year-on-year and was EUR
20.5 million (EUR 8.7 million). The increase is explained by the EUR 13.8 million fair value change in Allshares
shares recognized as income from the Allshares transaction. Allshares will be treated as an associated company
in the future. Own balance sheet investment activities were affected negatively at the end of the year by
impairments to investments in real estate linked assets.
GROUP OPERATIONS
M€ 2024 2023 Change %
Net revenue 20.5 8.7 135%
Operating profit/loss before Group allocations 3.9 -7.7 151%
Operating profit/loss 15.0 4.5 230%
Responsibility
Responsibility is one of Evli's strategic focus areas. Responsible operations create long-term value and keep us
competitive in the changing global operating environment.
Responsible investing
In Wealth Management, the company's most significant business area, responsibility factors have been
integrated as a systematic part of portfolio management. The investments made by Evli's mutual funds are
monitored for possible breaches of standards. In addition, the asset management team works independently
and together with other investors to engage with companies.
For the second consecutive year, Evli was awarded for the best responsible investing expertise in Finland in
Kantar Prospera’s “External Asset Management 2024 Finland” survey. In addition, Evli placed second in terms
of responsible investing in the SFR Research’s institutional client survey amongst large asset owners. During
the last quarter of the year, Evli received excellent scores from PRI reporting conducted in 2024. Evli has been
signatory of PRI since 2010 and continues to report on its responsible investing practices across asset classes.
In the 2024 evaluation Evli received four stars from its responsible investing practices, and five stars from ESG
integration in several asset classes.
Responsible employer
Evli is committed to creating responsible and high-quality work-life experiences for its employees and job
applicants. Fairness, which encompasses equality, non-discrimination, and diversity, is an integral part of Evli’s
responsibility. Each business unit is responsible for ensuring that responsibility issues are taken into account
in their daily work and that all employees are implementing responsibility into practice. Responsible working
practices are based on Evli’s values: entrepreneurship, valuable relationships, learning, and integrity.
Read more about the development of responsibility at Evli during 2024 in the Responsibility section of the Annual
Report.
Balance sheet and funding
At the end of December, Evli Group's balance sheet total was EUR 361.1 million (EUR 344.7 million). The Group's
equity at the end of the review period stood at EUR 153.5 million (EUR 137.2 million).
The Group's cash and cash equivalents at the end of 2024 stood at EUR 131.2 million (EUR 126.0 million) and liquid
investment fund investments totaled EUR 27.9 million (EUR 26.0 million). Evli Plc has granted investment loans to
its customers. At the end of 2024, loans drawn totaled EUR 10.8 million (EUR 19.2 million). These are presented in
the balance sheet under claims on the public and public sector entities. There were no credit losses during the
year.
The lease liability related to business premises recorded in the balance sheet at the end of 2024 was EUR 9.6
million (EUR 11.3 million), of which short-term liabilities accounted for EUR 2.4 million (EUR 2.4 million). Evli Plc has
issued structured notes totaling EUR 99.4 million (EUR 106.7 million). These form the basis of the Group's long-
term financing together with equity. The company's share capital at the end of December was EUR 53.7 million.
There were no changes in the share capital during the year.
The Group's Common Equity Tier 1 capital per December 31, 2024, was EUR 27.8 million and the Group's own
funds in relation to the required minimum capital were 166.9 percent. As an investment firm, Evli Plc complies
with the Investment Services Companies' Capital Adequacy Framework (IFD/IFR). The most restrictive capital
requirement for Evli at the end of the year was determined based on fixed overheads. The minimum capital
requirement based on fixed overheads was EUR 16.7 million. The Group's equity ratio was 42.4 percent on
December 31, 2024.
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122
Decisions taken by the general meeting
Evli Plc’s Annual General Meeting, held in Helsinki on March 14, 2024, decided on the following matters:
Adoption of the financial statements, use of the profit shown on the balance sheet and the payment of
dividend
Evli Plc's Annual General Meeting (AGM) approved the financial statements for the financial year 2023. The AGM
approved the Board of Directors' proposal to pay a dividend for the financial year 2023 for the amount of EUR
1.16 per share. The dividend will be paid to shareholders who are entered in the shareholder register maintained
by Euroclear Finland Oy on the dividend record date March 18, 2024.
The release from liability of the members of the Board of Directors and the CEO
The AGM granted release from liability to the Members of the Board of Directors and to the CEO for the financial
year 2023.
The Remuneration Report of the governing bodies
The AGM approved the Remuneration Report 2023 of the company’s governing bodies.
Number of Board members, members, and fees
The AGM decided that the Board of Directors will consist of six (6) members. The present members of the
Board Christina Dahlblom, Fredrik Hacklin, Sari Helander, Robert Ingman, and Antti Kuljukka were re-elected as
members of the Board of Directors and Tomi Närhinen was elected as a new member.
It was decided that the following remuneration shall be paid to the members of the Board of Directors: EUR
5,000.00 per month to the Members of the Board, EUR 6,000.00 per month to the Chairmen of the Board
Committees and EUR 7,500.00 per month to the Chairman of the Board.
Auditors and auditors’ fees
The auditing firm Ernst & Young Oy (EY) was elected as the company's auditor and Miikka Hietala, Authorized
Public Accountant, as the principally responsible auditor. The auditor shall be paid remuneration according to a
reasonable invoice approved by the company.
Authorizing the Board of Directors to decide on the acquisition of the company's own shares
The AGM authorized the Board of Directors to decide on the acquisition of the company's own series A and
series B shares in one or more tranches as follows:
The total number of own series A shares to be acquired may be a maximum of 1,442,581 shares, and the total
number of own series B shares to be acquired may be a maximum of 1,205,909 shares. The proposed number
of shares represents approximately 10 percent of all the shares of the company on the date of the Notice of the
Annual General Meeting.
Based on the authorization, the company's own shares may only be acquired with unrestricted equity.
The Board of Directors will decide how the company's own shares will be acquired. Financial instruments such as
derivatives may be used in the purchasing. The company's own shares may be acquired in other proportion than
the shareholders' proportional shareholdings (private purchase). Shares may be acquired through public trading
at the prevailing market price formed for the series B shares in public trading on the Nasdaq Helsinki Oy on the
date of acquisition.
The authorization replaces earlier unused authorizations to acquire the company's own shares. The
authorization will be in force until the next Annual General Meeting but no later than until June 30, 2025.
Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of options
and other special rights entitling to shares
The AGM authorized the Board of Directors to decide on the issuance of shares and special rights entitling to
shares pursuant to Chapter 10, section 1, of the Companies Act in one or more tranches, for a fee or free of
charge.
The Annual General Meeting authorized the Board of Directors to decide on the issuance of shares and special
rights entitling to shares pursuant to Chapter 10, section 1, of the Companies Act in one or more tranches, for a
fee or free of charge.
Based on the authorization, the number of shares issued or transferred, including shares received based on
special rights, may total a maximum of 2,648,490 series B shares. The proposed number of shares represents
approximately 10 percent of all the shares of the company on the date of the notice convening the Annual
General Meeting. Of the above-mentioned total number, however, a maximum of 264,849 shares may be used
as part of the company's share-based incentive schemes, representing approximately one percent of all the
shares of the company on the date of the notice convening the Annual General Meeting.
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
123
The authorization will entitle the Board of Directors to decide on all the terms and conditions related to the
issuing of shares and special rights entitling to shares, including the right to deviate from the shareholders' pre-
emptive subscription rights. The Board of Directors may decide to issue either new shares or any own shares in
the possession of the company.
The authorization replaces earlier unused authorizations concerning the issuance of shares as well as the
issuance of options and other special rights entitling to shares. The authorization will be in force until the end of
the next Annual General Meeting but no longer than until June 30, 2025.
Establishment of a shareholders’ nomination board
The Annual General Meeting decided to establish a shareholders’ nomination board, who will be responsible
for drafting and presenting proposals covering the remuneration and number of members of the Board of
Directors and for presenting candidates for members of the Board of Directors to the Annual General Meeting
and to an Extraordinary General Meeting where needed. The shareholders’ nomination board shall be established
indefinitely until a general meeting of shareholders resolves otherwise. The Annual General Meeting also
approved the rules of procedure of the shareholders’ nomination board.
Shares and shareholders
Evli Plc's total number of shares at the end of December 2024 was 26,484,899 shares, of which 14,405,812 were
series A shares and 12,079,087 series B shares. The company held no own shares on December 31, 2024.
Pursuant to Section 4 of the Articles of Association, the company converted 20,000 A shares into B shares on
May 2, 2024. The converted shares were admitted to public trading on Nasdaq Helsinki on May 3, 2024.
The closing price of Evli Plc's share on December 31, 2024, was EUR 17.50. The lowest closing price for the period
was EUR 17.35 and the highest was EUR 21.00. A total of 1,003,803 Evli Plc shares were traded during 2024.
The combined market value of A and B shares was EUR 463.5 million on December 31, 2024. For calculating the
market value, the A share is valued at the closing price of the B share for the period.
More information about the share and shareholders in the Annual report’s section Shares and shareholders.
Business risks and risk management
The most significant risks for the Group in the near term are the general market development and the impact
of the changing operating environment and inflation on Evli's businesses. The performance of the asset
management business is mainly influenced by the development of assets under management, which depends
on, among others, the development of capital markets and the general demand for investment products. On the
other hand, alternative investment products in particular, are based on long-term agreements which provide
a steady income stream. Profit development is also influenced by the realization of performance-related fee
income linked to the successful management of client assets. Performance fees can vary widely from quarter to
quarter and from financial year to financial year.
General market developments also have an impact on brokerage and advisory mandates. In the Corporate
Finance business, potential changes in market confidence among investors and corporate managers may lead to
project delays or interruptions.
In addition to its core business, Evli has granted investment loans to its clients, and owns equity and mutual fund
investments. The most significant risks related to its own investment activities are liquidity, market, and interest
rate risks. These risks are managed through limits set by Evli Plc's Board of Directors, which are monitored on
an ongoing basis. The company's investments are made on the basis that they must not endanger the Group's
results or solvency. Despite good supervision, investment activities always involve a certain degree of risk, which
may result in significant quarterly fluctuations in the returns from investment activities.
A more detailed description of operational risks is provided in the financial statements of Evli Plc, available in the
Annual report’s Financial Review section 6. Notes on risk position.
Outlook for 2025
The operating environment is expected to remain uncertain and difficult to predict in 2025. The expansion of
geopolitical risks and concerns about the sustainability of economic growth increase uncertainty in the markets.
Despite the challenging operating environment, Evli has succeeded in strengthening its position in the market.
Growth has been supported by a wide product range and customer base. With a strong market position and
growth outlook, we estimate the operating result to be clearly positive.
Helsinki, January 29, 2025
EVLI PLC
Board of Directors
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
124
Shares and Shareholders
Shares and Shareholders’ Equity
Evli Plc has two share series, series A and series B shares. One series A share confers twenty (20) votes and one
series B share one (1) vote at the General Meeting. The two series of shares have equal rights to dividends and
other forms of profit distribution. The Company’s series B share is listed on the official list of Nasdaq Helsinki
with the ticker symbol “EVLI” and ISIN code FI4000513437.
At the end of December 2024, the aggregate number of Evli’s shares was 26,484,899, with the series A shares
accounting for 14,405,812 shares and series B shares for 12,079,087 shares. The company did not hold any own
shares. At the end of 2024, the company’s share capital amounted to EUR 53.7 million.
Trading in shares
At the end of December, 12,079,087 of Evli’s series B shares were publicly traded in Nasdaq Helsinki. The share
exchange between January and December totaled EUR 19.0 million while the number of Evli shares exchanged
was 1,003,803. During 2024, the highest closing price of the share was EUR 21.00 while the lowest closing price
was EUR 17.35. On December 31, 2024, the share’s closing price was EUR 17.50 and Evli’s market capitalization,
calculated based on both the unlisted series A and the listed series B shares, was EUR 463.5 million. Series A
shares are valued at the year-end closing price of series B shares.
Shareholders
At the end of 2023, Evli had 6,697 shareholders in the book-entry register. The stake of Finnish companies was
53.9 percent and that of private Finnish individuals was 26.6 percent. The remaining around 20 percent of the
shares were owned by Financial and insurance institutions, public sector organizations, non-profit institutions
and foreign investors.
463.5
MARKET CAPITALISATION, M€
BREAKDOWN OF SHAREHOLDINGS
BY OWNER GROUP
BREAKDOWN OF VOTES
BY OWNER GROUP
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
Companies 53.9%
Fund, Pension & Insurance companies 11.9%
Public sector organizations and other 2.7%
Private Individuals 26.7%
Foundations 1.9%
Nominee registered 2.9%
Companies 64.7%
Fund, Pension & Insurance companies 15.7%
Public sector organizations and other 0.2%
Private Individuals 18.9%
Foundations 0.2%
Nominee registered 0.3%
125
LARGEST SHAREHOLDERS 31.12.2024
A Shares B Shares Shares total % of shares Number of votes % of votes
1. OY PRANDIUM AB 3,803,280 950,820 4,754,100 17.95% 77,016,420 25.66%
2. OY SCRIPO AB 3,803,280 950,820 4,754,100 17.95% 77,016,420 25.66%
3. INGMAN GROUP OY AB 1,860,000 905,000 2,765,000 10.44% 38,105,000 12.69%
4. OY FINCORP AB 2,319,780 330,394 2,650,174 10.01% 46,725,994 15.57%
5. MOOMIN CHARACTERS OY LTD 0 658,839 658,839 2.49% 658,839 0.22%
6. LEHTIMÄKI JYRI MAUNU OLAVI 533,728 117,031 650,759 2.46% 10,791,591 3.59%
7. TALLBERG CLAES HENRIK 369,756 32,588 402,344 1.52% 7,427,708 2.47%
8. HOLLFAST JOHN ERIK 328,320 71,680 400,000 1.51% 6,638,080 2.21%
9. DANSKE INVEST FINNISH EQUITY FUND 0 356,567 356,567 1.35% 356,567 0.12%
10. UMO INVEST OY 0 240,074 240,074 0.91% 240,074 0.08%
Nominee registered 768,448 2.90% 0.26%
REAKDOWN OF SHAREHOLDINGS BY OWNER GROUP 31.12.2024
Number of
owners % of shares % of votes
Num. of known
owners
Companies 14,270,475 53.9% 64.7% 313
Private Individuals 7,044,401 26.6% 18.9% 6,623
Fund company 2,675,668 10.1% 15.6% 13
Others 702,778 2.7% 0.2% 30
Foundation 535,445 2.0% 0.2% 29
Pension & Insurance 487,684 1.8% 0.2% 9
Nominee registered 768,448 2.9% 0.3% 8
BREAKDOWN OF SHAREHOLDINGS BY SIZE CLASS 31.12.2024
Number of
owners % of shares % of votes
Num. of known
owners
0 – 100 133,757 0.5% 0.0% 3,237
101 – 500 622,737 2.4% 0.2% 2,655
501 – 1 000 388,786 1.5% 0.1% 516
1 001 – 5 000 932,904 3.5% 0.3% 442
5 001 – 10 000 394,054 1.5% 0.2% 53
10 001 – 50 000 1,670,333 6.3% 2.0% 68
50 001 – 100 000 1,637,169 6.2% 2.1% 21
100 001 – 19,936,711 75.3% 94.7% 25
Nominee registered 768,448 2.9% 0.3% 8
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
126
Authorisations given to the Board of Directors
The Annual General Meeting held on March 14, 2024 authorized the Board of Directors to decide on the
acquisition of the company's own series A and series B shares in one or more tranches. The total number of
own series A shares to be acquired may be a maximum of 1,442,581 shares, and the total number of own series
B shares to be acquired may be a maximum of 1,205,909 shares. The proposed number of shares represented
approximately 10 percent of all the shares of the company on the date of the Notice of the Annual General
Meeting. Based on the authorization, the company's own shares may only be acquired with unrestricted equity.
The Board of Directors will decide how the company's own shares will be acquired. Financial instruments such
as derivatives may be used in the purchasing. The company's own shares may be acquired in other proportion
than the shareholders' proportional shareholdings (private purchase). Shares may be acquired through public
trading at the prevailing market price formed for the series B shares in public trading on the Nasdaq Helsinki Oy
on the date of acquisition. The authorization replaced earlier unused authorizations to acquire the company's
own shares. The authorization will be in force until the next Annual General Meeting but no later than until June
30, 2025.
The Annual General Meeting authorized the Board of Directors to decide on the issuance of shares and special
rights entitling to shares pursuant to Chapter 10, section 1, of the Companies Act in one or more tranches, for a
fee or free of charge. Based on the authorization, the number of shares issued or transferred, including shares
received based on special rights, may total a maximum of 2,648,490 series B shares. The proposed number
of shares represented approximately 10 percent of all the shares of the company on the date of the notice
convening the Annual General Meeting. Of the above-mentioned total number, however, a maximum of 264,849
shares may be used as part of the company's share-based incentive schemes, representing approximately one
percent of all the shares of the company on the date of the notice convening the Annual General Meeting. The
authorization will entitle the Board of Directors to decide on all the terms and conditions related to the issuing of
shares and special rights entitling to shares, including the right to deviate from the shareholders' pre-emptive
subscription rights. The Board of Directors may decide to issue either new shares or any own shares in the
possession of the company. The authorization replaced earlier unused authorizations concerning the issuance of
shares as well as the issuance of options and other special rights entitling to shares. The authorization will be in
force until the end of the next Annual General Meeting but no longer than until June 30, 2025.
Evli’s series A shares can be converted into series B shares under Article 4 of the Articles of Association. During
2024, the company converted A shares into B shares as follows:
- 20 000 A shares were converted into B shares on May 2, 2024. Public trading with the converted shares
began at Nasdaq Helsinki Ltd on May 3, 2024.
Option and share-based incentive programs
Evli has six share-based incentive programs in place: 2021, 2021–2025, 2022, 1/2023–6/2026, 9/2023–
12/2026 and 2025-2027. The rewards based on the incentive program are given in Evli shares. Further
information on the incentive program is presented on the web page evli.com/en/investors as well as in the Note
2.8. Employee benefits in the Financial Statements and in the Remuneration Policy in the Governance section.
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
127
Share ownership of executives
The share ownership of Evli’s Board members , including the holdings in the controlled corporations, were
2,788,422 shares in total on December 31, 2024, accounting for 10.5 percent of the total shares and 12.7 percent
of voting rights. The members of the Board held no stock options.
At year-end, CEO Maunu Lehtimäki owned 650,759 shares which is 2.5 percent of the shares and 3.6 percent of
the voting rights. Moreover, he has been allocated 40,000 Evli shares in the context of the share-based incentive
program 9/2023–12/2026.
At year-end, other members of Evli Group’s Executive Group owned 640,083 shares in aggregate,
corresponding to 2.4 percent of the total shares and 2.4 percent of the voting rights. In addition, the Executive
Group has been allocated 225,000 Evli shares in total in the context of the share-based incentives program
9/2023-12/2026 and 2025-2027. Detailed information on ownership is given in the Corporate Governance
Report 2024.
CHANGES IN THE SHARE CAPITAL, BOARD AUTHORIZATIONS AND OPTION PROGRAMS
A-shares B-shares shares, total
Share capital,
M€
Fund
of invested
nonrestricted
equity, M€
1.1.2024 14,425,812 12,059,087 26,484,899 53.7 17.5
Additions - 20,000 20,000
Decreases -20,000 - -20,000 -1.5
31.12.2024 14,405,812 12,079,087 26,484,899 53.7 15.9
SHARE PRICE DEVELOPMENT (SERIES B SHARES) FROM JANUARY 1 TO DECEMBER 31, 2024
Closing price
Jan Feb March April May June July Aug Sep Oct Nov Dec
0,0
5,0
Price, EUR
10,0
15,0
20,0
25,0
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
128
Information to shareholders
Basic share information
Evli Plc has two share series, series A and series B shares. One series A share confers twenty (20) votes, and
a series B share confers one (1) vote at the General Meeting. The share series have identical entitlements to
dividends and other profit sharing. The company’s series B shares are listed on the official list of Nasdaq Helsinki
with the ticker symbol “EVLI” and ISIN code FI4000513437.
At the end of December 2024, Evli Plc's total number of shares was 26,484,899 shares.
- A shares: 14,405,812
- B shares: 12,079,087
Investor calendar 2025
- Silent period December 30, 2024–January 29, 2025
- Financial Statements Bulletin 2024 on January 29, 2025
- Annual Report and Financial Statements for 2024 approximately on February 18, 2025
- Final registration date for voting at the Annual General Meeting on March 11, 2025, at 4:00 pm.
- Annual General Meeting in Helsinki on March 18, 2025
- Dividend record date on March 20, 2025
- Proposed dividend payment date on March 27, 2025
- Silent period March 26–April 25, 2025
- Interim Report January-March 2025 on April 25, 2025
- Silent period June 14–July 14, 2025
- Half-year Financial Report January-June 2025 on July 14, 2025
- Silent period September 24–October 24, 2025
- Interim Report January-September 2025 on October 24, 2025
Evli’s financial reports as well as stock exchange and press releases are published in Finnish and in English. Evli’s
stock exchange releases and press releases can be subscribed to at evli.com/en/investors.
Annual General Meeting of shareholders
The Annual General Meeting (AGM) of Evli Plc will be held on March 18, 2025, in Helsinki.
The notice to the AGM and the Board’s proposals to the AGM are published as a stock exchange release and
on evli.com. The notice lists the matters to be discussed at the AGM. A shareholder has the right to request on
the agenda of the AGM an item that falls within the competence of the general meeting by virtue of the Limited
Liability Companies Act, provided that the shareholder demands so in writing to the Board of Directors, well in
advance of the meeting, so that the item can be added to the notice of the annual general meeting.
A shareholder is entitled to participate in the AGM, if the shareholder’s date of entry in the list of shareholders
maintained by Euroclear Finland Oy is not later than March 6, 2025.
Registration and voting
A shareholder wishing to participate in the AGM must register as a participant by March 11, 2025, at 4:00 pm.
Additional information about the registration at evli.com/agm.
Proposed distribution of dividends
The Board of Directors proposes to the Annual General Meeting of Shareholders that a dividend of EUR 1.18. The
Board of Directors proposes that the dividend is paid on March 27, 2025.
Evli’s investor communications
The main channel for Evli’s investor communications is the company’s website, evli.com/en/investors, where the
company publishes all its stock exchange and press releases, its interim reports, financial statements, annual
reports, and General Meeting notices. The website also has presentations related to the reporting of results for
investors and analysts, an investor calendar, and information intended for shareholders and analysts about the
company’s shares, financial performance, ownership, and Corporate Governance.
18.3.
2025
ANNUAL GENERAL MEETING
Contact information
Juho Mikola
CFO
juho.mikola@evli.com
Tel. +358 40 717 8888
Mikaela Herrala
Head of Marketing, Communication
and Investor Relations
mikaela.herrala@evli.com
Tel. +358 50 544 5740
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
129
Managing capital adequacy
Capital adequacy management is a central part of Evli’s day-to-day operations. Evli operates on a sustained
basis and capital adequacy management aims to ensure the continuity of operations also in the long run.
Although all business operations are inherently risky. Evli’s capital adequacy management is founded on the
premise that risks are controlled and the group does not take excessive risks. Risk modelling and contingency
planning aims to ensure that own funds are sufficient to cover any material risks to Evli.
Evli Plc’s Board of Directors has overall responsibility for capital adequacy management. The responsibility for
day-to-day management lies primarily with the group’s Financial Administration. Risk management and internal
audit support the management process by helping to ensure that the risks associated with operations are taken
into account with sufficient accuracy and that operations do not take on such a high level of risk that it would
pose a material risk to Evli’s operations.
The management of capital adequacy is based on a capital plan, which is reviewed at least once a year and is
based on an analysis of the company’s business, outlook and key risks. As part of the overall capital plan, Evli
defines and maintains targets for capital adequacy levels and acceptable risk levels and limits.
As an investment firm, Evli Plc complies with the EU investment firm framework (IFD/IFR). The starting point for
capital adequacy management is formed by the regulatory minimum capital adequacy requirements, which are
described by the Pillar I capital requirement. These are complemented by an additional consideration of risks
outside Pillar I or the Pillar II elements.
Evli applies a minimum target according to which its own funds in relation to risk-weighted balance sheet items
must not fall below 13 percent (the minimum target level for capital adequacy). The Group’s core capital (CET 1) as
at December 31, 2024 was EUR 27.8 million. Correspondingly, the ratio of own funds to risk-weighted exposure
was 13.3 percent, and the ratio of own funds to the minimum capital requirement was 166.9 percent. The most
restrictive capital requirement for Evli at the end of the reporting period was based on fixed overheads. The
minimum capital requirement based on fixed overheads was EUR 16.7 million. Evli Group’s leverage ratio was 42.2
percent as at December 31, 2024. Detailed information on capital adequacy is provided i the tabel to the right.
M€
IFR, 31.12.2024
Evli-Group
IFR, 31.12.20234
Evli Plc
Total equity 153.5 99.2
Common Equity Tier 1 capital (CET 1) before deductions 153.5 99.2
Deductions from CET 1, total -125.6 -78.6
Intangible assets -44.6 -13.2
Profit for the financial year -44.6 -30.7
Other deductions -36.4 -34.7
Common Equity Tier 1 capital (CET1) 27.8 20.5
Additional Tier 1 capital (AT1)
Additional Tier 1 capital (T1 = CET1 + AT1) 27.8 20.5
Tier 2 capital (T2)
Total own funds (TC = T1 + T2) 27.8 20.5
Own funds requirement (IFR)
Fixed overhead costs requirement 16.7 10.1
K-factor requirement 3.8 3.8
Minimum requirement 0.75 0.75
Total requirement (most restrictive) 16.7 10.1
CET1 compared to total requirement (%) 166.9% 202.8%
T1 compared to total requirement (%) 166.9% 202.8%
Total own funds compared to total requirement (%) 166.9% 202.8%
Total risk weighted assets 208.6 126.6
CET1 compared to risk weighted assets (%) 13.3% 16.2%
T1 compared to risk weighted assets (%) 13.3% 16.2%
Total own funds compared to risk weighted assets (%) 13.3% 16.2%
Excess own funds compared to total requirement 11.2 10.4
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
130
Calculation of key ratios
IFRS key ratios
Net revenue
From Income Statement. Includes gross returns, deducted by interest
and commission expenses.
Profit/loss for the financial year From Income Statement.
Earnings per Share (EPS),
undiluted
=
Profit for the year after taxes attributable to the shareholders of Evli Plc
x 100
Average number of shares outstanding during the reporting period
Earnings per Share (EPS),
diluted
=
Profit for the year after taxes attributable to the shareholders of Evli Plc
x 100
Average number of shares outstanding during the period including option
rights issued through share-based incentive plans
Equity ratio, % =
Equity incl. non-controlling interest’s share of equity
x 100
Average balance total
Alternative key ratios
Operating profit/loss =
Net revenue - administrative expenses - depreciation, amortisation and
impairment - other operating expenses +- share of results of associates
Operating profit/loss excluding
non-recurring items related to
mergers and acquisitions
=
Operating profit less non-recurring items related to corporate
restructuring
Return on equity (ROE), %
=
Profit / Loss for financial year
x 100
Equity capital and minority interest (average of the figures for the
beginning and at the end of the year)
Return on assets (ROA), % =
Profit / Loss for financial year
x 100
Average total assets (average of the figures for the beginning and at the
end of the year)
Equity-to-assets ratio, % =
Equity
x 100
Balance sheet total
Expense ratio as earnings to
operating costs
=
Administrative expenses + depreciation and impairment charges+
other operating expenses
Net interest income + net commission income + net income from securi-
ties transactions and foreign exchange dealing + other operating income
Equity per share
=
Equity attributable to the shareholders of the Group
Operating expenses of the company, excluding the reservation for per-
sonnel bonuses for the review period
Recurring revenue to operating
costs ratio
=
Revenue from time-based contracts¹
All operative expenses excluding reservation for personnel bonuses
for the review period
Dividend per share = Dividend paid or proposed for the financial year
Market value = Number of shares at the end of the period x closing price
Earnings per share (EPS) excl.
one-off effects of acquisitions.
diluted
=
Operating profit less one-off items for corporate restructuring
Average number of shares outstanding during the reporting including
option rights issued through share-based incentive plans
¹ Management, analysis, custody and client interest margin income from wealth management,
fund savings and incentive plans
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
131
Financial statements 1.1.-31.12.2024 Contents
Consolidated comprehensive income statement ............................................. 132
Consolidated balance sheet ........................................................................................... 133
Consolidated statement of cash flow ...................................................................... 134
Consolidated statement of changes in equity .................................................... 135
Notes to the consolidated financial statements ..........................................136
1. Accounting policies ..................................................................................................136
1.1. Basic information on the company .................................................................... 136
1.2. Basis for preparation of the financial statements ................................ 136
1.3. Translation of items denominated in foreign currency .......................137
1.4. Financial assets and liabilities ................................................................................ 137
1.5. Matters requiring management judgment ................................................. 138
1.6. Provisions ........................................................................................................................ 138
1.7. Adoption of new and amended standards and interpretations
applicable in future financial years ........................................................................ 138
2. Notes to the consolidated income statement ..........................................139
2.1. Commission income .................................................................................................... 139
2.2. Net income from securities transactions .................................................... 140
2.3. Income from equity investments ..................................................................... 140
2.4. Interest income.............................................................................................................141
2.5. Other operating income ........................................................................................... 141
2.6. Commission expenses ...............................................................................................141
2.7. Interest expenses ........................................................................................................141
2.8. Personnel expenses .................................................................................................. 142
2.8.1. Personnel count ........................................................................................................ 142
2.8.2. Share based incentives ....................................................................................... 143
2.9. Other administrative expenses .......................................................................... 144
2.10. Depreciation, amortization and impairment losses ............................. 144
2.11. Other operating expenses ................................................................................... 144
2.12. Expected credit losses on loans and other receivables ................... 144
2.13. Share of profit or loss of associate companies ..................................... 143
2.14. Income taxes ............................................................................................................... 143
2.14.1. Analysis of income taxes ................................................................................... 143
2.15. Earnings per share (EPS) ..................................................................................... 143
3. Notes to the consolidated balance sheet ....................................................146
3.1. Cash and cash equivalents ..................................................................................... 146
3.2. Claims on credit institutions ................................................................................. 146
3.3. Claims on the public and public sector entities by sector ................. 146
3.4. Debt securities .............................................................................................................. 146
3.5. Shares and participations ..................................................................................... 146
3.6. Derivative contracts ...................................................................................................147
3.7. Shares and participations in associates and joint ventures ............. 148
3.8. Intangible assets and goodwill ........................................................................... 148
3.9. Property, plant and equipment ........................................................................... 150
3.10. Right-of-use-assets ..............................................................................................151
3.11. Other assets .................................................................................................................. 151
3.12. Accrued income and prepayments .................................................................151
3.13. Income tax receivables ..........................................................................................151
3.14. Deferred taxes ........................................................................................................... 152
3.15. Liabilities to credit institutions and central banks ............................... 152
3.16. Debt securities issued to the public .............................................................. 152
3.16.1. Changes in debt securities issued to the public ................................. 152
3.17. Derivative contracts and other liabilities held for trading ............... 152
3.18. Other liabilities ............................................................................................................ 152
3.19. Accrued expenses and deferred income ................................................... 152
3.20. income tax liability .................................................................................................... 153
3.21. Deferred tax liabilities ............................................................................................ 153
3.22. Equity capital............................................................................................................... 153
3.23. Own shares held by the company ................................................................. 153
4. Off-balance-sheet commitments .................................................................154
4.1. Breakdown of off-balance sheet commitments ...................................... 154
5. Segment reporting .................................................................................................. 155
5.1. Segment income statement .................................................................................. 155
5.2. Geographical income statement and balance sheet ............................. 156
6. Notes on risk position ............................................................................................ 157
Risk management and internal control ....................................................................157
6.1. Market risk ....................................................................................................................... 158
6.1.1. Minimum capital requirement from market risk ................................... 159
6.1.2. Assets and liabilities in domestic and foreign currencies .............. 159
6.2. Liquidity risk ................................................................................................................... 160
6.2.1. Maturities of financial assets and liabilities .............................................160
6.3. Credit risk .........................................................................................................................161
6.3.1. Collaterals set and received ..............................................................................161
6.3.2. Use of collaterals ...................................................................................................... 161
6.4. Expected credit losses ............................................................................................. 162
6.4.1. Distribution of assets and loans ..................................................................... 162
6.4.2. Expected credit losses based on IFRS 9 .................................................. 163
6.5. Operational risk ............................................................................................................ 164
6.6. Continuity management .......................................................................................... 164
6.7. Managing capital adequacyt .................................................................................. 164
7. Other notes ...................................................................................................................165
7.1. Classification of Assets and Liabilities ............................................................. 165
7.2. Financial instruments measured at fair value
through other comprehensive income ....................................................................167
7.3. Analysis of financial instruments categorized in level 3 ...................... 168
7.4. Fair values and book values of financial assets
and financial liabilities ........................................................................................................ 168
7.5. Asset under Management ....................................................................................... 168
7.6 Illustrative income statement without the effect from non-
recurring M & A related items ... ................................................................................. 169
8. Consolidation and related party ...................................................................... 170
Consolidation principles ....................................................................................................170
8.1. Corporate structure .................................................................................................. 171
8.2. Financial success in companies with minority shareholders ...........172
8.3. Changes in corporate structure ........................................................................173
8.4. Holdings in consolidated associated companies .......................................173
8.5 Related party disclosures ....................................................................................... 174
8.6. Transactions with related parties .................................................................... 174
8.7 Fees paid to auditors ...................................................................................................175
9. Parent company’s financial statements ...................................................... 176
The figures in the financial statement are presented in millions of euros,
unless indicated otherwise.
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Consolidated comprehensive income statement , IFRS
Note | 2024 | 2023 | |
Fee and commission income | 2.1 | ||
Net income from securities transactions | 2.2 | ||
Income from equity investments | 2.3 | ||
Interest income | 2.4 | ||
Other operating income | 2.5 | ||
INCOME TOTAL | |||
Fee and commission expenses | 2.6 | - | - |
Interest expenses | 2.7 | - | - |
NET REVENUE | |||
| Administrative expenses | |||
Personnel expenses | 2.8 | - | - |
Other administrative expenses | 2.9 | - | - |
Depreciation and amortization on tangibleand intangible assets | 2.10 | - | - |
Other operating expenses | 2.11 | - | - |
Excpected credit losses on loans and other receivables | |||
Impairment losses on other financial assets | 2.12 | - | - |
Share of profit or loss of associates | 2.13 | - | |
OPERATING PROFIT/LOSS | |||
Income taxes | 2.14 | - | - |
PROFIT / LOSS FOR THE FINANCIAL YEAR | |||
Attributable to Minority interest | |||
Shareholders of parent company |
Note | 2024 | 2023 | |
| OTHER COMPREHENSIVE INCOME / LOSS | |||
| Items that are or may be reclassified subsequently to profit or loss | |||
Foreign currency translation differences - foreign operations | - | ||
Items that may not be reclassified subsequently to profit or loss | |||
Fair value change of financial instruments recognized in OCI | - | - | |
Deferred taxes | |||
Other comprehensive income/loss | - | ||
Other comprehensive income after taxes / loss for the year | - | ||
OTHER COMPREHENSIVE INCOME / LOSS FOR THE YEAR | |||
Attributable to Non-controlling interest | |||
Equity holders of parent company | |||
Earnings per share (EPS), fully diluted (EUR) | 2.15 | ||
Earnings per share (EPS), undiluted (EUR) |
Operating profit
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ASSETS | Note | 31.12.2024 | 31.12.2023 |
Cash and equivalents | 3.1 | ||
Claims on credit institutions | 3.2 | ||
Claims on the public and public sector entities | 3.3 | ||
Debt securities | 3.4 | ||
Shares and participations | 3.5 | ||
Derivative contracts | 3.6 | ||
Shares and participations in associates | 3.7 | ||
Intangible assets and goodwill | 3.8 | ||
Property, plant and equipment | 3.9 | ||
Right-of-use assets | 3.10 | ||
Other assets | 3.11 | ||
Accrued income and prepayments | 3.12 | ||
Income tax receivables | 3.13 | ||
Deferred tax assets | 3.14 | ||
TOTAL ASSETS |
LIABILITIES AND EQUITY | Note | 31.12.2024 | 31.12.2023 |
| LIABILITIES | |||
Liabilities to credit institutions and central banks | 3.15 | ||
Debt securities issued to the public | 3.16 | ||
Derivative contracts and other liabilities held for trading | 3.17 | ||
Other liabilities | 3.18 | ||
Accrued expenses and deferred income | 3.19 | ||
Income tax liability | 3.20 | ||
Deferred tax liabilities | 3.21 | ||
TOTAL LIABILITIES | |||
| EQUITY | |||
Share capital | |||
Fund of invested non-restricted equity | |||
Fair value reserve | - | - | |
Translation difference | - | - | |
Retained earnings | |||
Non-controlling interest | |||
TOTAL EQUITY | 3.22 | ||
TOTAL LIABILITIES AND EQUITY |
Consolidated balance sheet, IFRS
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Cash flow statement, IFRS
2024 | 2023 | |
| Operating activities | ||
Operating profit | ||
Adjustment for items not included in cash flow | - | |
Income taxes paid | - | - |
Cash flow from operating activities before changes in operating | ||
Changes in operating asset | ||
Changes in operating liabilities | - | - |
Cash flow from operating activities | ||
| Investing activities | ||
Acquisition of subsidiaries | - | |
Dividends and changes in associated companies | ||
Change in intangible asset | - | - |
Change in property. plant and equipment | - | |
Cash flow from investing activities | - | - |
| Financing activities | ||
Change in Loans from credit institutions | ||
Dividends paid | - | - |
Dividends paid to NCI | - | - |
Payments of loan/IFRS 16 Right of use asset | - | - |
Cash flow from financing activities | - | - |
Cash and cash equivalents at the beginning of period | ||
Cash received and deducted in mergers and acquisitions | ||
Cash and cash equivalents at the end of period | ||
Change |
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Consolidated statement of changes in equity, IFRS
| Equity attributable | ||||||||
| Fair value | Translation | Fund of invested | Retained | to the owners | Non-controlling | |||
| Share Capital | reserve | difference | unrestricted equity | earnings | of parent entity | interest | Total equity | |
Equity 31.12.2022 | - | - | ||||||
Translation difference | - | - | - | |||||
Profit/loss for the period | ||||||||
Distributions | - | - | - | - | - | |||
Fair value adjustment of Alisa Bank Plc shares | - | - | - | |||||
Other changes | - | - | - | - | ||||
Equity 31.12.2023 | - | - | ||||||
Translation difference | ||||||||
Profit/loss for the period | ||||||||
Distributions | - | - | - | - | ||||
Transactions with non-controlling interests | - | |||||||
Fair value adjustment of Alisa Bank Plc shares | - | - | - | |||||
Other changes | - | - | ||||||
Equity 31.12.2024 | - | - |
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Notes to the consolidated financial statements
1. Accounting policies
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1.7. Adoption of new and amended standards and interpretations applicable
in future financial years
No significant changes in standards are expected for the coming financial year that would have a material
impact on the accounting policies applied to the consolidated financial statements.
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2. Notes to the consolidated income statement
| 2.1. FEE AND COMMISSION INCOME | ||
2024 | 2023 | |
Credit related fees and commissions | 0.0 | 0.0 |
Income from payment transactions | 0.0 | 0.0 |
Insurance brokerage | 0.4 | 0.5 |
Advisory services | 11.6 | 16.7 |
Securities brokerage | 5.7 | 6.0 |
Securities issue | - | 0.0 |
Mutual funds | 84.4 | 70.8 |
Asset management | 6.8 | 6.5 |
Custody services | 0.6 | 0.3 |
Other operations | 1.6 | 1.9 |
Commission income, total | 111.3 | 102.9 |
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| 2.2. NET INCOME FROM SECURITIES TRANSACTIONS | Gains and | Changes in | ||
| 2024 | losses on sales | fair value | Other items | Total |
Debt securities | 0.5 | - | - | 0.5 |
Shares and derivative contracts | - | 0.2 | 0.2 | |
Net income from securities transactions, total | 0.5 | 0.2 | - | 0.7 |
Net income from foreign exchange operations | 0.9 | -0.5 | 0.3 | |
| Net income from securities transactions and foreign | ||||
exchange operations, total | 1.4 | -0.4 | - | 1.1 |
| 2023 | ||||
Debt securities | 0.0 | 0.0 | - | 0.0 |
Shares and derivative contracts | 0.2 | 1.9 | - | 2.1 |
Net income from securities transactions, total | 0.2 | 1.9 | - | 2.1 |
Net income from foreign exchange operations | 0.6 | 0.3 | - | 0.9 |
| Net income from securities transactions and foreign | ||||
exchange operations, total | 0.8 | 2.3 | - | 3.0 |
| 2.3. INCOME FROM EQUITY INVESTMENTS | ||
2024 | 2023 | |
Dividends from financial assets valued at fair value | 0.1 | 0.1 |
Dividends from associated companies | - | - |
Income from equity investments, total | 0.1 | 0.1 |
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| 2.4. INTEREST INCOME | ||
2024 | 2023 | |
Debt securities | 0.2 | 0.2 |
Claims on credit institutions | 8.9 | 7.4 |
Claims on the public and public sector entities | 0.6 | 1.2 |
Other interest income | 0.0 | 0.1 |
Interest income, total | 9.8 | 8.8 |
| 2.5. OTHER OPERATING INCOME | ||
2024 | 2023 | |
Rental income | - | 0.0 |
Gain on sale of subsidiaries | 13.8 | - |
Other income | 0.6 | 0.8 |
Other operating income, total | 14.3 | 0.8 |
| 2.6. FEE AND COMMISSION EXPENSES | ||
2024 | 2023 | |
Trading fees paid to stock exchanges | -0.1 | -0.2 |
Other commission expenses | -4.8 | -2.7 |
Commission expenses, total | -5.0 | -2.9 |
| 2.7. INTEREST EXPENSES | ||
2024 | 2023 | |
Liabilities to the public, public sector entities and credit institutions | -0.2 | -0.0 |
Debt securities issued to the public | -4.7 | -4.0 |
Other interest expenses | -0.0 | -0.0 |
Interest expenses, total | -4.8 | -4.1 |
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| 2.8. PERSONNEL EXPENSES | ||
2024 | 2023 | |
Wages and salaries | -32.8 | -33.1 |
| Social security costs | ||
Pension expenses | -4.8 | -5.0 |
Other social security costs | -1.6 | -1.7 |
Equity-settled share options | -1.1 | -1.3 |
Employee benefits, total | -40.4 | -41.0 |
| 2.8.1. PERSONNEL COUNT | ||
2024 | 2023 | |
Number of personnel during the period, average | 315 | 354 |
Number of personnel at the end of the period | 305 | 354 |
| Employees by business segment at the end of the period | ||
Wealth Management and Investor Clients | 222 | 218 |
Advisory and Corporate Clients | 32 | 87 |
Group Operations | 51 | 49 |
Total | 305 | 354 |
| Employees by geographic market at the end of the period | ||
Finland | 280 | 332 |
Sweden | 23 | 20 |
Arab Emirates | 2 | 2 |
Total | 305 | 354 |
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| 2.8.2. SHARE BASED INCENTIVES DURING THE REPORTING PERIOD 1.1.2024 - 31.12.2024 | ||||||||
| Performance Share | Performance Share | Performance Share | ||||||
Plan | Restricted Shares | Plan 2021-2025 | PSP 2022 | Plan 2023-2025 | Plan 2023-2026 | TOTAL | ||
| Restricted Share Plan | Restricted Share Plan | Restricted Share Plan | Performance Period | Performance Period | Performance Period | |||
| Instrument | 2018 | 2019 | 2021 | 2021-2025 | PSP 2022 | 01/2023-06/2026 | 09/2023-12/2026 | TOT/WA |
Type | SHARE | |||||||
Initial amount, pcs | 233,000 | 350,000 | 118,000 | 120,000 | 78,000 | 100,000 | 520,000 | 1,519,000 |
Initial allocation date | 8.6.2018 | 14.6.2019 | 12.2.2021 | 12.2.2021 | 21.4.2022 | 7.3.2023 | 14.9.2023 | |
End of restriction period | 30.6.2022 / 30.6.2023 | 30.6.2024 | 8.2.2026 * | 1.6.2023 / 1.6.2024 / 1.6.2025 | 30.11.2026 | 31.12.2029 | ||
| / 30.6.2024 | ||||||||
Maximum contractual life, yrs | 5.1 | 5.0 | 5.0 | - | 3.1 | 3.7 | 6.3 | 5.3 |
Remaining contractual life, yrs | 0.0 | 0.0 | 2.1 | - | 0.42 / 1.42 / 2.42 | 2.9 | 6.0 | 2.7 |
Number of persons at the end of the reporting year | 0 | 0 | 20 | 2 | 6 | 5 | 31 | |
Payment method | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity | Cash & Equity |
| Restricted Share Plan | Restricted Share Plan | Restricted Share Plan | Performance Period | Performance Period | Performance Period | Performance Period | Performance Period | ||
| Changes during the period | 2018 | 2019 | 2021 | 2021-2025 | 2022-2023 | 2023-2024 | 01/2023-06/2026 | 09/2023-12/2026 | Total |
| 1.1.2023 | |||||||||
Outstanding at the beginning of the reporting period, pcs | 68,673 | 350,000 | 106,000 | 120,000 | 26,000 | 26,000 | 100,000 | 505,000 | 1,301,673 |
| Changes during the period | |||||||||
Granted | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Forfeited | 0 | 0 | 0 | 0 | 0 | 0 | 20,000 | 0 | 20,000 |
Invalidated during the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Excercised | 68,673 | 350,000 | 0 | 0 | 0 | 0 | 0 | 0 | 418,673 |
Expired | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 31.12.2023 | |||||||||
Excercised at the end of the period | 137,346 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187,346 |
Outstanding at the end of the period | 0 | 0 | 106,000 | 120,000 | 26,000 | 26,000 | 80,000 | 505,000 | 863,000 |
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| 2.9. OTHER ADMINISTRATIVE EXPENSES | ||
2024 | 2023 | |
Office expenses | -1.7 | -1.6 |
IT and infosystems | -10.8 | -9.3 |
Business expenses | -1.4 | -1.3 |
Travel expenses | -1.1 | -0.8 |
Car costs | -0.1 | -0.1 |
Other HR related expenses | -1.7 | -1.4 |
Marketing expenses | -1.3 | -1.3 |
Banking and custodian expenses | -1.0 | -1.0 |
External services | -3.1 | -4.1 |
Other administrative expenses, total | -22.2 | -21.0 |
| 2.10. DEPRECIATION AND AMORTIZATION ON TANGIBLE AND INTANGIBLE ASSETS | ||
2024 | 2023 | |
Applications and software | -0.7 | -2.3 |
Other intangible assets | -0.2 | 0.0 |
Leasehold improvements | - | 0.0 |
Assets acquired under finance leases | -0.1 | -0.2 |
Right-of-Use assets | -2.6 | -2.1 |
Equipment and furniture | -0.1 | -0.2 |
Impairment of goodwill | - | |
Depreciation, amortization and impaiment losses, total | -3.8 | -4.8 |
| 2.11. OTHER OPERATING EXPENSES | ||
2024 | 2023 | |
Supervision expenses | -0.9 | -1.3 |
Rental expenses | -0.1 | -0.1 |
Other expenses | -0.2 | -0.3 |
Other operating expenses, total | -1.2 | -1.6 |
| 2.12. EXPECTED CREDIT LOSSES ON LOANS AND OTHER RECEIVABLES | ||
2024 | 2023 | |
| Claims on the public and public sector entities | ||
Expected credit losses on group level | 0.0 | 0.0 |
Expected credit losses individual | 0.0 | 0.0 |
Guarantees and other off-balance sheet commitments | 0.0 | 0.0 |
Sales receivables | 0.0 | 0.0 |
Realised loan losses | 0.1 | 0.0 |
Impairment losses on other financial assets | -0.6 | -0.8 |
Impairment losses, total | -0.5 | -0.8 |
| VALUATION PARAMETERS FOR INSTRUMENTS GRANTED DURING PERIOD | |
Share price at grant, € | - |
Share price at reporting period end, € | - |
Expected dividends, € | - |
Fair value Decenber 31, 2024, € | - |
| EFFECT OF SHARE-BASED INCENTIVES ON THE RESULT AND FINANCIAL POSITION DURING THE PERIOD | |
Expenses for the financial year, share-based payments, equity-settled, € | 1,137,479 |
Future cash payment to be paid to the tax authorities from share-based payments, estimated at the end of the period, € | 4,571,875 |
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| 2.14. INCOME TAXES | ||
2024 | 2023 | |
Current tax expense | -8.3 | -8.4 |
Taxes from previous years | -0.0 | 0.2 |
Deferred taxes | 0.1 | -0.0 |
Other taxes | 0.0 | 0.0 |
Income taxes, total | -8.2 | -8.2 |
| 2.14.1. RECONCILIATION BETWEEN THE INCOME TAX EXPENSE RECOGNIZED IN THE INCOME STATEMENT AND THE | ||
| TAXES CALCULATED USING THE PARENT COMPANY’S DOMESTIC TAX RATE. | ||
2024 | 2023 | |
Profit/loss before taxes, Finland | 49.9 | 40.9 |
Profit/loss before taxes, other countries | 8.3 | -0.7 |
Profit/loss before taxes, total | 58.2 | 40.2 |
Tax at domestic tax rate | -11.6 | -8.0 |
Effect of foreign subsidiaries' differing tax rates | 0.9 | -0.1 |
| Tax at source paid abroad | ||
Income not subject to tax | 2.8 | 0.2 |
Expenses not deductible for tax purposes | -0.1 | -0.5 |
Taxes from previous years | -0.0 | 0.2 |
Other change | 0.1 | |
Unrecognised tax assets on previous years' losses | -0.1 | 0.0 |
Other taxes | -0.2 | -0.0 |
Income tax charge in the consolidated income statement | -8.2 | -8.2 |
| 2.15. EARNINGS PER SHARE (EPS) | ||
2024 | 2023 | |
Profit for the year attributable to shareholders in Evli Bank Plc | 44.6 | 28.8 |
Avarage number of A-shares | 14,405,812 | 14,455,480 |
Avarage number of B-shares | 12,079,087 | 11,924,621 |
| Share and option rights for share-based incentive programs | 1.69 | 1.09 |
Own shares | 859,000 | 883,000 |
Comprehensive income attributable to shareholders in Evli Bank Plc | 1.63 | 1.05 |
As both A and B series shares entitle holders to equal amounts of the company’s profit, these are not shown
separately.
MANAGEMENT JUDGMENT
Evli does not participate in daily management of associated companies’ business operations, and instead
focuses on influencing strategic decisions at the board level. At the time of preparing Evli’s consolidated financial
statements, the income statement and balance sheet of associated companies are not yet known, which is why
Evli’s management must use judgment in estimating the share of associated companies’ profit for the financial
year. The estimate is based on the most recent known profit performance, prior experience of possible last-
minute changes, and other possible factors that indicate changes.
| 2.13. SHARE OF PROFIT OR LOSS OF ASSOCIATES | ||
2024 | 2023 | |
Northern Horizon Capital A/S | 0.0 | 0.7 |
Allshares Ltd | -0.5 | - |
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3. Notes to the consolidated balance sheet
| 3.1. CASH AND EQUIVALENTS | ||
2024 | 2023 | |
Petty cash | - | - |
Other | - | 0.0 |
Cash and cash equivalents total | - | 0.0 |
| 3.2. CLAIMS ON CREDIT INSTITUTIONS | ||
2024 | 2023 | |
| Repayable on demand | ||
Domestic credit institutions | 123.7 | 121.3 |
Foreign credit institutions | 5.2 | 0.5 |
| Repayable on demand, total | 128.9 | 121.8 |
| Other than repayable on demand | ||
| Domestic credit institutions | 0.3 | 0.3 |
| Foreign credit institutions | 2.1 | 3.9 |
| Other than repayable on demand, total | 2.3 | 4.2 |
| Claims on credit institutions, total | 131.2 | 126.0 |
| 3.3. CLAIMS ON THE PUBLIC AND PUBLIC SECTOR ENTITIES | ||
2024 | 2023 | |
Enterprises and housing associations | 4.4 | 7.2 |
Financial and insurance corporations | 0.3 | 0.3 |
Households | 5.0 | 8.3 |
Foreign countries | 1.0 | 3.5 |
Claims on the public and public sector entities by sector, total | 10.8 | 19.2 |
| 3.4. DEBT SECURITIES | ||
2024 | 2023 | |
Publicly quoted | - | - |
| Others | ||
Bonds issued by banks | 2.0 | 2.0 |
Other debt securities | 1.3 | 0.0 |
Debt securities, total | 3.3 | 2.0 |
| 3.5. SHARES AND PARTICIPATIONS | ||
2024 | 2023 | |
| Publicly quoted | ||
Held for trading | 0.0 | 0.9 |
Other | 30.5 | 28.6 |
Publicly quoted, total | 30.5 | 29.6 |
| Others | ||
Held for trading | - | - |
Other | 11.6 | 13.0 |
Others, total | 11.6 | 13.0 |
Shares and participations, total | 42.0 | 42.5 |
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| Overall effect of risks associated with derivative contracts | ||||||
| Nominal value of underlying, gross | ||||||
2024 | Remaining maturity | |||||
Less than 1 year | 1-5 years | 5-15 years | Fair value (+/-) | ASSETS | LIABILITIES | |
| Held for trading | ||||||
Interest rate swaps | 1.4 | 6.2 | -0.4 | -0.1 | 7.1 | 7.1 |
| Futures | ||||||
| Options bought | ||||||
| Options sold | ||||||
| Currency-linked derivatives | ||||||
Held for trading, total | 1.4 | 6.2 | -0.4 | -0.1 | 7.1 | 7.1 |
| Overall effect of risks associated with derivative contracts | ||||||
| Nominal value of underlying, gross | ||||||
2023 | Remaining maturity | |||||
Less than 1 year | 1-5 years | 5-15 years | Fair value (+/-) | ASSETS | LIABILITIES | |
| Held for trading | ||||||
Interest rate swaps | 0.1 | 5.7 | 0.2 | -0.1 | 5.9 | 6.0 |
Futures | - | - | - | - | - | - |
Options bought | - | - | - | - | - | - |
Options sold | - | - | - | - | - | - |
Currency-linked derivatives | - | - | - | - | - | - |
Held for trading, total | 0.1 | 5.7 | 0.2 | -0.1 | 5.9 | 6.0 |
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| 3.7. SHARES AND PARTICIPATIONS IN ASSOCIATES AND JOINT VENTURES | ||
2024 | 2023 | |
At the beginning of the period | 5.2 | 5.7 |
Share of profit/loss | -0.5 | 0.7 |
Additions | 20.3 | 0.1 |
Disposals | -1.0 | -1.2 |
At the end of the period | 24.0 | 5.2 |
| 3.8. INTANGIBLE ASSETS AND GOODWILL | ||
Goodwill | 2024 | 2023 |
Cost at 1.1. | 46.1 | 46.1 |
Increases/Decreases | -3.2 | -0.0 |
Cost at 31.12. | 42.9 | 46.1 |
Accumulated depreciation at 1.1. | 0.0 | 0.0 |
| Impairment losses for the period | ||
Accumulated depreciation at 31.12. | 0.0 | 0.0 |
Book value at 31.12. | 42.9 | 46.1 |
Software or projects in progress | 2024 | 2023 |
Cost at 1.1. | - | - |
Increases/Decreases | - | - |
Cost at 31.12. | - | - |
Book value at 31.12. | - | - |
Applications and software | 2024 | 2023 |
Cost at 1.1. | 27.4 | 26.1 |
Increases/Decreases | 0.7 | 1.4 |
Cost at 31.12. | 24.0 | 27.4 |
Accumulated amortisation and impairment losses at 1.1. | -24.9 | -22.6 |
Amortisation for the period | -0.7 | -2.3 |
Accumulated amortisation and impairment losses at 31.12. | -23.0 | -24.9 |
Book value at 31.12. | 0.9 | 2.5 |
Other intangible assets | 2024 | 2023 |
Cost at 1.1. | 7.1 | 7.1 |
Increases/Decreases | 0.5 | - |
Cost at 31.12. | 7.6 | 7.1 |
Accumulated amortisation and impairment losses at 1.1. | -7.1 | -7.1 |
Amortisation for the period | 0.2 | - |
Accumulated amortisation and impairment losses at 31.12. | -6.9 | -7.1 |
Book value at 31.12. | 0.7 | - |
| The most significant “Other intangible assets” are client relationships. | ||
Book value of intangible assets at 31.12. | 44.6 | 49.6 |
Intangible assets, total at 31.12. | 44.6 | 49.6 |
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2024 | Wealth Management and Investor clients |
Goodwill, EUR million | 42.9 |
Assumption of growth in turnover | 4% |
Assumption of growth in costs | 3% |
Discount rate | 13.5% |
Terminal growth rate | 2% |
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| 3.9. PROPERTY, PLANT AND EQUIPMENT | ||
2024 | 2023 | |
| Equipment and furniture | ||
Cost at 1.1. | 2.2 | 2.1 |
Exchange difference | -0.0 | -0.0 |
Increases/Decreases | 0.2 | 0.0 |
Cost at 31.12. | 2.3 | 2.2 |
Accumulated amortisation and impairment losses at 1.1. | -1.8 | -1.8 |
Translation difference from depreciation for the period | 0.0 | 0.0 |
Amortisation for the period | -0.1 | 0.1 |
Accumulated amortisation and impairment losses at 31.12. | -1.8 | -1.8 |
Book value at 31.12. | 0.5 | 0.4 |
| Leasehold improvements | ||
| Cost at 1.1. | ||
Cost at 31.12. | 1.4 | 1.4 |
Accumulated depreciation at 1.1. | 1.4 | 1.4 |
Depreciation for the period | -1.4 | -1.4 |
Accumulated depreciation at 31.12. | 0.0 | 0.0 |
Book value at 31.12. | -1.4 | -1.4 |
Book value at 31.12. | - | - |
| Other tangible assets | ||
Cost at 1.1. | 0.6 | 0.6 |
Cost at 31.12. | 0.6 | 0.6 |
Book value at 31.12. | 0.6 | 0.6 |
Property, plant and equipment, total at 31.12. | 1.1 | 1.1 |
Book value of tangible assets at 31.12. | 1.1 | 1.1 |
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| 3.10. RIGHT OF USE ASSETS | ||
2024 | 2023 | |
Right of use assets at the beginning of the period | 11.3 | 12.9 |
Additions | 0.8 | 0.5 |
Disposals | - | - |
Depreciations | -2.6 | -2.1 |
Right of use assets at the end of the period | 9.6 | 11.3 |
| 3.11. OTHER ASSETS | ||
2024 | 2023 | |
Securities sale receivables | 0.5 | 1.2 |
Commission receivables | 30.8 | 30.3 |
Securities broking receivables | 47.9 | 42.9 |
Other receivables | 0.0 | 0.0 |
Other assets total | 79.3 | 74.4 |
| 3.12. ACCRUED INCOME AND PREPAYMENTS | ||
2024 | 2023 | |
Interest | 0.4 | 0.2 |
Staff-related | 0.1 | 0.1 |
Other items | 3.0 | 3.0 |
Accrued income and prepayments total | 3.4 | 3.4 |
| 3.13. INCOME TAX RECEIVABLES | ||
2024 | 2023 | |
Income tax receivables | 1.6 | 1.3 |
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| 3.14. DEFERRED TAX ASSETS | ||
2024 | 2023 | |
| Tax assets | ||
Due to timing differences | 3.2 | 3.4 |
Other temporary differences | - | |
From tax losses carried forward | 0.4 | 0.3 |
Deferred taxes total | 3.7 | 3.6 |
| 3.17. DERIVATIVE CONTRACTS AND OTHER LIABILITIES HELD FOR TRADING | ||
2024 | 2023 | |
Derivative contracts | 7.1 | 6.0 |
Due to short selling of shares | - | - |
Derivative contracts and other liabilities held for trading, total | 7.1 | 6.0 |
| 3.18. OTHER LIABILITIES | ||
2024 | 2023 | |
Securities broking liabilities | 48.1 | 42.8 |
Securities purchase liabilities | 1.2 | - |
Finance lease payables | - | 0.1 |
Right-of-use liability | 9.6 | 11.3 |
Income tax payable | 0.1 | 0.1 |
Personnel related | 0.8 | 0.9 |
Other short-term liabilities | 4.7 | 5.8 |
VAT payable | 0.3 | 0.7 |
Other liabilities, total | 64.7 | 61.8 |
| 3.19. ACCRUED EXPENSES AND DEFERRED INCOME | ||
2024 | 2023 | |
Interest | 0,0 | 0.1 |
Personnel related | 14.3 | 15.7 |
Other accrued expenses | 13.4 | 11.6 |
Accrued expenses and deferred income, total | 27.7 | 27.3 |
| 3.15. LIABILITIES TO CREDIT INSTITUTIONS, CENTRAL BANKS AND PUBLIC | ||
2024 | 2023 | |
| Credit institutions | ||
| Other than repayable on demand, credit institutions | 6.0 | 3.4 |
| Other than repayable on demand, public | - | - |
| Liabilities to credit institutions and public, total | 6.0 | 3.4 |
| 3.16. DEBT SECURITIES ISSUED TO THE PUBLIC | ||
2024 | 2023 | |
| Certificate of deposits | - | - |
| Bonds | 99.4 | 106.7 |
| Debt securities issued to the public, total | 99.4 | 106.7 |
| 3.16.1. CHANGES IN BONDS ISSUED TO THE PUBLIC | ||
2024 | 2023 | |
| Issues | 39.0 | 34.1 |
| Repurchases | 32.5 | 33.7 |
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| 3.20. INCOME TAX LIABILITY | ||
2024 | 2023 | |
Direct income tax liability | 3.0 | 2.4 |
| 3.21. DEFERRED TAX LIABILITIES | ||
2024 | 2023 | |
Due to timing differences | 0.0 | 0.0 |
Deferred tax liability, total | 0.0 | 0.0 |
| 3.22. SHARE CAPITAL | Unrestricted | ||||
| Share capital, | equityfund, | ||||
2024 | A-shares | B-shares | Shares total | M€ | M€ |
At the beginning of period 1.1. | 14,425,812 | 12,059,087 | 26,484,899 | 53.7 | 17.5 |
Additions | - | 20,000 | 20,000 | - | |
Decreases | -20,000 | - | -20,000 | - | -1.5 |
At the end of period 31.12. | 14,405,812 | 12,079,087 | 26,484,899 | 53.7 | 15.9 |
| 2023 | |||||
At the beginning of period 1.4. | 14,485,148 | 11,790,154 | 26,275,302 | 53.7 | 26.6 |
Additions | - | 268,933 | 268,933 | - | - |
Decreases | -59,336 | - | -59,336 | - | -9.2 |
At the end of period 31.12. | 14,425,812 | 12,059,087 | 26,484,899 | 53.7 | 17.5 |
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| 4.1. BREAKDOWN OF OFF-BALANCE SHEET COMMITMENTS | ||
2024 | 2023 | |
Investment commitments | 2.7 | 2.8 |
Unused credit facilities | 0.5 | 2.6 |
Business mortgages | - | - |
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| 5.1. SEGMENT INCOME STATEMENT | ||||||||||
2024 | 2023 | |||||||||
| Wealth | Advisory | Wealth | Advisory | |||||||
| Management and | and Corporate | Group | Management and | and Corporate | Group | |||||
| Investor Clients | Clients | Operations | Unallocated | Group | Investor Clients | Clients | Operations | Unallocated | Group | |
| REVENUE | ||||||||||
Net Interest Income | 0.0 | 0.0 | 4.9 | 0.0 | 4.9 | 0.0 | 0.0 | 4.8 | 0.0 | 4.8 |
Commission income and expense. net | 96.4 | 9.9 | 0.0 | 0.0 | 106.3 | 84.2 | 15.8 | 0.0 | 0.0 | 100.0 |
Net income from securities transactions and foreign exchange dealing | 0.0 | 0.0 | 1.2 | 0.0 | 1.2 | 0.0 | 0.0 | 3.2 | 0.0 | 3.2 |
Other operating income | 0.0 | 0.0 | 14.3 | 0.0 | 14.3 | 0.0 | 0.0 | 0.8 | 0.0 | 0.8 |
External sales | 96.4 | 9.9 | 20.5 | 0.0 | 126.8 | 84.2 | 15.8 | 8.7 | 0.0 | 108.7 |
Inter-segment sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Total revenue | 96.4 | 9.9 | 20.5 | 0.0 | 126.8 | 84.2 | 15.8 | 8.7 | 0.0 | 108.7 |
| Timing of revenue recognition | ||||||||||
Over time | 81.9 | 2.9 | 0.0 | 0.0 | 84.8 | 7 7.4 | 8.1 | 0.0 | 0.0 | 85.6 |
At a point of time | 14.5 | 7.0 | 0.0 | 0.0 | 21.5 | 6.8 | 7.6 | 0.0 | 0.0 | 14.4 |
| RESULT | ||||||||||
Segment operating expenses | -45.7 | -5.1 | -13.1 | 0.0 | -63.8 | -39.3 | -10.8 | -13.6 | 0.0 | -63.6 |
Business units operating profit before depreciations and Group allocations | 50.8 | 4.8 | 7.4 | 0.0 | 63.0 | 44.9 | 5.0 | -4.9 | 0.0 | 45.1 |
Depreciation. amortisation and write-down | -1.0 | -0.4 | -2.4 | 0.0 | -3.8 | -1.6 | -0.5 | -2.7 | 0.0 | -4.8 |
Impairment losses on loans and other receivables | 0.0 | 0.0 | -0.5 | 0.0 | -0.5 | 0.0 | 0.0 | -0.7 | 0.0 | -0.7 |
Share of profits (losses) of associates | 0.0 | 0.0 | -0.5 | 0.0 | -0.5 | 0.0 | 0.0 | 0.7 | 0.0 | 0.7 |
Business units operating profit before Group allocations | 49.7 | 4.4 | 3.9 | 0.0 | 58.1 | 43.4 | 4.5 | -7.7 | 0.0 | 40.2 |
Allocated corporate expenses | -9.9 | -1.1 | 11.0 | 0.0 | 0.0 | -10.4 | -1.8 | 12.2 | 0.0 | 0.0 |
Operating profit including Group allocations | 39.8 | 3.3 | 15.0 | 0.0 | 58.1 | 33.0 | 2.7 | 4.5 | 0.0 | 40.2 |
Income taxes | 0.0 | 0.0 | 0.0 | -8.2 | -8.2 | 0.0 | 0.0 | 0.0 | -8.2 | -8.2 |
Segment profit/loss after taxes | 39.8 | 3.3 | 15.0 | -8.2 | 49.9 | 33.0 | 2.7 | 4.5 | -8.2 | 32.0 |
5. Segment reporting
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| 5.2. GEOGRAPHICAL REVENUES | ||
2024 | 2023 | |
Finland | 111.6 | 103.5 |
Sweden | 9.5 | 4.1 |
Other countries | 5.6 | 1.2 |
Total | 126.8 | 108.7 |
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6. Notes on the risk position
Evli operates in a constantly changing market environment, which subjects the company to risks caused by
changes in the business environment and the company’s own operations.
Risk management refers to actions aimed at systematically surveying, identifying, analyzing and managing risks.
The objective of risk management is to:
- Ensure the sufficiency of Evli’s own assets in relation to risk positions
- Maintain the financial result and the variation in valuations within the set objectives and limits
- Price risks correctly to reach sustainable profitability.
- Support an disturbance free implementation of the Group’s strategy and business.
Organization of the control operations
The company’s Board of Directors is primarily responsible for the Company Group’s risk management. The
Board of Directors confirms the principles and responsibilities of risk management, the Group’s risk limits and
other general guidelines according to which risk management and internal control are organized. The Board has
also set up a Management Risk Committee (MRC) that briefs it on risk-taking matters.
The Group’s risk management is founded on the “three lines” model.
1. The first line consists of the business units. The managers of the business units are responsible for ensuring
that risk management is at a sufficient level in each respective unit.
2. The second line consists of the Risk Control and Compliance functions (“control functions”). The Risk Control
function oversees daily operations and compliance with the risk limits granted to the business units, as well as
compliance with risk-taking policies and guidelines.
The Compliance function is responsible for ensuring compliance with the rules in all of the Group’s operations
by supporting operating management and the business units in applying the provisions of the law, the official
regulations and internal guidelines, and in identifying, managing and reporting on any risks of insufficient
compliance with the rules.
The control functions report findings to the Management Risk Committee, the Audit and Risk Committee, the
Executive Group, and the Board of Directors.
3. The third line is Internal Audit. Internal Audit is a body that is independent of business operations, supports
the Board of Directors and the senior management, and is organized administratively under the CEO. Internal
Audit assesses the functioning of the Company Group’s internal control system, the appropriateness and
efficiency of the functions and compliance with instructions. It does this by means of inspections that are based
on the internal audit action plan adopted annually by the Audit and Risk Committee of the Board of the company.
Main risk areas
Evli divides risks into three main categories:
1. Strategic risks: Changes in the market environment and new products
2. Financial risks: Market, liquidity and credit risks
3. Operational risks: Practices, processes and information systems
Strategic risks
Strategic risk is closely linked to a change in either the market environment, customer behavior or the
company’s own operations. In terms of own operations, this could be new products or partnerships. Changes in
the business environment and customer behavior have a significant impact on Evli’s performance, which is why
strategic risks are actively monitored and managed.
The performance of assets under management is a key determinant of the returns of Wealth Management and
it depends on factors such as the performance of capital markets, the general demand for investment products
and the success of investment operations. As a result, the Group’s fee income is partly dependent on general
stock and interest rate market developments. Market developments and investment trends also influence the
type of investment products that customers are interested in.
Evli cannot influence general market developments or the state of the economy through its activities, but
through its own actions it can reduce its sensitivity to changes in the market environment. Evli’s management
aims to contribute to improving the manageability and profitability of its operations by ensuring efficient
organization of its businesses and diversification of its income base through the provision of a wide range
of investment products and services. In addition, the Group’s management seeks to oversee key business
development projects and, where appropriate, make financially sound acquisitions to scale up operations.
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Evli seeks to identify and manage strategic risks by analyzing market developments and the competitive
environment. The strategy and related risks are regularly on the Board’s agenda.
Financial risks
Financial risk is a risk caused by the operating environment of the company and any market changes therein.
Financial risks include market risk that contains equity, currency and interest rate risk and liquidity and credit
risk.
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| 6.1.1. MINIMUM CAPITAL REQUIREMENT FROM MARKET RISK | Original exposure | Risk-weighted |
| value | exposure value | |
| Trading book | ||
Equity instruments | 0.0 | 0.0 |
Total | 0.0 | 0.0 |
| 6.1.2. ASSETS AND LIABILITIES IN DOMESTIC AND FOREIGN CURRENCIES | |||
| Domestic | Foreign | ||
| 2024 | currency | currency | Total |
| Assets | |||
| Financial assets at amortized cost | |||
Cash and cash equivalents | - | - | - |
Claims on credit institutions | 120.1 | 11.1 | 131.2 |
Claims on the public and public sector entities | 10.4 | 0.4 | 10.8 |
| Financial assets at fair value through profit or loss | |||
Debt securities | 2.6 | 0.7 | 3.3 |
Shares and participations | 38.5 | 3.6 | 42.0 |
Derivative contracts | 7.1 | - | 7.1 |
Other assets | 153.4 | 13.7 | 167.2 |
Total | 332.1 | 29.5 | 361.6 |
| Liabilities | |||
| Financial liabilities at amortized cost | |||
Liabilities to credit institutions | 6.0 | - | 6.0 |
Debt securities issued to the public | 99.4 | - | 99.4 |
Financial liabilities at fair value through profit or loss | 7.1 | - | 7.1 |
Other liabilities | 81.7 | 13.9 | 95.5 |
Total | 194.3 | 13.9 | 208.1 |
| Domestic | Foreign | ||
| 2023 | currency | currency | Total |
| Assets | |||
| Financial assets at amortized cost | |||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 |
Claims on credit institutions | 113.1 | 12.9 | 126.0 |
Claims on the public and public sector entities | 18.8 | 0.4 | 19.2 |
| Financial assets at fair value through profit or loss | |||
Debt securities | 2.0 | - | 2.0 |
Shares and participations | 38.1 | 4.4 | 42.5 |
Derivative contracts | 5.9 | - | 5.9 |
Other assets | 144.5 | 4.5 | 149.0 |
Total | 322.5 | 22.2 | 344.7 |
| Liabilities | |||
| Financial liabilities at amortized cost | |||
Liabilities to credit institutions | 3.4 | - | 3.4 |
Debt securities issued to the public | 106.7 | - | 106.7 |
Financial liabilities at fair value through profit or loss | 6.0 | - | 6.0 |
Other liabilities | 88.1 | 3.3 | 91.5 |
Total | 204.2 | 3.3 | 207.6 |
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6.2.1. MATURITIES OF ASSETS AND LIABILITIES | 2024 | 2023 | ||||||||
| Maturity: less | Maturity: | Maturity: | Maturity: | Maturity: less | Maturity: | Maturity: | Maturity: | |||
| Total | than 3 months | 3-12 months | 1-5 years | over 5 years | Total | than 3 months | 3-12 months | 1-5 years | over 5 years | |
| Assets | ||||||||||
| Financial assets at amortized cost | ||||||||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Claims on credit institutions | 131.2 | 131.2 | 0.0 | 0.0 | 0.0 | 126.0 | 126.0 | 0.0 | 0.0 | 0.0 |
Claims on the public and public sector entities | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 19.1 | 2.0 | 7.2 | 9.9 | 0.0 |
| Financial assets at fair value through profit or loss | ||||||||||
Debt securities | 3.3 | 0.0 | 0.0 | 3.3 | 0.0 | 2.0 | 0.0 | 0.0 | 2.0 | 0.0 |
Shares and participations | 42.0 | 29.7 | 0.0 | 0.0 | 12.4 | 42.5 | 29.6 | 0.0 | 2.2 | 10.8 |
Derivative contracts | 7.1 | 1.4 | 0.0 | 6.2 | -0.4 | 6.0 | 0.2 | -0.4 | 5.9 | 0.2 |
Accrued interest | 0.4 | 0.1 | 0.4 | 0.0 | 0.0 | 0.2 | 0.0 | 0.1 | 0.1 | 0.0 |
Other assets | 93.4 | 93.4 | 0.0 | 0.0 | 0.0 | 90.4 | 90.4 | 0.0 | 0.0 | 0.0 |
| Liabilities | ||||||||||
| Financial liabilities at amortized cost | ||||||||||
Liabilities to credit institutions | 6.0 | 6.0 | 0.0 | 0.0 | 0.0 | 3.4 | 3.4 | 0.0 | 0.0 | 0.0 |
Debt securities issued to the public | 99.6 | 15.8 | 0.5 | 73.6 | 9.7 | 106.7 | 6.0 | 11.7 | 79.6 | 9.4 |
Financial liabilities at fair value through profit or loss | 7.1 | 1.4 | 0.0 | 6.2 | -0.4 | 6.0 | 0.2 | -0.4 | 5.9 | 0.2 |
Accrued interest, debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Other liabilities | 95.5 | 95.5 | 0.0 | 0.0 | 0.0 | 91.5 | 91.5 | 0.0 | 0.0 | 0.0 |
Off-balance sheet commitments | 3.2 | 0.4 | 0.0 | 0.1 | 2.7 | 5.3 | 0.0 | 0.0 | 2.6 | 2.8 |
Right-of-use liabilities | 9.6 | 0.6 | 1.8 | 7.1 | 0.0 | 11.3 | 0.6 | 1.8 | 8.0 | 0.8 |
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6.3.1. COLLATERALS SET AND RECEIVED | 2024 | 2023 | ||||
| Fair value of | Fair value of | of which | Fair value of | Fair value of | of which | |
| encumbered assets | unencumbered assets | usable as collateral | encumbered assets | unencumbered assets | usable as collateral | |
| Assets | ||||||
Liquid assets and Central Bank deposits | - | - | - | - | - | - |
Claims on credit institutions | 2.3 | 128.9 | 128.9 | 4.2 | 121.8 | 121.8 |
Claims on the public and public sector entities | - | 10.8 | - | - | 19.2 | - |
Debt securities | - | 3.3 | 3.3 | - | 2.0 | 2.0 |
Shares and participations | - | 66.0 | 42.0 | - | 42.5 | 42.5 |
Other assets | - | 152.6 | - | - | 159.1 | - |
Total | 2.3 | 361.6 | 174.2 | 4.2 | 344.7 | 166.3 |
| 6.3.2. USAGE OF COLLATERAL | ||
2024 | 2023 | |
| Set collaterals | ||
Markeplace collateral, stock- and derivatives trades | 0.1 | 0.1 |
Collateral for OTC derivatives trades | 2.1 | 3.9 |
Collateral for securities lending | 0.1 | 0.1 |
Total | 2.3 | 4.2 |
| Received collateral | ||
Received cash | 6.0 | 3.4 |
Received securities | 84.2 | 96.9 |
Total | 90.3 | 100.3 |
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| 6.4.1 DISTRIBUTION OF LOANS | ||||
| Average | Overdue | |||
| Lending | remaining | by at least | Impaired | |
| 2024 | stock | maturity years | 90 days | loans |
| Exposure and home country | ||||
Private Persons Finland | 5.1 | 0.8 | 0.0 | 0.0 |
Corporations Finland | 5.7 | 1.2 | 0.0 | 0.0 |
Other sectors Finland | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons EU countries | 0.0 | 0.0 | 0.0 | 0.0 |
Corporations EU countries | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons other countries | 0.0 | 0.0 | 0.0 | 0.0 |
Total | 10.8 | 1.0 | 0.0 | 0.1 |
| Average | Overdue | |||
| Lending | remaining | by at least | Impaired | |
| 2023 | stock | maturity years | 90 days | loans |
| Exposure and home country | ||||
Private Persons Finland | 10.2 | 0.9 | 0.3 | 0.0 |
Corporations Finland | 8.4 | 1.2 | 0.0 | 0.0 |
Other sectors Finland | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons EU countries | 0.5 | 0.4 | 0.0 | 0.0 |
Corporations EU countries | 0.0 | 0.0 | 0.0 | 0.0 |
Private persons other countries | 0.0 | 0.0 | 0.0 | 0.0 |
Total | 19.2 | 1.0 | 0.3 | 0.1 |
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| 6.4.2. IFRS 9, EXPECTED CREDIT LOSSES IN STAGES | ||||||
| Opening balance 1.1., | ||||||
2024 | Amount | Phase 1 | Phase 2 | Phase 3 | Expected credit loss | credit loss provision |
Balance sheet item | - | - | - | - | - | - |
Receivables from credit institutions | 131.2 | 131.2 | - | - | - | - |
Receivables from public | 10.8 | 10.8 | 0.0 | - | 0.0 | 0.0 |
Corporate | 5.4 | 5.4 | - | - | 0.0 | 0.0 |
Private | 5.4 | 5.4 | 0.0 | - | 0.0 | - |
Other | - | - | - | - | - | - |
Sales receivables | 5.6 | 5.5 | 0.1 | - | 0.0 | 0.0 |
Off-balance sheet loan commitments | 0.5 | 0.5 | - | - | 0.0 | 0.0 |
Total | 148.2 | 148.1 | 0.1 | - | 0.0 | 0.1 |
| Opening balance 1.1., | ||||||
2023 | Amount | Phase 1 | Phase 2 | Phase 3 | Expected credit loss | credit loss provision |
| Balance sheet item | ||||||
Receivables from credit institutions | 126.0 | 126.0 | - | - | - | - |
Receivables from public | 19.2 | 18.4 | 0.6 | 0.3 | 0.0 | 0.1 |
Corporate | 8.2 | 8.1 | 0.1 | - | 0.0 | 0.0 |
Private | 11.1 | 10.3 | 0.4 | 0.3 | 0.0 | 0.0 |
Other | - | - | - | - | - | - |
Sales receivables | 9.4 | 9.1 | 0.3 | - | 0.0 | 0.0 |
Off-balance sheet loan commitments | 2.6 | 2.5 | 0.1 | - | 0.0 | 0.0 |
Total | 157.3 | 156.1 | 0.9 | 0.3 | 0.1 | 0.1 |
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6.5. Operational risks
Operational risk means a direct or indirect danger or financial loss that is caused by insufficient or failed internal
processes; systems, personnel or external factors. Operational risks also include legal risks and compliance
and data security risks. Therefore, operational risks are associated, for example, with the management system,
operative processes, information systems, persons and various external factors or threats. In addition to the
direct risk of financial loss, operational risk can also take the form of a weakening or loss of reputation or trust.
Operational risks are seen as a key area of risk management at Evli. Each business unit is responsible for
managing the operational risks of its own business area. Evli continuously pays special attention to the
identification, monitoring and control of operational risks. Business units carry out regular self-assessments
of the operational risks of products, services, persons, operating processes and systems. Evli has prepared a
separate group-wide procedure for identifying, assessing, controlling and reporting risks. Through operational
risk self-assessment, the company aims to identify critical risks and identify appropriate measures to minimize
or control them. The reporting of disruptions to operations and errors and losses caused by operational risks to
the authorities is carried out in accordance with established requirements.
The basic approach to operational risk management is to prevent risks on the one hand, and to minimize the
damage caused by risks on the other. To this end, Evli has, among other things, comprehensive internal guidelines,
which are monitored. Employees are regularly trained, and daily work processes and systems are actively
monitored. Security is ensured and efforts have been made to duplicate critical systems to ensure continuity.
In addition, the company has prepared for possible risks by, among other things, taking out comprehensive
insurance policies.
Evli operates in an industry governed by strict rules and regulations. The company has a separate Compliance
function, which aims to ensure that Evli always complies with laws and regulations. While the materialization
of operational risk often leads to reputational and financial damage, the materialization of compliance risk can
also lead to sanctions imposed by the authorities. Responsibility for compliance and supervision always lies with
top and executive management, and with all managers. Nevertheless, every Evli employee is responsible for
complying with rules and regulations. Compliance risk is managed by monitoring legislative developments and by
continuously training employees internally on upcoming regulatory changes.
Modern investment services are essentially digital, and digital services are a key part of Evli’s strategy. At the
heart of everything Evli does is information systems that involve data protection and security risks. One of the
key objectives of all of the Group’s functions is the efficient, error free and secure processing of information
in a variety of formats. The confidentiality, accuracy and usability of such information is protected at all times.
Evli has designated data protection and information security managers who are responsible for developing,
monitoring, guiding and reporting on data protection and security to management.
The capital requirement for operational risks is part of the capital requirement set out in the Investment Firms
Regulation. The own funds requirement calculated on the basis of the Evli Group’s fixed overheads was EUR 16.6
million and the Group’s own funds amounted to EUR 42.9 million at December 31, 2024.
6.6. Continuity management
The company’s operations may be threatened by external or internal crises of a physical or other nature. In
crisis situations, an organization must:
- be prepared
- have crisis management capability
- have prepared by means of drills.
To ensure operational continuity, Evli has a continuity plan that covers all of its functions. The purpose of
continuity planning is to ensure that, in the event of certain threats materializing, it is possible to ensure the
safety of the Group’s customers and employees, to protect tangible and intangible property, to comply with
the law and other regulations, to maintain the targeted level of customer service and internal operations and to
preserve the trust of stakeholders. Each continuity plan will include system recovery plans, including guidelines
on how to get information systems into operating condition in situations of severe failure, how to continue
operations and how to return operations to normal. In addition, the company has compiled a recovery plan that
complies with official requirements.
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| 7.1. CLASSIFICATION OF ASSETS AND LIABILITIES | Financial assets | Fair value | Fair valued through | |||||
| measured | through profit | comprehensive | ||||||
| 2024 | at amortized cost | and loss | income | Other assets | Total book value | Level 1 | Level 2 | Level 3 |
| Assets | ||||||||
Cash and cash equivalents | 0.0 | - | - | - | 0.0 | - | - | - |
Claims on credit institutions | 131.2 | - | - | - | 131.2 | - | - | - |
Claims on the public and public sector entities | 10.8 | - | - | - | 10.8 | - | - | - |
Debt securities | - | 3.3 | - | - | 3.3 | - | 0.0 | 3.3 |
Shares and participations | - | 39.5 | 2.6 | - | 42.0 | 30.5 | - | 11.6 |
Derivative contracts | - | 7.1 | - | - | 7.1 | - | - | 7.1 |
Shares and participations in associates | - | - | - | 24.0 | 24.0 | - | - | - |
Intangible assets and goodwill | - | - | - | 44.6 | 44.6 | - | - | - |
Property, plant and equipment | - | - | - | 1.1 | 1.1 | - | - | - |
Other assets | - | - | - | 9.6 | 9.6 | - | - | - |
Leasing assets | - | - | - | 79.3 | 79.3 | - | - | - |
Accrued income and prepayments | - | - | - | 3.4 | 3.4 | - | - | - |
Income tax receivables | - | - | - | 1.6 | 1.6 | - | - | - |
Deferred tax assets | - | - | - | 3.7 | 3.7 | - | - | - |
Total assets | 142.0 | 49.9 | 2.6 | 167.2 | 361.6 | 30.5 | 0.0 | 21.9 |
Liabilities | - | |||||||
Liabilities to credit institutions and central banks | 6.0 | - | - | - | 6.0 | - | - | - |
Debt securities issued to the public | 99.4 | - | - | - | 99.4 | - | - | - |
Financial liabilities at fair value through profit or loss | - | 7.1 | - | - | 7.1 | - | - | 7.1 |
Other liabilities | - | - | - | 64.7 | 64.7 | - | - | - |
Accrued expenses and deferred income | - | - | - | 27.7 | 27.7 | - | - | - |
Income tax liability | - | - | - | 3.0 | 3.0 | - | - | - |
Deferred tax liabilities | - | - | - | - | 0.0 | - | - | - |
Liablities total | 105.5 | 7.1 | 0.0 | 95.5 | 208.1 | 0.0 | 0.0 | 7.1 |
7. Other notes
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| Financial assets | Fair value | Fair valued through | ||||||
| measured | through profit | comprehensive | ||||||
| 2023 | at amortized cost | and loss | income | Other assets | Total book value | Level 1 | Level 2 | Level 3 |
| Assets | ||||||||
Cash and cash equivalents | 0.0 | - | - | - | 0.0 | - | - | - |
Claims on credit institutions | 126.0 | - | - | - | 126.0 | - | - | - |
Claims on the public and public sector entities | 19.2 | - | - | - | 19.2 | - | - | - |
Debt securities | - | 2.0 | - | - | 2.0 | - | 0.0 | 2.0 |
Shares and participations | - | 39.9 | 2.6 | - | 42.5 | 29.6 | - | 13.0 |
Derivative contracts | - | 5.9 | - | - | 5.9 | - | - | 5.9 |
Shares and participations in associates | - | - | - | 5.2 | 5.2 | - | - | - |
Intangible assets and goodwill | - | - | - | 48.7 | 48.7 | - | - | - |
Property, plant and equipment | - | - | - | 1.1 | 1.1 | - | - | - |
Other assets | - | - | - | 74.4 | 74.4 | - | - | - |
Leasing assets | - | - | - | 11.3 | 11.3 | - | - | - |
Accrued income and prepayments | - | - | - | 3.4 | 3.4 | - | - | - |
Income tax receivables | - | - | - | 1.3 | 1.3 | - | - | - |
Deferred tax assets | - | - | - | 3.6 | 3.6 | - | - | - |
Total assets | 145.3 | 47.8 | 2.6 | 149.0 | 344.7 | 29.6 | 0.0 | 20.9 |
| Liabilities | ||||||||
Liabilities to credit institutions and central banks | 3.4 | - | - | - | 3.4 | - | - | - |
Debt securities issued to the public | 106.7 | - | - | - | 106.7 | - | - | - |
Financial liabilities at fair value through profit or loss | - | 6.0 | - | - | 6.0 | - | - | 6.0 |
Other liabilities | - | - | - | 61.8 | 61.8 | - | - | - |
Accrued expenses and deferred income | - | - | - | 27.3 | 27.3 | - | - | - |
Income tax liability | - | - | - | 2.4 | 2.4 | - | - | - |
Deferred tax liabilities | - | - | - | 0.0 | 0.0 | - | - | - |
Liablities total | 110.1 | 6.0 | 0.0 | 91.5 | 207.6 | 0.0 | 0.0 | 6.0 |
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| 7.2. FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME | |
Share purchase price 1.4.2022: (€/share) | 0.5856 |
Number of shares: (amount) | 15,288,303 |
Initial acquisition, market value: (€ million) | 9.0 |
Share price 31.12.2022 (€/share): | 0.1716 |
Number of shares: (amount) | 15,288,303 |
Market value 31.12.2022: (€ million) | 2.6 |
Share price 31.12.2023 (€/share): | 0.17 |
Number of shares: (amount) | 15,288,303 |
Market value 31.12.2023: (€ million) | 2.6 |
| Change in value for the review period: (€ million) | |
(Market value 31.12.2023 - Market value 31.12.2022) | -0.1 |
Calculated tax effect of value change: (€ million) | 0.0 |
Profit impact of the valuation after taxes: (€ million) | -0.1 |
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| 7.3. ANALYSIS OF FINANCIAL INSTRUMENTS CATEGORIZED IN LEVEL 3 | ||
2024 | 2023 | |
| Financial assets: | ||
Shares and participations classified as held for trading | - | - |
Unlisted shares and participations | 1.7 | 2.2 |
Venture capital funds and real estate funds | 9.8 | 10.8 |
Debt securities | 3.3 | 2.0 |
Quoted equity derivatives | - | - |
OTC derivatives | 7.1 | 5.9 |
Total financial assets held at fair value | 21.9 | 20.9 |
| Financial liabilities: | ||
Shares and participations classified as held for trading | - | - |
Quoted equity derivatives | - | - |
OTC derivatives | 7.1 | 6.0 |
Total financial liabilities held at fair value | 7.1 | 6.0 |
| CHANGES IN LEVEL 3 INSTRUMENTS: | |||||
| Private equity and real | OTC derivatives - | OTC derivatives - | |||
2024 | Unlisted shares | estate funds | Debt securities | assets | liabilities |
At the beginning of period 1.1 | 2.2 | 10.8 | 2.0 | 5.9 | 6.0 |
Purchased | 1.0 | 1.5 | |||
Sold | -0.4 | - | -0.2 | ||
Fair value change | -0.1 | -1.9 | - | 1.2 | 1.1 |
Total at end of 31.12 | 1.7 | 9.9 | 3.3 | 7.1 | 7.1 |
| Private equity and real | OTC derivatives - | OTC derivatives - | |||
2023 | Unlisted shares | estate funds | Debt securities | assets | liabilities |
At the beginning of period 1.1 | 2.3 | 9.5 | 2.0 | 0.4 | 0.4 |
Purchased | - | 2.4 | - | - | - |
Sold | -0.1 | - | - | - | - |
Fair value change | - | -1.1 | - | 5.5 | 5.6 |
Total at end of 31.12 | 2.2 | 10.8 | 2.0 | 5.9 | 6.0 |
Total unrealized profit is recorded in net income from securities transactions.
| 7.4. FAIR VALUES AND BOOK VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES | ||||
2024 | 2023 | |||
Book value | Fair Value | Book value | Fair Value | |
| Financial assets | ||||
Liquid assets | - | - | - | - |
Claims on credit institutions | 131.2 | 131.2 | 126.0 | 126.0 |
Claims on the public and public sector entities | 10.8 | 10.8 | 19.2 | 19.2 |
Debt securities | 3.3 | 3.3 | 2.0 | 2.0 |
Shares and participations | 42.0 | 42.0 | 42.5 | 42.5 |
Derivative contracts | 7.1 | 7.1 | 5.9 | 5.9 |
| - | ||||
| Financial liabilities | ||||
Liabilities to credit institutions and central banks | 6.0 | 6.0 | 3.4 | 3.4 |
Debt securities issued to the public | 99.4 | 98.5 | 106.7 | 105.7 |
Derivative contracts and other liabilities held for trading | 7.1 | 7.1 | 6.0 | 6.0 |
| 7.5. ASSETS UNDER MANAGEMENT - AS OF 31 DECEMBER | ||
Billion euros | 2024 | 2023 |
Gross | 18.9 | 18.4 |
Net | 16.6 | 15.6 |
| Assets under management on the basis of power of attorney | ||
Discretionary asset management | 6.1 | 5.6 |
Consultative asset management | 0.2 | 0.2 |
Total | 6.3 | 5.8 |
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| 7.6. ILLUSTRATIVE INCOME STATEMENT WITHOUT THE EFFECT FROM NON-RECURRING M & A RELATED ITEMS | |||
| 1-12/2024 | |||
| without | |||
| Allshares re- | Allshares | ||
| 1-12/2024 | lated items | effect | |
Fee and comission income | 111.3 | -3.4 | 107.9 |
Net income from securities transactions | 1.1 | 1.1 | |
Income from equity investments | 0.1 | 0.1 | |
Interest income | 9.8 | 9.8 | |
Other operating income | 14.3 | -13.7 | 0.6 |
Income total | 136.6 | 119.5 | |
Fee and comission expenses | -5.0 | -5.0 | |
Interest expenses | -4.8 | -4.8 | |
Net Income | 126.8 | -17.1 | 109.7 |
| Administrative expenses | |||
Personnel expenses | -40.4 | 1.2 | -39.2 |
Other administrative expenses | -22.2 | 0.8 | -21.4 |
Impairment on goodwill | - | - | |
Depreciation and amortization on tangible and intangible assets | -3.8 | 0.2 | -3.6 |
Other operating expenses | -1.2 | 0.1 | -1.1 |
Expected credit losses on loans and other receivables | 0.1 | 0.1 | |
Impairment losses on other financial assets | -0.6 | -0.6 | |
Share of profit or loss of associates | -0.5 | -0.5 | |
Operating profit/loss | 58.2 | -14.9 | 43.3 |
The illustrative income statement aims to present the impact of one-time items related to M & A on the group's
financial profitability during the review period. In the corporate restructuring, Evli's ownership in Allshares Oy
has decreased, and the company will henceforth be treated as an associate company instead of a subsidiary. The
illustrative income statement describes a situation where the one-time items related to this arrangement and the
impact of the incentive business on the operating result have been eliminated by deducting the results of Allshares
Oy (formerly Evli Alexander Incentives Oy) and Elite Palkitsemispalvelut Oy from the group's income statement.
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COMPANY | Country | ownership % |
Evli Plc | Finland | 100 % |
Terra Nova Capital Advisors | UAE | 51 % |
Evli Research Partners Oy | Finland | 95 % |
Evli Investment Solutions Oy | Finland | 85 % |
Evli Life Oy | Finland | 100 % |
Evli Fund Management Company Ltd | Finland | 100 % |
Evli AB | Sweden | 100 % |
EAI Residential Partners Oy | Finland | 75 % |
Evli Private Equity Partners Oy ("EPEP") | Finland | 80 % |
Evli Private Equity I GP Oy (a subsidiary of EPEP) | Finland | 80 % |
Evli Private Equity II GP Oy (a subsidiary of EPEP) | Finland | 80 % |
Evli Private Equity III GP Oy (a subsidiary of EPEP) | Finland | 74 % |
Evli Private Equity IV GP Oy (a subsidiary of EPEP) | Finland | 74 % |
EAI Feeder GP Oy | Finland | 100 % |
Evli HC I GP Oy | Finland | 82 % |
EGP General Partner Oy | Finland | 70 % |
EGP General Partner II Oy | Finland | 70 % |
Evli Infrastructure Partners Oy ("EIP") | Finland | 82 % |
Evli Infrastructure I GP Oy (a subsidiary of EIP) | Finland | 82 % |
Evli Infrastructure II GP Oy (a subsidiary of EIP) | Finland | 82 % |
Evli Impact Forest I GP Oy | Finland | 85 % |
Evli Impact Forest II GP Oy | Finland | 100 % |
Evli Private Debt I GP Oy | Finland | 85 % |
Evli Residential II GP Oy | Finland | 70 % |
EAB Private Equity Oy ("EAB PE") | Finland | 65 % |
Project First GP Oy (subsidiary of EAB PE) | Finland | 65 % |
Project Second GP Oy (subsidiary of EAB PE) | Finland | 65 % |
Project Third GP Oy (subsidiary of EAB PE) | Finland | 65 % |
Project Fourth GP Oy (subsidiary of EAB PE) | Finland | 65 % |
EFVAF II GP Oy | Finland | 100 % |
EFVAF III GP Oy | Finland | 100 % |
EAB RE Infra II GP Oy | Finland | 100 % |
EAB Pääomarahastot I GP Oy | Finland | 100 % |
EAB Credit Fund I GP Oy | Finland | 100 % |
Elite Älyenergia Oy | Finland | 100 % |
Elite Intian Aurinko Oy | Finland | 100 % |
Elite Kiinteistökehitys Oy | Finland | 100 % |
Elite Sijoitus Oy | Finland | 100 % |
EAB Palvelu Oy | Finland | 100 % |
Elite Vakuutuspalvelu Oy | Finland | 100 % |
Evli Private Debt II GP Oy | Finland | 85 % |
Evli Private Capital Oy | Finland | 73 % |
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8.1. CORPORATE STRUCTURE
Evli Plc
Evli Research
Partners Oy
(95 %)
Terra Nova Capital
Advisors Ltd
(51 %)
Evli Investment
Solutions Oy
(85 %)
Evli Life Ltd
(100 %)
Evli Fund
Management
Company Ltd
(100%)
Evli Funds’
GP companies
Evli AB
(83,3 %)
EAB Service Ltd
(100%)
Elite Sijoitus Oy
(100%)
Elite Assurance
Services Ltd
(100%)
COMPANY | Country | ownership % |
Evli Private Capital I GP Oy (subsidiary of Evli Private Capital Oy) | Finland | 73 % |
Zenito Oy | Finland | 66,6 % |
| ASSOCIATED COMPANIES | ||
Northern Horizon Capital | Denmark | 47% |
Ahti Invest Oy | Finland | 30% |
SAV-Rahoitus Oyj | Finland | 46% |
Allshares Ltd | Finland | 41% |
Entities outside the group
Companies in which the Group has a majority holding but in which a third party has control are not consolidated in
the consolidated financial statements. In addition, holding companies owned in connection with the management
of customer company incentive programs have not been consolidated. Evli is not entitled to the variable returns
of these holding companies and Evli does not bear risk in the companies’ assets or liabilities. Furthermore, funds
managed on behalf of clients are also not consolidated, since the Group has no control over them.
EAB Private
Equity Oy
(65%)
EAB Funds’ GP
companies
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| 8.2. FINANCIAL SUCCESS IN COMPANIES WITH NON-CONTROLLING OWNERS | Dividends paid to | |||||
| Profit/Loss | non-controlling | |||||
2024 | Assets | Liabilities | Revenue | for financial year | interest | NCI of equity |
Terra Nova Capital Advisors Ltd | 2.0 | 0.4 | 5.6 | 5.0 | 1.6 | 0.7 |
Evli Research Partners Oy | 0.3 | 0.1 | 0.4 | 0.0 | 0.0 | 0.0 |
Evli Investment Solutions Oy | 0.7 | 0.0 | 1.3 | 0.6 | 0.1 | 0.1 |
EAI Residential Partners Oy | 0.7 | 0.1 | 0.6 | 0.5 | 0.1 | 0.1 |
Evli Private Equity Partners Oy | 1.5 | 0.0 | 3.5 | 2.9 | 0.4 | 0.3 |
Evli HC I GP Oy | 0.7 | 0.5 | 0.1 | 0.0 | 0.0 | 0.0 |
EGP General Partner Oy | 0.3 | 0.0 | 0.8 | 0.2 | 0.1 | 0.1 |
Evli Infrastructure Partners Oy | 0.1 | 0.0 | 1.9 | 1.9 | 0.3 | 0.0 |
Evli Private Debt I Gp Oy | 0.6 | 0.0 | 0.7 | 0.4 | 0.0 | 0.1 |
Evli Residential II GP Oy | 0.3 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 |
Evli Private Equity III GP Oy | 1.4 | 0.2 | 1.5 | 1.2 | 0.1 | 0.1 |
EGP General Partner II Oy | 1.0 | 0.2 | 1.5 | 0.8 | 0.3 | 0.3 |
Evli Impact Forest I GP Oy | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 |
EAB Private Equity Oy | 0.9 | 0.2 | 0.8 | 0.6 | 0.0 | 0.3 |
Evli Private Debt II GP Oy | 0.3 | 0.1 | 0.2 | 0.1 | 0.0 | 0.0 |
Evli Private Capital Oy | 0.0 | 0.1 | 0.3 | 0.0 | 0.0 | 0.0 |
Evli Private Equity IV GP Oy | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 |
Evli AB | 6.1 | 2.5 | 9.9 | 2.6 | 0.0 | 0.6 |
Zenito Oy | 1.4 | 0.3 | 1.1 | 0.4 | 0.0 | 0.4 |
| Dividends paid to | ||||||
| Profit/Loss | non-controlling | |||||
2023 | Assets | Liabilities | Revenue | for financial year | interest | NCI of equity |
Evli Corporate Finance AB | 1.2 | 0.2 | 3.0 | 0.0 | 0.3 | 0.4 |
Terra Nova Capital Advisors Ltd | 0.6 | 0.1 | 1.2 | 0.7 | 0.2 | 0.2 |
Evli Research Partners Oy | 0.3 | 0.2 | 0.4 | 0.0 | 0.5 | 0.0 |
Evli Investment Solutions Oy | 0.8 | 0.0 | 1.3 | 0.7 | 0.1 | 0.1 |
EAI Residential Partners Oy | 0.6 | 0.1 | 0.6 | 0.5 | 0.1 | 0.1 |
Evli Private Equity Partners Oy | 1.1 | 0.4 | 3.6 | 3.0 | 0.6 | 0.7 |
Evli HC I GP Oy | 1.5 | 0.4 | 0.0 | 0.0 | 0.0 | 0.2 |
EGP General Partner Oy | 0.6 | 0.1 | 1.1 | 0.4 | 0.2 | 0.2 |
Evli Infrastructure Partners Oy | 0.0 | 0.0 | 1.0 | 0.9 | 0.2 | 0.0 |
Evli Alexander Incentives Oy | 8.0 | 0.7 | 10.7 | 3.1 | 1.3 | 2.5 |
Evli Private Debt I Gp Oy | 3.8 | 0.1 | 0.6 | 0.2 | 0.0 | 0.6 |
Evli Residential II GP Oy | 0.4 | 0.1 | 0.3 | 0.2 | 0.1 | 0.1 |
Evli Private Equity III GP Oy | 1.5 | 0.2 | 1.6 | 1.3 | 0.1 | 0.3 |
EGP General Partner II Oy | 1.1 | 0.1 | 1.5 | 0.9 | 0.3 | 0.3 |
Evli Impact Forest I GP Oy | 0.5 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 |
EAB Private Equity Oy | 0.5 | 0.4 | 0.7 | 0.3 | 0.0 | 0.0 |
Evli Private Debt II GP Oy | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Evli Private Capital Oy | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
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| PRICE OF ACQUISITION ESTIMATE MEUR | |
Cash | 3.6 |
Payment made in shares | 0 |
Total | 3.6 |
| PURCHASE PRICE ALLOCATION | |
| Balance sheet items | |
Claims on credit institutions | 0.5 |
Customer contracts | 0.9 |
Goodwill | 2.3 |
Other assets | 0.2 |
Deferred tax assets | 0.0 |
Recognised balance sheet items, total | 3.9 |
Other liabilities | -0.0 |
Accrued expenses and deferred income | -0.0 |
Recognised liabilities, total | -0.0 |
Non-controllinen interests | -0.2 |
Total | 3.6 |
Allshares
At the end of the first quarter of 2024, Evli announced a strategic partnership with Bregal Milestone to
internationalize the incentive business. As a result of the arrangement, Evli Plc's ownership in Allshares Oy
decreased from 65 percent to approximately 40 percent and Allshares is treated as an associated company
instead of a subsidiary from March 27, 2024, onwards. In accordance with IFRS, in connection with the change,
the associated company has been valued at fair value. The shares of Allshares Oy owned by Evli Plc are estimated
to be worth EUR 20.35 million at the time of the arrangement. This is based on an estimate of Allshares Oy's future
cash flows discounted to present value. The group has recognized approximately EUR 13.8 million as valuation
gain from the arrangement. The result is the difference between the fair value of Allshares Oy's share and the net
assets that left the group as a result of the arrangement (including group goodwill allocated to Allshares' business
operations). The most important parameters of the share valuation calculation are revenue growth of 8 percent
annually, cost growth of 4 percent annually and average cost of capital (WACC) of 14.1 percent.
Other changes
The Group structure was also renewed in Sweden when Evli AB acquired Evli Corporate Finance Ab through an
exchange of shares. As a result of the arrangement, Evli owns 80 percent of the shares in Evli AB and the non-
controlling interest 20 percent. Evli Corporate Finance Ab merged with Evli AB in July 2024.
Evli’s subsidiary Elite Finance Ltd. merged with Elite Sijoitus Oy during 2024
| 8.4. HOLDINGS IN CONSOLIDATED ASSOCIATED COMPANIES | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | |
| Northern | Northern | ||||||
| Horizon | Horizon | SAV-Rahoitus | SAV-Rahoitus | ||||
| Company name | Capital A/S | Capital A/S | Ahti Invest Oy | Ahti Invest Oy | Oyj | Oyj | Allshares Ltd |
Domicile | Denmark | Denmark | Finland | Finland | Finland | Finland | Finland |
Assets | 8.3 | 10.1 | 22.3 | ||||
Liabilities | 4.0 | 2.9 | 4.2 | ||||
Revenue | 6.4 | 7.6 | 13.2 | ||||
Profit/Loss | 0.1 | 1.4 | 0.4 | ||||
Profit adjustment | 0 | 0 | -1.6 | ||||
Evli's share of profit/loss | 0.0 | 0.7 | -0.5 | ||||
Ownership (%) | 47 | 47 | 30 | 30 | 46.3 | 46.3 | 40.9 |
Balance sheet value in the Group | 3.0 | 3.4 | 1.0 | 1.0 | 0.2 | 0.8 | 19.8 |
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| 8.5. RELATED PARTY DISCLOSURES | ||
2024 | 2023 | |
| Board | ||
Board fees | 0.4 | 0.4 |
| CEO | ||
Salary and short term benefits | 0.5 | 0.5 |
Pension benefits | 0.1 | 0.1 |
Share based incentive programs | 0.4 | 1.0 |
Total | 1.0 | 1.6 |
| Other Executive Group members | ||
Salary and short term benefits | 1.2 | 1.3 |
Pension benefits | 0 | 0 |
Share based incentive programs | 0.5 | 2.7 |
Total | 1.7 | 4.0 |
| 8.6. TRANSACTIONS WITH RELATED PARTIES | Associated | Group |
| companies | management | |
| 2024 | ||
Sales | 1.6 | 0.0 |
Purchases | 1.1 | 0.0 |
Receivables | 1.0 | 0.0 |
Liabilities | 0.3 | 0.0 |
| 2023 | ||
Sales | 0.0 | 0.0 |
Purchases | 0.2 | 0.0 |
Receivables | 1.0 | 0.0 |
Liabilities | 0.0 | 0.0 |
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| 8.7. FEES PAID TO AUDITORS | ||
2024 | 2023 | |
| Group | ||
| Audit | ||
Ernst & Young Oy | 0.4 | 0.1 |
PricewaterhouseCoopers Oy | - | 0.2 |
| Assignments referred to in section 1, subsection 1, point 2 of the Audit Act | ||
Ernst & Young Oy | 0.0 | 0.0 |
PricewaterhouseCoopers Oy | - | 0.0 |
| Tax advice | ||
Ernst & Young Oy | 0.0 | 0.0 |
PricewaterhouseCoopers Oy | - | 0.0 |
| Other services | ||
Ernst & Young Oy | 0.0 | 0.0 |
PricewaterhouseCoopers Oy | - | 0.0 |
Total | 0.4 | 0.4 |
Parent Company
Audit
Ernst & Young Oy 0.1 0.1
PricewaterhouseCoopers Oy - 0.1
Assignments referred to in section 1, subsection 1, point 2 of the Audit Act
Ernst & Young Oy 0.0 0.0
PricewaterhouseCoopers Oy - 0.0
Tax advice
Ernst & Young Oy 0.0 0.0
PricewaterhouseCoopers Oy - 0.0
Other services
Ernst & Young Oy 0.0 0.0
PricewaterhouseCoopers Oy - 0.0
Total 0.1 0.2
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Parent company’s income statement
Note 2024 2023
Fee and commission income 9.1 61.7 49.1
Net income from securities transactions 9.2 1.2 3.1
Income from equity investments 9.3
Subsidiaries 14.6 14.7
Associated companies 0.4 0.4
Other 0.1 0.1
Interest income 9.4 9.4 8.7
Other operating income 9.5 3.3 6.8
INCOME TOTAL 90.7 82.9
Fee and commission expenses 9.6 -7.3 -3.2
Interest expenses 9.7 -4.8 -4.0
NET REVENUE 78.6 75.7
Administrative expenses
Personnel expenses 9.8.1 -22.1 -21.3
Other administrative expenses 9.9 -14.9 -14.0
Depreciation and amortization on tangible and intangible assets 9.10 -3.3 -4.9
Other operating expenses 9.11 -3.2 -3.1
Expected credit losses on loans and other receivables 9.12 0.1 0.0
Impairment losses on other financial assets -0.6 -0.8
OPERATING PROFIT/LOSS 34.7 31.7
Appropriations 1.2 -2.8
Income taxes 9.13 -5.2 -3.1
PROFIT / LOSS FOR THE FINANCIAL YEAR 30.7 25.7
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Parent company’s balance sheet
ASSETS Note 2024 2023
Cash and equivalents 9.14 0.0 0.0
Claims on credit institutions 9.15
Repayable on demand
96.8 88.5
Other
2.3 4.2
Claims on the public and public sector entities 9.16 26.3 37.4
Debt securities 9.17 3.3 2.0
Shares and participations 9.18 40.3 40.4
Shares in associated companies
9.20 11.2 6.2
Shares in subsidiaries
17.7 20.4
Derivative contracts 9.19 7.1 5.9
Intangible assets and goodwill 9.21 13.2 16.0
Property, plant and equipment 9.22 1.0 1.0
Other assets 9.23 7.4 10.1
Accrued income and prepayments 9.24 1.4 1.4
Deferred tax assets 9.25 1.3 1.3
TOTAL ASSETS 229.3 234.8
LIABILITIES AND EQUITY Note 2024 2023
LIABILITIES
Liabilities to credit institutions 9.26 6.0 3.4
Debt securities issued to the public 9.27 99.4 106.7
Derivative contracts and other liabilities held for trading 9.28 7.1 6.0
Other liabilities 9.29 4.6 5.7
Accrued expenses and deferred income 9.30 12.9 13.7
Deferred tax liabilities 0.0 0.0
TOTAL LIABILITIES 130.1 135.5
EQUITY
Share capital 53.7 53.7
Fair value reserve -5.1 -5.1
Fund of invested non-restricted equity 15.9 15.9
Retained earnings 3.9 8.9
Profit/loss for financial year 30.7 25.7
TOTAL EQUITY 9.31 99.2 99.2
TOTAL LIABILITIES AND EQUITY 229.3 234.8
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Parent company’s statement of cash flow
2024 2023
Operating activities
Operating profit 34.7 31.7
Adjustment for items not included in cash flow 3.8 3.6
Income taxes paid -5.6 -1.1
Cash flow from operating activities before changes in operating assets
and liabilities
32.8 34.2
Changes in operating asset 4.5 38.0
Changes in operating liabiities 0.1 -18.7
Cash flow from operating activities 37.5 53.5
Investing activities
Change in participating interests and subsidiaries -2.5 -1.9
Change in intangible asset -0.3 -0.5
Change in property. plant and equipment -0.2 -0.3
Cash flow from investing activities -2.9 -2.6
Financing activities
Change in loans from credit institutions 2.7 3.3
Distributions -30.7 -30.2
Cash flow from financing activities -28.1 -26.9
Cash and cash equivalents at the beginning of period 92.7 68.7
Cash and cash equivalents at the end of year 99.1 92.7
Change 6.5 23.9
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Parent Company’s accounting policies
Basic information on the company
Evli Plc (“Evli” or “company”) is domiciled in Helsinki and its registered address is Aleksanterinkatu 19, 00100
Helsinki, Finland.
Evli’s financial statements have been prepared and presented in accordance with the provisions of the Act
on Credit Institutions, the Ministry of Finance decision regarding credit institutions’ and investment services
providers’ financial statements and the Financial Supervisory Authority’s regulations. In addition, the provisions
of the Accounting Act and the Limited Liability Companies Act concerning financial statements are complied with,
with the exceptions mentioned in Article 30(2) of the Act on Credit Institutions.
Evli’s accounting policies are consistent with those of the Evli Group, except as described below.
Employee benefits
The Evli Group finances all its retirement plans as contributions to pension insurance companies.
Income and deferred taxes
Deferred tax is generally calculated on all temporary differences between the carrying amount of an asset or
liability in the balance sheet and its tax base. The largest temporary differences arise from the depreciation of
fixed assets.
Brokerage receivables and liabilities
The brokerage receivables and liabilities have been netted according to FSA’s regulations.
Leases
Leases of property, plant and equipment in which substantially all the company’s risks and rewards of ownership
are classified as finance leases. In Evli’s financial statements, leases payable under these contracts are treated
as rental expenses. Moreover, an asset acquired under a finance lease is not included in the balance sheet.
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Parent company’s notes to income statement
9.1. FEE AND COMMISSION INCOME
2024 2023
Credit related fees and commissions 0.0 0.0
Income from payment transactions 0.0 0.0
Insurance brokerage - 0.0
Advisory services 1.9 1.7
Securities brokerage 5.7 6.0
Securities issue - 0.0
Mutual funds 45.1 32.3
Asset management 6.7 6.5
Custody services 0.7 0.6
Other operations 1.6 1.9
Commission income, total 61.7 49.1
Profits and losses on sales and changes in the fair value of securities transactions are recorded in the profit and
loss statement. In addition, exchange rate profits and losses relating to the underlying business are recorded
under net income from foreign exchange operations.
9.2. NET INCOME FROM SECURITIES TRANSACTIONS
Gains and
losses on sales
Changes in
fair value
Other
items Total
2024
Debt securities 0.5 - 0.5
Shares and derivative contracts - 0.2 0.2
Net income from securities transactions, total 0.5 0.2 - 0.7
Net income from foreign exchange operations 0.9 -0.4 0.5
Net income from securities transactions
and foreign exchange operations, total
1.4 -0.2 - 1.2
2023
Debt securities 0.0 0.0 - 0.0
Shares and derivative contracts 0.2 1.9 - 2.1
Net income from securities transactions, total 0.2 1.9 - 2.1
Net income from foreign exchange operations 0.6 0.4 - 1.0
Net income from securities transactions
and foreign exchange operations, total
0.8 2.3 - 3.1
9.3. INCOME FROM EQUITY INVESTMENTS
2024 2023
Dividends from financial assets valued at fair value 0.1 0.1
Dividends from subsidiaries 14.6 14.7
Dividends from associated companies 0.4 0.4
Income from equity investments, total 15.1 15.2
9.4. INTEREST INCOME
2024 2023
Claims on credit institutions 8.5 7.2
Claims on the public and public sector entities 0.7 1.3
Other interest income 0.2 0.2
Interest income, total 9.4 8.7
9.5. OTHER OPERATING INCOME
2024 2023
Rental income 0.0 0,0
Other income 3.3 6,8
Other operating income, total 3.3 6,8
9.6. FEE AND COMMISSION EXPENSES
2024 2023
Trading fees paid to stock exchanges -0.1 -0.2
Other commission expenses -7.1 -3.1
Commission expenses, total -7.3 -3.2
9.7. INTEREST EXPENSES
2024 2023
Liabilities to the public, public sector entities and credit institutions -0.2 -0.0
Debt securities issued to the public -4.7 -4.0
Other interest expenses -0.0 -0.0
Interest expenses, total -4.8 -4.0
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9.8.1. PERSONNEL EXPENSES
2024 2023
Wages and salaries -19.0 -15.7
Social security costs -
Pension expenses -2.7 -2.2
Other social security costs -0.4 -0.4
Equity-settled share options 0.0 -2.9
Employee benefits, total -22.1 -21.3
Detailed information on executive remuneration can be found in the remuneration annex of the annual report.
9.8.2. PERSONNEL COUNT
2024 2023
Number of personnel during the period, average 188 181
Number of personnel at the end of the period 188 184
Number of employees per segment
Wealth Management and Investor Clients 131 131
Advisory and Corporate Clients 9 7
Group Operations 48 46
Total 188 184
End of period Change
Permanent full time personnel 164 4
Permanent part time personnel 0 0
Fixed term personnel 24 0
Total 188 4
9.9. OTHER ADMINISTRATIVE EXPENSES
2024 2023
Office expenses -1.5 -1.8
IT and infosystems -8.2 -6.9
Business expenses -1.1 -0.9
Travel expenses -0.5 -0.4
Car costs -0.1 -0.1
Other HR related expenses -1.2 -0.9
Marketing expenses -0.9 -0.7
Banking and custodian expenses -0.6 -0.6
External services -1.0 -1.6
Other administrative expenses, total -14.9 -13.9
9.10. DEPRECIATION AND AMORTIZATION ON TANGIBLE AND INTANGIBLE ASSETS
2024 2023
Applications and software -0.6 -1.8
Other intangible assets - -0.2
Leasehold improvements - -
Equipment and furniture -0.1 -0.2
Depreciation of goodwill -2.6 -2.8
Depreciation, amortization and impaiment losses, total -3.3 -4.9
9.11. OTHER OPERATING EXPENSES
2024 2023
Supervision expenses -0.6 -0.9
Rental expenses -2.6 -1.8
Other expenses - -0.4
Other operating expenses, total -3.2 -3.1
9.12. EXPECTED CREDIT LOSSES ON LOANS AND OTHER RECEIVABLES
2024 2023
Claims on the public and public sector entities
Expected credit losses on group level 0.0 0.0
Expected credit losses individual 0.0 0.0
Guarantees and other off-balance sheet commitments 0.0 0.0
Sales receivables 0.0 0.0
Realised loan losses 0.1 0.0
Impairment losses on other financial assets -0.6 -0.8
Impairment losses, total -0.5 -0.8
9.13. INCOME TAXES
2024 2023
Current tax expense -5.1 -3.0
Taxes from previous years -0.1 -0.1
Deferred taxes 0.0 0.0
Other taxes 0.0 0.0
Income taxes, total -5.2 -3.1
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Parent company’s notes to balance sheet
9.14. CASH AND EQUIVALENTS
2024 2023
Petty cash 0.0 0.0
Balances with central banks 0.0 0.0
Other 0.0 0.0
Cash and cash equivalents total 0.0 0.0
9.15. CLAIMS ON CREDIT INSTITUTIONS
2024 2023
Repayable on demand
Domestic credit institutions 96.5 88.4
Foreign credit institutions 0.3 0.0
Repayable on demand, total 96.8 88.5
Other than repayable on demand
Domestic credit institutions 0.3 0.3
Foreign credit institutions 2.1 3.9
Other than repayable on demand, total 2.3 4.2
Claims on credit institutions, total 99.1 92.7
9.16. CLAIMS ON THE PUBLIC AND PUBLIC SECTOR ENTITIES
2024 2023
Enterprises and housing associations 4.3 7.0
Financial and insurance corporations 0.3 0.3
Households 5.0 8.3
Foreign countries 1.0 3.5
Group companies 15.5 18.3
Claims on the public and public sector entities by sector, total 26.3 37.4
9.17. DEBT SECURITIES
2024 2023
Publicly quoted 0.0 0.0
Others
Bonds issued by banks 2.0 2.0
Other debt securities 1.3 0.0
Debt securities, total 3.3 2.0
Debt securities are valued at fair value and relate to Finnish investments.
9.18. SHARES AND PARTICIPATIONS
2024 2023
Publicly quoted
Held for trading 0.0 0.9
Other 30.5 28.6
Shares and participations, total 30.5 29.6
Others
Held for trading
Other 9.8 10.8
Others, total 9.8 10.8
Shares and participations, total 40.3 40.4
Net risk position is described in section Market Risk, Notes on Risk Position.
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9.19. DERIVATIVE CONTRACTS
Overall effect of risks associated with derivative contracts
Nominal value of underlying, gross
Remaining maturity
2024 Less than 1 year 1-5 years 5-15 years Fair value (+/-) ASSETS LIABILITIES
Kaupankäyntitarkoituksessa pidettävät
Koronvaihtosopimukset 1.4 6.2 -0.4 -0.1 7.1 7.1
Termiinisopimukset - - - - - -
Ostetut optiot - - - - - -
Asetetut optiot - - - - - -
Valuuttajohdannaiset - - - - - -
Kaupankäyntitarkoituksessa pidettävät yhteensä 1.4 62 -0.4 -0.1 7.1 7.1
2023
Held for trading
Interest rate swaps 0.1 5.7 0.2 -0.1 5.9 6.0
Futures - - - - - -
Options bought - - - - - -
Options sold - - - - - -
Currency-linked derivatives - - - - - -
Held for trading, total 0.1 5.7 0.2 -0.1 5.9 6.0
9.20. SHARES AND PARTICIPATIONS IN ASSOCIATES AND JOINT VENTURES
2024 2023
At the beginning of the period 6.2 6.9
Additions 5.5 0.1
Disposals -0.6 -0.8
At the end of the period 11.1 6.2
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9.21. INTANGIBLE ASSETS AND GOODWILL
2024 2023
Goodwill
Cost at 1.1 19.2 19.2
Increases/Decreases - -
Cost at 31.12. 19.2 19.2
Accumulated depreciation at 1.1 -4.4 -1.6
Impairment losses for the period -2.6 -2.8
Accumulated depreciation at 31.12. -7.0 -4.4
Book value at 31.12. 12.2 14.8
Software or projects in progress
Cost at 1.1 0.0 0.0
Increases/Decreases 0.0 0.0
Cost at 31.12. 0.0 0.0
Book value at 31.12. 0.0 0.0
Applications and software
Cost at 1.1 22.7 22.2
Increases/Decreases 0.3 0.5
Cost at 31.12. 23.0 22.7
Accumulated amortisation and impairment losses at 1.1 -21.5 -19.7
Amortisation for the period -0.6 -1.8
Accumulated amortisation and impairment losses at 31.12. -22.1 -21.5
Book value at 31.12. 0.9 1.2
Other intangible assets
Cost at 1.1 2.5 2.3
Increases/Decreases - 0.2
Cost at 31.12. 2.5 2.5
Accumulated amortisation and impairment losses at 1.1 -2.5 -2.3
Amortisation for the period - -0.2
Accumulated amortisation and impairment losses at 31.12. -2.5 -2.5
Book value at 31.12. 0.0 0.0
The most significant "Other intangible assets" are client relationships.
Book value of intangible assets at 31.12. 13.2 16.0
Intangible assets, total at 31.12. 13.2 16.0
9.22. PROPERTY, PLANT AND EQUIPMENT
2024 2023
Equipment and furniture
Cost at 1.1 2.1 1.7
Exchange difference - -
Increases/Decreases 0.2 0.3
Cost at 31.12. 2.2 2.1
Accumulated amortisation and impairment losses at 1.1 -1.7 -1.5
Translation difference from depreciation for the period - -
Amortisation for the period -0.1 -0.2
Accumulated amortisation and impairment losses at 31.12. -1.8 -1.7
Book value at 31.12. 0.4 0.4
Leasehold improvements
Cost at 1.1 1.4 1.4
Cost at 31.12. 1.4 1.4
Accumulated depreciation at 1.1 -1.4 -1.4
Depreciation for the period - 0.0
Accumulated depreciation at 31.12. -1.4 -1.4
Book value at 31.12. 0.0 0.0
Other tangible assets
Cost at 1.1 0.6 0.6
Cost at 31.12. 0.6 0.6
Book value at 31.12. 0.6 0.6
Property, plant and equipment, total at 31.12. 1.0 1,0
Book value of tangible assets at 31.12. 1.0 1.0
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9.23. OTHER ASSETS
2024 2023
Securities sale receivables 0.5 1.2
Commission receivables 3.1 3.3
Securities brokerage receivables 0.0 0.1
Other receivables* 3.8 5.4
Other assets total 10.1 10.1
*Other receivables include, inter alia, intra-group receivables.
9.24. ACCRUED INCOME AND PREPAYMENTS
2024 2023
Interest 0.4 0.1
Taxes - 0.1
Staff-related 0.0 0.1
Other items 0.9 1.1
Accrued income and prepayments total 1.4 1.4
9.25. DEFERRED TAX ASSETS
2024 2023
Tax assets
Due to timing differences* 1.3 1.3
Other temporary differences
From tax losses carried forward 0.0 0.0
Deferred taxes total 1.3 1.3
Deferred tax assets result mainly from the valuation of Alisa Bank shares regognized directly in equity.
9.26. LIABILITIES TO CREDIT INSTITUTIONS AND CENTRAL BANKS
2024 2023
Credit institutions
Repayable on demand 0.0 0.0
Other than repayable on demand 6.0 3.4
Liabilities to credit institutions and central banks, total 6.0 3.4
9.27. DEBT SECURITIES ISSUED TO THE PUBLIC
2024 2023
Certificate of deposits 0.0 0.0
Bonds 99.4 106.7
Debt securities issued to the public, total 99.4 106.7
CHANGES IN BONDS ISSUED TO THE PUBLIC 2024 2023
Issues 39 34.1
Repurchases 32.5 23.7
9.28. DERIVATIVE CONTRACTS AND OTHER LIABILITIES HELD FOR TRADING
2024 2023
Derivative contracts 7.1 6.0
Due to short selling of shares 0 0.0
Derivative contracts and other liabilities held for trading, total 7.1 6.0
9.29. OTHER LIABILITIES
2024 2023
Securities brokerage liabilities 0.0 0.0
Securities purchase liabilities 1.2 0.0
Finance lease payables 0.0 0.0
Right-of-use liability 0.0 0.0
Income tax payable 0.1 0.1
Personnel related 0.4 0.5
Other short-term liabilities* 2.6 5.0
Prepayments of cash customers 0.0 0.0
VAT payable 0.2 0.2
Other liabilities, total 4.6 5.7
*Other short-term liabilities are trading-related short-term liabilities
9.30. ACCRUED EXPENSES AND DEFERRED INCOME
2024 2023
Interest 0.0 0.0
Tax payables
1.9
2.5
Personnel related 10.0 10.0
Other accrued expenses 1.0 1.2
Accrued expenses and deferred income, total 12.9 13.7
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9.31. SHARE CAPITAL Shares EUR
2024 A-share B-share Shares total Share capital Fair value reserve
Fund of invested
unrestricted equity Retained earnings Total equity
At the beginning of period 1.1. 14,425,812 12,059,087 26,484,899 53.7 -5.1 15.9 34.6 99.2
Additions 20,000 20,000 30.7
Decreases -20,000 -20,000 -0.1 -30.7 -30.8
At the end of period 31.12. 14,405,812 12,079,087 26,484,899 53.7 -5.1 15.9 3.9 99.2
2023
At the beginning of period 2.4. 14,485,148 11,790,154 26,275,302 53.7
-2.7 25.1 29.7
105.9
Additions - 268,933 268,933 -
- - 25.9
25.9
Decreases -59,336 - -59,336 -
-2.3 -9 -21
-32.6
At the end of period 31.12. 14,425,812 12,059,087 26,484,899 53.7
-5.1 15.9 34.6
99.2
9.32. MATURITIES OF ASSETS AND LIABILITIES
2024 Total
Maturity:
less than 3 months
Maturity:
3-12 months
Maturity:
1-5 years
Maturity:
over 5 years
Assets
Financial assets at amortized cost
Cash and cash equivalents 0.0 0.0 0.0 0.0 0.0
Claims on credit institutions 99.1 99.1 0.0 0.0 0.0
Claims on the public and public sector entities 26.3 1.9 3.4 21.0 0.0
Financial assets at fair value through profit or loss
Debt securities 3.3 0.0 0.0 3.3 0.0
Shares and participations 40.3 27.9 0.0 0.0 12.4
Derivative contracts 7.1 1.4 0.0 6.2 -0.4
Accrued interest 0.4 0.1 0.4 0.0 0.0
Other assets 8.4 8.4 0.0 0.0 0.0
Liabilities
Financial liabilities at amortized cost
Liabilities to credit institutions 6.0 6.0 0.0 0.0 0.0
Debt securities issued to the public 99.6 15.8 0.5 73.6 9.7
Financial liabilities at fair value through profit or loss 7.1 1.4 0.0 6.2 -0.4
Accrued interest, debt 0.0 0.0 0.0 0.0 0.0
Other liabilities 17.5 17.5 0.0 0.0 0.0
Off-balance sheet commitments 3.2 0.4 0.0 0.1 2.7
Rental commitmens
8.5 0.5 1.5 6.5 0.0
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2023 Total
Maturity:
less than 3 months
Maturity:
3-12 months
Maturity:
1-5 years
Maturity:
over 5 years
Assets
Financial assets at amortized cost
Cash and cash equivalents 0.0 0.0 0.0 0.0 0.0
Claims on credit institutions 92.7 92.7 0.0 0.0 0.0
Claims on the public and public sector entities 37.3 2.0 7.2 28.2 0.0
Financial assets at fair value through profit or loss
Debt securities 2.0 0.0 0.0 2.0 0.0
Shares and participations 40.4 29.6 0.0 0.0 10.8
Derivative contracts 6.0 0.2 -0.4 5.9 0.2
Accrued interest 0.1 0.0 0.1 0.0 0.0
Other assets 54.3 54.3 0.0 0.0 0.0
Liabilities
Financial liabilities at amortized cost
Liabilities to credit institutions 3.4 3.4 0.0 0.0 0.0
Debt securities issued to the public 106.7 6.0 11.7 79.6 9.4
Financial liabilities at fair value through profit or loss 6.0 0.2 -0.4 5.9 0.2
Accrued interest, debt 0.0 0.0 0.0 0.0 0.0
Other liabilities 62.3 62.3 0.0 0.0 0.0
Off-balance sheet commitments 5.3 0.0 0.0 2.6 2.8
Rental commitmens
10.4 0.6 1.4 7.6 0.8
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9.33. ASSETS AND LIABILITIES IN DOMESTIC AND FOREIGN CURRENCIES
2024
Domestic
currency
Foreign
currency Total
Assets
Financial assets at amortized cost
Claims on credit institutions 96.4 2.7 99.1
Claims on the public and public sector entities 25.9 0.4 26.3
Financial assets at fair value through profit or loss
Debt securities 2.6 0.7 3.3
Shares and participations 65.7 3.6 69.2
Derivative contracts 7.1 - 7.1
Other asset items 24.4 -0.0 24.3
Total 222.0 7.3 229.3
Liabilities
Financial liabilities at amortized cost
Liabilities to credit institutions 6.0 - 6.0
Debt securities issued to the public 99.4 - 99.4
Derivative contracts
7.1 - 7.1
Other liabilities items 17.4 0.2 17.5
Total 129.9 0.2 130.1
2023
Domestic
currency
Foreign
currency Total
Assets
Financial assets at amortized cost
Claims on credit institutions 84.7 8.0 92.7
Claims on the public and public sector entities 37.0 0.4 37.4
Financial assets at fair value through profit or loss
Debt securities 2.0 - 2.0
Shares and participations 56.4 4.4 60.8
Derivative contracts 5.9 - 5.9
Other asset items 33.5 2.5 36.0
Total 219.4 15.3 234.8
Liabilities
Financial liabilities at amortized cost
Liabilities to credit institutions 3.4 - 3.4
Debt securities issued to the public 106.7 - 106.7
Derivative contracts 6.0 - 6.0
Other liabilities items 16.7 2.7 19.4
Total 132.8 2.7 135.5
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9.34. SECURITIES LENDING
2024 2023
Market value of securities lending at 31.12., lent in 0.0 0.0
Market value of securities lending at 31.12., lent out 0.0 0.0
9.35. FAIR VALUES AND BOOK VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
2024 Book value Fair value Level 1 Level 2 Level 3
Financial assets
Liquid assets
Claims on credit institutions 99.1 99.1
Claims on the public and public sector entities 26.3 26.3
Debt securities 3.3 3.3 3.3
Shares and participations 40.3 40.3 30.5 - 9.8
Derivative contracts 7.1 7.1 7.1
Financial liabilities
Liabilities to credit institutions 6.0 6.0
Debt securities issued to the public 99.4 98.5
Derivative contracts and other liabilities held for trading 7.1 7.1 7.1
2023 Book value Fair value Level 1 Level 2 Level 3
Financial assets
Liquid assets - -
Claims on credit institutions 92.7 92.7
Claims on the public and public sector entities 37.4 37.4
Debt securities 2.0 2.0 2.0
Shares and participations 40.4 40.4 29.6 10.8
Derivative contracts 5.9 5.9 5.9
Financial liabilities
Liabilities to credit institutions 3.4 3.4
Debt securities issued to the public 106.7 105.7
Derivative contracts and other liabilities held for trading 6.0 6.0 6.0
9.36. RISK MANAGEMENT - GIVEN AND RECEIVED COLLATERALS
2024
Fair value of en-
cumbered assets
Fair value of un-
encumbered
assets
of which
usable as
collateral
ASSETS
Liquid assets and Central Bank deposits
Claims on credit institutions 2.3 96.8 96.8
Claims on the public and public sector entities - 26.3 -
Debt securities - 3.3 3.3
Shares and participations - 40.3 40.3
Other assets - 62.6 -
Total 2.3 229.3 140.4
2023
ASSETS
Liquid assets and Central Bank deposits - - -
Claims on credit institutions 4.2 88.5 88.5
Claims on the public and public sector entities - 37.4 -
Debt securities - 2.0 2.0
Shares and participations - 40.4 40.4
Other assets - 66.6 -
Total 4.2 234.8 130.8
USAGE OF COLLATERAL 2024 2023
Collaterals placed
Markeplace collateral, stock- and derivatives trades 0.1 0.1
Collateral for OTC derivatives trades 2.1 3.9
Collateral for securities lending 0.1 0.1
Total 2.3 4.2
Received collateral
Received cash 6.0 3.4
Received securities 84.2 96.9
Total 90.3 100.3
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9.37. FEES PAID TO AUDITORS
2024 2023
Tilintarkastus
Ernst & Young Oy 0.1 0.1
PricewaterhouseCoopers Oy - 0.1
Assignments referred to in section 1, subsection 1, point 2 of the Audit Act
Ernst & Young Oy 0.0 0.0
PricewaterhouseCoopers Oy - 0.0
Tax advice
Ernst & Young Oy 0.0 0.0
PricewaterhouseCoopers Oy - 0.0
Other services
Ernst & Young Oy 0.0 0.0
PricewaterhouseCoopers Oy - 0.0
Total 0.1 0.2
9.38. BREAKDOWN OF OFF-BALANCE SHEET COMMITMENTS
2024 2023
Irrevocable commitments given in favour of a customer 2.7 2.8
Rental commitments 8.5 10.4
Unused credit facilities, given to clients 0.5 2.6
Commitments given on behalf of a customer for a third party include collaterals for derivatives positions given on behalf of
customers. The customers have covered their derivatives collateral to Evli in full. Other irrevocable commitments given on behalf of a
customer comprise subscription commitments guaranteed on behalf of customers.
| MANDATORY ELEMENTS OF THE ESEF TAXONOMY | |
| Name of reporting entity or other means of identification | |
| Domicile of entity | |
| Legal form of entity | |
| Country of incorporation | |
| Address of entity's registered office | |
| Principal place of business | |
| Description of nature of entity's operations | |
| and principal activities | |
| Name of parent entity | |
| Name of ultimate parent of group |
The ESEF report has been assured by the auditors.
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
191
The Board of Directors’ proposal to the general
meeting for the distribution of profits
The parent company’s distributable assets on December 31, 2024, totaled EUR 50.6 million of which EUR 34.7 million were retained earnings and EUR 15.9 million were
in the reserve for invested unrestricted equity. When calculating the distributable assets, the parent company’s capitalized development costs of EUR 0.9 million
needs to be deducted. The Board of Directors proposes to the Annual General Meeting of Shareholders that a dividend of up to EUR 1.18 per share be paid. The total
proposed dividend calculated according to the number of shares (excluding own shares held by the company) on the balance sheet date is EUR 31.3 million. There
have been no major changes in the company’s financial position after the end of the financial year. The proposed distribution of profit does not endanger the financial
solidity or liquidity of the company.
Helsinki February 14, 2025
Auditor’s Note
Based on the auditing an audit report has been issued today.
Helsinki, February 18, 2025
Ernst & Young Oy (EY)
Authorized Public Accountants
Robert Ingman
Chairperson
Miikka Hietala
Authorised Public Accountant
Antti Kuljukka
Christina Dahlblom
Tomi Närhinen
Fredrik Hacklin
Maunu Lehtimäki
CEO
Sari Helander
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
192
Auditor’s report
(Translation of the Finnish original)
To the Annual General Meeting of Evli Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Evli Oyj (business identity code 3239286-2) for the year ended 31
December, 2024. The financial statements comprise the consolidated balance sheet, statement of comprehensive
income, statement of changes in equity, statement of cash flows and notes, including material accounting policy
information, as well as the parent company’s balance sheet, income statement, statement of cash flows and
notes.
In our opinion
- the consolidated financial statements give a true and fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU.
- the financial statements give a true and fair view of the parent company’s financial performance and financial
position in accordance with the laws and regulations governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent company
and group companies are in compliance with laws and regulations applicable in Finland regarding these
services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation
(EU) 537/2014. The non-audit services that we have provided have been disclosed in consolidated financial
statements note 8.7 and note 9.37 in the parent company’s financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying financial statements.
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
193
Responsibilities of the Board of Directors and the Managing Director for the Financial
Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the
EU, and of financial statements that give a true and fair view in accordance with the laws and regulations
governing the preparation of financial statements in Finland and comply with statutory requirements. The Board
of Directors and the Managing Director are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability to continue as going concern, disclosing, as applicable,
matters relating to going concern and using the going concern basis of accounting. The financial statements
are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent
company or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the parent company’s or the group’s internal control.
We have also addressed the risk of management override of internal controls. This includes consideration of
whether there was evidence of management bias that represented a risk of material misstatement due to fraud.
There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of
Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements.
KEY AUDIT MATTER MHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Recognition of commission income
We refer to the accounting policy and the note 2.1
“Fee and commission income”
The commission income in the consolidated financial
statements mainly consist of fund management
fees, asset management fees, securities brokerage
fees and advisory fees. The total amount of
commission fees amounted to 111,3 million euros,
which is 87,8% of the net revenue of the group.
Commission income includes performance-based
fees and fee reimbursements. There are manual
phases in the processing of commission income
recognition. Recognition of commission income was
determined to be key audit matter as management
estimation and assumptions are involved regarding
the timing and measurement of performance-
based fees recognition and fee reimbursements.
Our audit procedures included, among others,
evaluation of the revenue recognition principles in
the group accounting policies in accordance with the
applicable accounting standards. We assessed the
processes and IT-systems supporting recognition
of commission income. We audited the accruals of
recognition of commission income by utilizing data-
analytic methods. In addition, we tested single
transactions to verify proper cut-off of commission
income and matched against agreements.
We also evaluated the appropriateness and
sufficiency the of the disclosures made by
management.
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
194
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
- Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the parent company or the
group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial
statements give a true and fair view.
- Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the
group financial statements. We are responsible for the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on March 14, 2024 and our appointment
represents a total period of uninterrupted engagement of two years.
Other information
The Board of Directors and the Managing Director are responsible for the other information. The other
information comprises the report of the Board of Directors and the information included in the Annual Report,
but does not include the financial statements and our auditor’s report thereon. We have obtained the report of
the Board of Directors and the Annual Report prior to the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
With respect to report of the Board of Directors, our responsibility also includes considering whether the report
of the Board of Directors has been prepared in compliance with the applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in
the financial statements and the report of the Board of Directors has been prepared in compliance with the
applicable provisions.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Helsinki February 18, 2025
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
195
GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
Independent Auditor’s Report on the ESEF
Consolidated Financial Statements of Evli Oyj
To the Board of Directors of Evli Oyj
We have performed a reasonable assurance engagement on the financial statements evli-2024-12-31-fi.zip
of Evli Oyj (y-identifier: 3239286-2) that have been prepared in accordance with the Commission’s regulatory
technical standard for the financial year ended 31.12.2024.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the company’s report
of Board of Directors and financial statements (the ESEF financial statements) in such a way that they comply
with the requirements of the Commission’s regulatory technical standard. This responsibility includes:
- preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission’s
regulatory technical standard
- tagging the primary financial statements, notes and company’s identification data in the consolidated financial
statements that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of
the Commission’s regulatory technical standard and
- ensuring the consistency between the ESEF financial statements and the audited financial statements
The Board of Directors and the Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of ESEF financial statements in accordance the requirements
of the Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are applicable in Finland
and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The firm applies International Standard on Quality Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance
on the financial statements that have been prepared in accordance with the Commission’s technical regulatory
standard. We express an opinion on whether the consolidated financial statements that are included in the ESEF
financial statements have been tagged, in all material respects, in accordance with the requirements of Article 4
of the Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted
a reasonable assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000.
The engagement includes procedures to obtain evidence on:
- whether the primary financial statements in the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission's regulatory technical standard and
- whether the notes and company's identification data in the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with
the requirements of Article 4 of the Commission's regulatory technical standard and
- whether there is consistency between the ESEF financial statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an
assessment of the risk of material deviations due to fraud or error from the requirements of the Commission’s
technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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GovernanceResponsibility Financial ReviewBusiness Overview Financial Review
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial
statements, notes and company's identification data in the consolidated financial statements that are included
in the ESEF financial statements of Evli Oyj evli-2024-12-31-fi.zip for the financial year ended 31.12.2024 have
been tagged, in all material respects, in accordance with the requirements of the Commission's regulatory
technical standard.
Our opinion on the audit of the consolidated financial statements of Evli Oyj for the financial year ended
31.12.2024 has been expressed in our auditor's report 18.2.2025. With this report we do not express an opinion
on the audit of the consolidated financial statements nor express another assurance conclusion.
Helsinki 18.2.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
197
GOVERNANCE
GovernanceResponsibility Financial ReviewBusiness Overview Governance
The governance of Evli Plc (“Evli” or “company”) is based on the Articles of Association, the Finnish Limited Liability
Companies Act, applicable statutory provisions governing the Finnish securities markets, the Market Abuse
Regulation (MAR), the regulations of the Finnish Financial Supervisory Authority, the rules and regulations of
Nasdaq Helsinki Ltd, and other statutes and regulations concerning the governance of public limited companies.
The Articles of Association, the published policies and other information on Evli’s corporate governance can be
found at the company’s website evli.com/en/investors.
Evli also complies with the Finnish Corporate Governance Code 2025 issued by the Securities Market
Association. The Code can be viewed in full on the Securities Market Association’s website at cgfinland.fi/en. This
Corporate Governance Statement referred to in Chapter 7, section 7 of the Securities Markets Act (746/2012)
has been compiled in compliance with the Finnish Corporate Governance Code 2025, and it has been prepared
as part of the Board of Directors’ Report.
Evli’s business structure
Evli’s business operations are organized around two client segments: Wealth Management and Investor Clients,
and Advisory and Corporate Clients. The segments are supported by common group functions, which include
Information Management, Financial Administration, Marketing, Communications and Investor Relations, Legal
and Compliance, Human Resources, Internal Services, Risk Management, and Internal Audit.
Evli’s governance structure
Evli’s management and business operations are the responsibility of the General Meeting, the Board of Directors
and the CEO, whose tasks are determined in the Finnish Limited Liability Companies Act and in Evli’s Articles of
Association. Evli Group’s Executive Group assists the CEO in the operative management of the company. The
Executive Group consists of managers of the business areas and group functions, and it helps the CEO in the
approval and execution of Group-level operating principles and procedures.
Corporate Governance
Statement
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
GENERAL MEETING OF
SHAREHOLDERS
AUDITORS
CEO
BOARD OF DIRECTORS
Audit and Risk Committee
Compensation Committee
GENERAL MEETING
Evli Plc’s Governance Structure
RISK MANAGEMENT AND
INTERNAL AUDIT
Risk management
Compliance
Internal audit
EXECUTIVE GROUP
Evli’s Board of Directors is primarily responsible for Evli Group’s risk management. The Board of Directors
confirms the principles and responsibilities of risk management, the risk limits of the Group and other general
guidelines according to which risk management and internal audit are organized.
General Meeting of Shareholders
The ultimate decision-making power in the company is exercised by shareholders at General Meetings. By
participating in the General Meeting either personally or via a proxy, a shareholder may exercise his/her right to
vote and make inquiries and participate in decision-making on matters concerning the company. At the General
Meeting, each Series A share of Evli entitles its holder to twenty (20) votes and each Series B share to one (1)
vote. General Meetings are held at least once a year. The Annual General Meeting (AGM) is held upon completion
of the company’s financial statements, at a place and on a date designated by the Board of Directors. The date
must be no later than the end of June.
Matters to be discussed at a General Meeting are specified in the Limited Liability Companies Act and in Evli’s
Articles of Association. The General Meeting normally discusses not only the matters specified by law and in
the Articles of Association but also items presented at the meeting by the Board of Directors. Under the Limited
Liability Companies Act, shareholders are also entitled to bring up for discussion at a General Meeting any
matter that falls within the authority of the meeting.
A notice to the General Meeting is published no earlier than three (3) months prior the record date of the General
Meeting, and no later than three (3) weeks prior to the General Meeting, however, no later than nine (9) days
before the record date of the General Meeting. The notice is published on Evli’s website (evli.com) and as a stock
exchange release. The Board of Directors may, at their discretion, announce the General Meeting in one or more
newspapers. Documents to be presented in the General Meeting and the Board’s proposals for decisions to the
General Meeting are made available at Evli’s website (evli.com) three (3) weeks before the General Meeting.
Annual General Meeting (AGM)
At the AGM, information is presented about the company’s activities. The AGM also decides on the following:
- the adoption of the financial statements for the previous financial year
- the company’s profit distribution
- discharging the Board members and the CEO and his/her deputy from liability
- the election of Board members and their remuneration
- the appointment of auditors and their remuneration.
Extraordinary General Meeting
The Board of Directors may convene an Extraordinary General Meeting if it considers this necessary. The
auditor and any shareholder with more than ten percent of the company’s shares also have the right to
demand that an Extraordinary General Meeting be called to discuss a matter to be presented by the auditor or
shareholder
Shareholders' Nomination Board
Evli Plc's Annual General Meeting on March 14, 2024 decided to establish a Shareholders' Nomination Board. The
main responsibility of the Shareholders' Nomination Board is to ensure that the company’s Board of Directors
and its members have sufficient expertise, knowledge, and experience to meet the needs of the company. The
Nomination Board prepares and presents proposals to the General Meeting on the number, remuneration, and
election of the members of the Board.
The Nomination Board consists of four members nominated by the company's four largest shareholders. The
members of the Nomination Board are appointed annually, and their term of office ends when new members
have been appointed. The appointment right rests with the shareholders that hold the largest share of votes
conferred by all shares in the Company pursuant to the shareholders’ register maintained by Euroclear Finland
Ltd on the last business day of August preceding the annual general meeting. If a shareholder does not wish to
exercise his/her right to appoint a member of the Nomination Board, the right shall be transferred to the next
largest shareholder.
Each year, the Chairperson of the Board of Directors will request each of the four largest shareholders to
appoint one member to the Nomination Board by the last day of September.
The following members were appointed to the first Evli Plc’s Nomination Board on September 4, 2024:
- Henrik Andersin (appointed by Oy Scripo Ab)
- Thomas Thesleff (appointed by Oy Prandium Ab)
- Roger Kempe (appointed by Oy Fincorp Ab)
- Robert Ingman (appointed by Ingman Group Oy Ab)
Henrik Andersin was elected as Chairperson of the Nomination Board.
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
Board of Directors
Evli’s AGM elects each year a Board of Directors (“Board”), which, between General Meetings, exercises the
ultimate decision-making power in Evli Group. The task of Evli’s Board is to manage the company in accordance
with the laws and official regulations, and in compliance with the Articles of Association and the decisions of the
General Meeting.
Duties of the Board of Directors
The Board has approved a written procedure defining its duties and meeting practices. The tasks of the Board
are, among others:
- taking responsibility for the company’s administration and appropriate organization of operations
- ensuring that the company’s accounting and asset management are monitored in an appropriate manner
- handling all matters that are of extensive and fundamental importance for the operation of the company and
the entire Group
- deciding upon the Evli Group’s business strategy and approving the budget
- confirming the principles for the arrangement of Evli Group’s risk management and internal audit
- appointing the CEO and the members of the Executive Group and relieving them of their duties
- deciding on the CEO’s salary and other benefits
- approving the objectives for the Group’s human resources planning and monitoring their implementation
- deciding the basis for the Group’s remuneration system and other comprehensive matters that concern the
personnel.
In accordance with the principles of good governance, the Board also ensures that the company, in its
operations, endorses the corporate values that have been set out for compliance. The Board conducts an annual
review of its activities and working practices in the form of an internal self-assessment.
Composition of the Board of Directors
At the AGM, four to eight (4–8) members are elected to the Board of Directors of Evli by representatives of
major shareholders and external independent experts. The Shareholders’ Nomination Board prepares a proposal
on the composition of the Board for the AGM. The Board members should be elected so that the composition of
the Board is as diverse as possible and supports Evli’s business goals and meets the following principles:
- The Board as a whole must have sufficient competence and experience to be able to carry out its duties
diligently and efficiently, taking into consideration the type and scope of the company’s operations and its
strategic goals and the changes within business and the rest of society.
- The members of the Board should have supplementary education and skills and experience in areas that are
important to the company.
- The members of the Board should have experience of Board work and executive duties in business or other
areas of society.
- The Board should include both men and women as far as it is possible.
- The Board should also be diverse in terms of age distribution and number of terms.
In addition, in accordance with the Corporate Governance Code 2025, persons elected to the Board must have
the opportunity to spend sufficient time carrying out their duties. All Board candidates must submit their own
assessment of their independence to the Board at least once every year. In addition, the company also evaluates
the independence of all existing members on the basis of documents in its possession and, when needed, using
public documents in accordance with the Corporate Governance Code 2025 issued by the Securities Market
Association or other applicable regulations.
The Board members are elected for a term of one year, which starts at the conclusion of the AGM and ends at
the conclusion of the next AGM following the election. The Board elects a Chairperson and a Deputy Chairperson
among themselves.
After the Annual General Meeting on March 14, 2024, the members of the Board of Directors of Evli were
Christina Dahlblom, Fredrik Hacklin, Sari Helander, Robert Ingman (Chair), Antti Kuljukka and Tomi Närhinen.
The Board consists of industry experts and the company’s major shareholders. All Board members are
independent of the company. With the exception of Robert Ingman, the other Board members are independent
of the company’s significant shareholders. Based on the shareholdings of a controlled company, Robert Ingman
is not independent of the company’s significant shareholders.
In 2024, the Board met 11 times. The Board members’ average attendance rate at meetings was 98.7 percent.
The participation of each member in the meetings is listed in Table 1: Evli Plc’s Board of Directors on December
31, 2024.
Diversity of the Board of Directors
The Board has a diversity policy that includes diversity principles. Diversity strengthens Evli’s goal of having
a Board whose overall competence profile supports the development of Evli’s business. Diversity is seen as a
key success factor that enables Evli to reach its strategic goals and continuously improve its client-centric
operations.
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
The diversity of the Board is viewed from different perspectives. For Evli, the essential factors are the Board
members’ complementary and versatile expertise and experience in various business areas and industries as
well as in management. Taking into account the age and gender distribution of the Board members supports
diversity. The Board evaluates its activities, working practices and the implementation and development of
diversity to achieve its diversity objectives in the annual self-evaluation discussion.
At the end of the financial year 2024, the Board members represented a wide range of expertise on
management and board tasks in several industries and in various business areas, and their educational
backgrounds and expertise complement each other. Both genders were represented on the Board. Of the Board
members, two (33%) were female and four (67%) were male. The median age was 56, and the age difference
between the youngest and the oldest member was 17 years.
The Board members are introduced in Table 1: Evli Plc’s Board of Directors on December 31, 2024.
Committees set up by the Board
The Board has established an Audit and Risk Committee and a Compensation Committee to prepare matters
to be handled by the Board. The committees have no independent decision-making power; instead, decisions
are made by the Board on the basis of recommendations and information supplied by the committees. The
committees make regular reports on their activities to the Board.
Audit and Risk Committee
The Audit and Risk Committee is responsible for assisting the Board in ensuring that the company has an
adequate internal audit system covering all operations and that the company’s risk management has been
arranged appropriately. It also monitors the financial statements reporting process.
The Audit and Risk Committee is also responsible for
- Overseeing the accuracy and correctness of the company’s financial reporting and monitoring the statutory
auditing of the financial statements and consolidated financial statements.
- Preparing the proposal on the appointment of auditors and the auditors’ fees, to be made to the AGM.
- Ensuring that the company’s operations and internal audit have been arranged in accordance with all
applicable laws, regulations, and good management and governance practices.
- Monitoring the activity and efficiency of the internal audit function.
- Assessing the independence of the statutory auditor or auditing firm, and especially the provision of ancillary
services to the company.
The Audit and Risk Committee consists of at least three members, who may not be part of the company’s
management and must be independent of the company. In addition to the Committee’s regular members, the
meetings are attended by the auditors, the CEO, the CFO, and the internal auditor. The Committee meets every
quarter.
After the Annual General Meeting on March 14, 2024, the Audit and Risk Committee’s members were Sari
Helander (Chair), Antti Kuljukka and Tomi Närhinen. In 2024, the Committee met five times. The Audit and Risk
Committee members’ average attendance rate at meetings was 100 percent. The participation of each member
in the meetings is listed in Table 1: Evli Plc’s Board of Directors on December 31, 2024.
Compensation Committee
The Compensation Committee is responsible for assisting the Board in the preparation of matters related to the
company’s employment terms and compensation.
In addition, the Compensation Committee assists the Board in the following:
- Preparation of matters related to the compensation and incentive systems for management and personnel.
- Regular assessment of the functioning of and compliance with the compensation system.
In addition, the Compensation Committee prepares the remuneration policy and remuneration report of the
company’s governing bodies.
The Committee consists of at least three members, elected by the Board from among its members. The
Committee Chairperson is chosen from among the Committee members and must be an independent Board
member.
After the Annual General Meeting on March 14, 2024, the members of Evli’s Compensation Committee were
Fredrik Hacklin (Chair), Christina Dahlblom and Robert Ingman. In 2024, the Committee met four times. The
Compensation Committee members’ average attendance rate at meetings was 100 percent. The participation of
each member in the meetings is listed in Table 1: Evli Plc’s Board of Directors on December 31, 2024.
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
Name and personal data Main occupation and experience Role in the Board
Attendance in Board
meetings
Attendance in Audit
and Risk Committee
meetings
Attendance in Com-
pensation Committee
meetings
Ownership of the
company’s A shares
(number of shares)
1
Ownership of the
company’s B shares
(number of shares)
1
Independent of the
company
Independent of the
shareholders
Robert Ingman
- Male
- Born 1961
- M.Sc. (Tech.), M.Sc. (Econ.)
- Board professional
- Chair of the Boards of Ingman Group Oy Ab, Ingman Finance Oy Ab,
Ingman Development Oy Ab, Digia Plc, Etteplan Oyj, Qt Group Plc, and
Halti Oy
- Chair of the Board since
March 14, 2024
- In Evli Plc’s Board since April
2, 2022 (in Evli Bank Plc’s
Board 2010-April 1, 2022)
- Member of the
Compensation Committee
10/11 1/1 3/3 1,860,000
2
915,000
2
X
Christina Dahlblom
- Female
- Born 1978
- Ph.D. (Econ.)
- Entrepreneur, Flo Co Oy
- Professor of Practice, Hanken School of Economics
- Previously served as entrepreneur and in various management
positions at Miltton Group, Hanken & SSE Executive Education Ab, and
TNS Gallup Oy
- Vice-Chairman of the Board of Nuorten yrittäjyys ja talous NYT ry,
Member of the Board of Viking Line Abp, Vice-Chairman of the
Supervisory Board of Tre Smeder Foundation, and Member of the
Supervisory Board of Hive Helsinki Sr
- Member of the Board
- In Evli Plc’s Board since
March 14, 2023
- Member of the
Compensation Committee
11/11 - 4/4 - 1,000 X X
Fredrik Hacklin
- Male
- Born 1978
- Ph.D. (Management), M.Sc.
(Engineering)
- Professor, Director and Member of Executive Committee at ZHAW
School of Management and Law, Zurich
- Previous positions at Booz Allen Hamilton, Harvard University, and
Ericsson
- Advised multinationals and governments on entrepreneurship,
strategy and technology management
- Member of the Board
- In Evli Plc’s Board since April
2, 2022 (in Evli Bank Plc’s
Board 2019-April 1, 2022)
- Chair of the Compensation
Committee
11/11 - 4/4 - 2,150 X X
Sari Helander
- Female
- Born 1967
- M.Sc. (Econ.)
- CFO, Ramirent Group
- Previously served as CEO and Partner at Greenstep Oy, as Senior Vice
President (Logistics Solution) and CFO at Posti Group Corporation,
and as Vice President, Business Reporting & Control at Nokia
Corporation
- Member of the Board of Enersense International Plc
- Member of the Board
- In Evli Plc’s Board since April
2, 2022 (in Evli Bank Plc’s
Board 2019-April 1, 2022
- Chair of the Audit and Risk
Committee
11/11 5/5 - - 4,000 X X
Antti Kuljukka
- Male
- Born 1961
- M.Sc. (Soc.Sc.), Executive
MBA, Maj evp
- Board professional
- Senior advisor, HTM Solutions Oy
- Previously served as CEO of Fennia Group, CEO and Deputy CEO of
Fennia Mutual Insurance Company, CEO of Fennia Life, and in various
positions in the Sampo Group
- Member of the Board of Turvallisuuden tukisäätiö, and Vice-Chairman
of the delegation of the Finnish Orienteering Federation
- Member of the Board
- In Evli Plc’s Board since April
2, 2022
- Member of the Audit and Risk
Committee
11/11 5/5 - - 6,272 X X
Tomi Närhinen
- Male
- Born 1965
- M.Sc. (Econ.), Executive
MBA
- Managing Director of Pistohiekka Resort Ltd and Adverento Travel Ltd
- Previously served as CEO of Savings Bank Coop, CFO of Rovio
Entertainment Corporation, and CFO of Nordea Bank Finland Plc
- Member of the Boards of Adverento Travel Ltd and Pistohiekka Resort
Ltd
- Member of the Board
- In Evli Plc’s Board since
March 14, 2024
- Member of the Audit and Risk
Committee
8/8 4/4 - - - X X
1
Shareholding on December 31, 2024, including holdings through a controlled company
2
Includes holdings of Ingman Group Oy Ab
Table 1: Evli Plc’s Board of Directors on December 31, 2024
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
Corporate management
CEO
Evli’s Board appoints the company’s CEO and decides the terms and conditions of his or her service relationship.
The CEO is responsible for the company’s day-to-day management in compliance with the instructions and
decisions provided by the Board. Evli Group’s Executive Group assists the CEO in the operative management of
the company.
The CEO’s duties include the management and supervision of the Group’s business, preparation of matters to
be handled by the Board, and implementation of the Board’s decisions. In accordance with the Limited Liability
Companies Act, the CEO ensures that the company’s accounting is lawful, and that the asset management is
arranged reliably.
The CEO’s period of notice is six months, and the severance compensation payable to the CEO in addition to the
salary for the period of notice corresponds to 12 months’ salary. The CEO’s retirement age is 63 years. The
company’s CEO is Maunu Lehtimäki, M.Sc. (Econ.), born in 1967.
Executive Group
The Executive Group consists of the CEO and six members. The CEO presents a proposal regarding the choice of
members to the Executive Group, and these names are then subject to confirmation by the Board.
The members of the Executive Group are confirmed by the Board on a proposal submitted by the CEO.
The CEO convenes the Executive Group as necessary and serves as its chairperson. The Executive Group
normally meets twice a month. The Executive Group’s task is to support the CEO in preparing and implementing
the strategy and in coordinating the Group’s operations. The Executive Group’s duties also include preparing and
executing matters that are significant or involve fundamental principles and ensuring internal co-operation and
communication.
Table 2: Evli’s Executive Group on December 31, 2024
Name and personal data Role and responsibility
Ownership of the compa-
ny’s A shares (number of
shares)
1
Ownership of the compa-
ny’s B shares (number of
shares)
1
Maunu Lehtimäki
2
- Male
- Born 1967
- M.Sc. (Econ.)
CEO
533,728 117,031
Mari Etholén
3
- Female
- Born 1973
- LL.M.
Head of HR and Legal Affairs
60,000 30,948
Panu Jousimies
4
- Male
- Born 1969
- M.Sc. (Econ.)
Head of Execution and Operations
59,691 69,049
Juho Mikola
5
- Male
- Born 1981
- M.Sc. (Econ.)
CFO and Deputy CEO
68,000 61,220
Esa Pensala
6
- Male
- Born 1974
- M.Sc. (Tech.)
Head of Private Clients
142,000 50,200
Kim Pessala
7
- Male
- Born 1969
- M.Sc. (Econ.)
Head of Investment products and
services; CEO of Evli Fund
Management Company Ltd
12,331 86,644
Mona von Weissenberg
8
- Female
- Born 1979
- M.Sc. (Econ.)
Head of Institutional clients
- -
1
Shareholdings on December 31, 2024, including holdings through controlled entities
2
In addition, the possibility to earn up to 40,000 Evli shares under the share-based incentive scheme established in 2023
3
In addition, the possibility to earn up to 30,000 Evli shares under the share-based incentive scheme established in 2023
4
In addition, the possibility to earn up to 20,000 Evli shares under the share-based incentive scheme established in 2023
5
In addition, the possibility to earn up to 40,000 Evli shares under the share-based incentive scheme established in 2023 and the possibility to earn up to
30,000 Evli shares under the share-based incentive scheme established in 2024.
6
In addition, the possibility to earn up to 30,000 Evli shares under the share-based incentive scheme established in 2023
7
In addition, the possibility to earn up to 35,000 Evli shares under the share-based incentive scheme established in 2023
8
In addition, the possibility to earn up to 25,000 Evli shares under the share-based incentive scheme established in 2023 and the possibility to earn up to 15,000
Evli shares under the share-based incentive scheme established in 2024.
203
GovernanceResponsibility Financial ReviewBusiness Overview Governance
Risk management and internal control
The company’s organizational structure, clearly established responsibilities and authorizations, and its
competent employees support the planning, execution, control, and monitoring of business operations in a
manner that facilitates the achievement of set objectives.
Risk management refers to actions aimed at systematically surveying, identifying, analyzing, and preventing
risks. The objectives of risk management are to:
- ensure the sufficiency of own assets in relation to risk positions
- ensure that fluctuations in financial results and valuations remain within the confirmed objectives and limits
- price risks correctly to achieve sustainable profitability
- support the uninterrupted implementation of the Group’s strategy and income generation.
Evli defines risk as an event or series of events that jeopardize the company’s income generation over the short
or long term.
Evli’s Board is primarily responsible for Evli Group’s risk management. The Board confirms the risk management
policies, responsibilities, the Group’s risk limits, and other general guidelines governing how risk management
and internal control are to be organized. The Board has also set up a Management Risk Committee ("MRC"), which
briefs the Audit and Risk Committee on risk-taking matters. In addition to the general risk management policies,
Evli Group’s risk management is founded on the “three lines” model.
First line – business units
Risk management is part of internal control, and therefore the responsibility for executing risk management
measures lies first with the business units, as the first line. The managers of the business units are responsible
for ensuring that risk management is at a sufficient level in each respective unit. The task of business units is to:
- build the processes and competence for risk management and internal audit
- identify and analyze risks
- make decisions on risk management by means of various protection measures.
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
Three lines of Evli Group’s risk management
MANAGEMENT RISK
COMMITTEE
BOARD OF DIRECTORS AND EXECUTIVE GROUP
3
RD
LINE
INTERNAL AUDIT
Independent of business operations. Supports
the Board of Directors and senior management
in assessing internal control
2
ND
LINE
RISK MANAGEMENT AND COMPLIANCE
Independent of business operations. Develops,
maintains and oversees the general principles of
risk management
1
ST
LINE
BUSINESS UNITS
Risk management and internal audit in daily
operations and identifying and analyzing risk
BUSINESS PROCESSES
Second line – Risk Control and Compliance
The second line of defense comprises the independent Risk Control and Compliance functions (“control
functions”), whose primary tasks are to develop, maintain and oversee the general principles and framework of
risk management.
The Risk Control function oversees daily operations and compliance with the risk limits granted to the business
units, as well as compliance with risk-taking policies and guidelines.
The Compliance function is responsible for ensuring compliance with the rules in all Evli Group’s operations
by supporting operating management and the business units in applying the provisions of the law, the official
regulations and internal guidelines, and in identifying, managing and reporting on any risks of insufficient
compliance with the rules in accordance with the separate compliance policy and monitoring plan confirmed by
Evli’s Board.
The control functions report their findings to the Management Risk Committee, the Audit and Risk Committee,
the Executive Group, and the Board of Directors.
Third line – Internal Audit
The third line of defense is Internal Audit. Internal Audit is a support function for the Board and senior
management that is independent of the business functions. It is administratively subordinate to the CEO and
reports to the CEO and, via the Audit and Risk Committee, to the Board. Internal Audit assesses the functioning
of Evli Group’s internal control system, the appropriateness and efficiency of the functions and the compliance
with instructions. It does this by means of inspections that are based on the internal audit action plan adopted
annually by the Audit and Risk Committee of the Board.
Internal Audit follows not only the internal audit guidelines, but also the internationally acknowledged framework
of professional practices (The Institute of Internal Auditors)..
Audit
The shareholders elect the company’s auditors each year at the AGM. The auditors must be an auditing firm
approved by the Finland Chamber of Commerce. The auditors’ term continues until the end of the first AGM that
follows the election of the auditors. The auditors’ duties are to ensure that the financial statements have been
prepared in accordance with the applicable statutes and provide a true and fair view of the company’s financial
position and performance and other necessary information for the company’s stakeholders.
As part of their annual audit duties, the auditors of Evli audit the accounts and administration of the separate
companies. The internal audit requirements are taken into account in the auditors’ audit plans. Each year, the
auditors submit their report to Evli’s AGM.
The auditors also report the main points of the annual audit plan to the Board and to the Board’s Audit and Risk
Committee as well as presenting, in connection with each interim report and the financial statements, a written
audit report covering the entire Group.
From January 1 to December 31, 2024, the auditor of the company was the auditing firm Ernst & Young Oy (EY),
with Authorised Public Accountant Miikka Hietala as the principally responsible auditor. In 2024, the total fees
paid to EY amounted to EUR 0.4 million. The audit fee amounted to EUR 0.4 million and the non-audit fees to EUR
0.0 million.
Insider management
Evli has a guideline on insider rules and regulations that is approved by the Board and is based on the Market
Abuse Regulation (MAR), Nasdaq Helsinki Ltd’s Guidelines for Insiders of Listed Companies, as well as other
relevant regulations and directives. Evli Group companies that are registered outside of Finland shall comply
not only with these guidelines, but also with the national legislation and official regulations of the country where
the company is located. The guideline on insider rules and regulations is distributed to all persons engaged in
an employment or service relationship with the Group. The persons defined in the guideline on insider rules and
regulations shall comply with the restrictions regarding the use of insider information and trading, for example
the closed window period.
The company has determined that the persons subject to notification obligations for their transactions with Evli
shares and other financial instruments based on it are the members of the Board and the Executive Group and
their related parties. Evli publishes in a stock exchange release the transactions in Evli shares and other financial
instruments carried out by persons in management positions and their related parties as required by the
Market Abuse Regulation.
According to the law, a person in a managerial position may not trade in securities issued by the company for
30 days before the publication of an interim report or the financial statements bulletin. Evli also applies a similar
30-day trading restriction to Evli Group’s employees who participate in the preparation or publication of the
interim report and financial statements and who become aware of unpublished financial information at the
Group level. The person in charge of insider issues at Evli is the company’s Head of Legal Affairs. Evli evaluates
and monitors related party transactions between the company and its related parties.
205
GovernanceResponsibility Financial ReviewBusiness Overview Governance
Evli maintains a list of related parties. Evli’s related parties comprise its subsidiaries as well as the Board, the
CEO, and the Executive Group, including any companies controlled or significantly influenced by them. Evli’s
financial management monitors and reports related party transactions as part of the company’s normal
reporting and control practices. Related party transactions which are not considered normal business activities
are decided by the Board. Evli reports relevant and material related party transactions annually in the notes of
the consolidated financial statements.
Evli also maintains registers of project-specific and transaction-specific insiders that are required at any given
time.
Financial reporting
The Board is responsible for overseeing Evli Group’s financial reporting. The Audit and Risk Committee assists
the Board in this work. The CEO’s and CFO’s tasks are to monitor and ensure that the accounting and the
financial reporting accord with the law, the Group’s accounting policies and the guidelines and orders issued by
the Group’s Board.
The Group’s accounting and results reporting are centralized under the responsibility of the Group’s Financial
Administration. The Financial Administration is subordinate to the CFO and responsible for producing, on a
centralized basis, the financial statements information required for external accounting as well as internal
accounting analyses, and the results reports for monitoring business activities, the separate companies and
the Group’s profitability. Profit performance is reported monthly both to the Executive Group and the Board
of Directors in the form of specific results reports. The aim is to identify and demonstrate success factors as
well as development areas well in advance, thus making it possible to react to these. Reporting practices are
also used for monitoring the implementation of the business plans for the business units. The Group’s Financial
Administration is also responsible for monitoring and reporting on the performance of each business unit.
Further responsibilities include reporting the financial results, sales and activity at least monthly, and even daily
depending on the unit, to the Executive Group and other parties concerned.
Evli Group complies with the International Financial Reporting Standards (IFRS) approved for application in the
EU. The Group prepares annual financial statements and also quarterly interim reports (IAS 34). The instructions
on financial reporting and the accounting principles are applied in all of the Group companies. The accounting of
all of the Group companies is included in the same accounting system, with the exception of the Group company
in the United Arab Emirates.
206
GovernanceResponsibility Financial ReviewBusiness Overview Governance
The Remuneration Policy of Evli Plc (“Evli” or “company”) describes the general principles and the framework
concerning the remuneration of the Board of Directors and the CEO. The policies regarding the CEO also
apply to a potential Deputy CEO. Evli also complies with the Finnish Corporate Governance Code issued by the
Securities Market Association. The objective of Evli Group’s remuneration model is to support the implementation
of the company’s strategy and to promote the company’s competitiveness and long-term financial success. A
further aim is to contribute to a positive trend in shareholder value, committing Evli’s Board of Directors and CEO
to the company’s objectives in the long run.
Evli complies with the Securities Market Association’s Corporate Governance Code. This Remuneration Policy
has been prepared in accordance with the Corporate Governance Code 2020. The Remuneration Policy is
presented at Evli’s Annual General Meeting (AGM) at least every four years and whenever significant changes
are proposed. This remuneration policy was presented to the Annual General Meeting in 2022 and the Annual
General Meeting resolved to support the Remuneration Policy. The resolution was advisory. The Remuneration
Report is presented annually at Evli’s AGM.
In all remuneration, Evli complies with applicable financial regulations. This Remuneration Policy has been
prepared taking into account the applicable regulations and Evli Group’s overall remuneration model for
all employees. The Remuneration Policy must comply with the remuneration principles applicable to all Evli
employees.
The Group’s remuneration model consists of the following elements:
- A competitive fixed basic salary constitutes a solid foundation for maintaining and constantly developing basic
functions.
- A short-term variable remuneration, in accordance with the annual remuneration plan approved by the
Board of Directors, is used to promote both Evli’s short-term growth objectives and the attainment of its
strategic targets.
- Long-term variable remuneration is used to support the company’s strategic development and to commit key
employees to the company’s business operations.
In accordance with the remuneration principles, the short-term and long-term variable remuneration may not
exceed 200 percent of the annual fixed salary
Remuneration Policy
Decision-making relating to remuneration
HThe Remuneration Policy has been prepared by the Board’s Compensation Committee and approved by the
Board for presentation to the General Meeting. Compliance with, and the performance and outcomes of, the
remuneration model are monitored by the Compensation Committee appointed by the Board of Directors, and
by the Board of Directors. The company’s internal audit conducts an annual audit of the remuneration.
The remuneration of members of Evli Group’s bodies is always decided by the body that has appointed them.
Evli’s AGM decides on the compensations payable to the members of the Board of Directors. The company’s
major shareholders are responsible for preparing the remuneration proposal. The principles and elements of
the remuneration of the CEO and any Deputy CEO are approved by Evli’s Board of Directors in accordance
with this Remuneration Policy. The Compensation Committee, appointed by the Board of Directors, prepares
proposals on matters related to remuneration for decision-making by the Board. All changes to the CEO’s
salary and remuneration or executive contract are made by the Board of Directors based on a proposal by the
Compensation Committee in accordance with the Remuneration Policy.
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
ELEMENT OF THE
REMUNERATION PURPOSE AND LINK TO STRATEGY DESCRIPTION
Fixed salaries
The aim is to recruit and commit high-quality experts to
implement the company’s strategy.
The base salary includes taxable fringe benefits (for example, a mobile phone). When evaluating the base salary level, a variety of
factors can be taken into account, such as market conditions, competitiveness, past performance, and individual skills, as well as
experience in the company and in business management. The base salary is, in principle, reviewed annually.
Short-term
incentives (STI)
The purpose is to encourage and guide in achieving short-
term financial and operational goals.
The short-term incentive scheme is based on one-year performance criteria. Rewards are paid in cash after the end of the per-
formance period, based on the achievement of the targets. The maximum pay-out for the annual incentive is capped. Short-term
incentives are tied to the company’s financial success, adherence to policies and guidelines, and ensuring solvency.
Long-term
incentives (LTI)
The purpose is to encourage for long-term shareholder
value growth and commitment to the company.
Typically share based incentives. The issue of new shares, if any, is decided by the Board of Directors within the limits set by the
General Meeting. Long-term incentive programs generally include a minimum three-year vesting period. The Board of Directors
sets the targets, indicators and their weightings that may be the basis for the incentives. At the end of the vesting period, the Board
of Directors can evaluate the payment criteria to determine the final payment level.
Pension
The purpose is to provide a pension in accordance with
local market practices.
The retirement age and any supplementary pension arrangements provided are decided by the Board of Directors in line with
market practices.
Share ownership
The purpose is to ensure strong alignment between the
interests of the CEO and the shareholders in the longer
term.
The Board decides on the long-term target share ownership for the CEO.
Elements of the remuneration
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
Remuneration of the Board of Directors
In general, the remuneration of the Board of Directors is decided by the General Meeting based on a proposal
by the major shareholders. The decision on the remuneration of the members of the Board of Directors shall be
based on the Remuneration Policy presented to the AGM and which is in force.
The remuneration of the members of the Board of Directors consists of a fixed monthly compensation and
possible compensation for meeting attendance. The Chairman of the Board of Directors and the chairmen of the
committees appointed by the Board of Directors may be paid an increased compensation.
In situations in which a member of the Board of Directors participates in project-based activities to develop
the company’s operations outside the work carried out by the Board of Directors, a separate compensation
may be paid for such work at the Board’s discretion. In addition to the monthly compensation and possible
compensation for meetings, the members of the Board of Directors are compensated for their travel expenses.
In principle, the Board of Directors’ compensation and allowance are paid in cash.
Remuneration of the CEO
The Board of Directors of Evli Group adopts the principles and elements of the CEO’s remuneration on an annual
basis in line with the Remuneration Policy in force. All changes to the CEO’s salary and remuneration are subject
to approval by the Board of Directors.
The CEO’s remuneration is comprised, in principle, of a fixed salary and short-term and long-term variable
remuneration. In addition, the CEO may be granted a separate, reasonable retirement plan or other benefits to
ensure that a competent CEO is committed to the company’s development.
The amount of the CEO’s variable remuneration and the relative proportion to his fixed salary are within the
limits set by financial regulations. The CEO’s short-term and long-term variable remuneration may not exceed
200 percent of the annual fixed salary.
The variable remuneration is linked to the company’s financial success and the achievement of its strategic
goals. If deemed pertinent, the company may, by a decision of the Board of Directors, decide not to pay the
variable bonus, in whole or in part. The Board decides on the long-term variable renumeration for the CEO on a
case-by-case basis.
In certain circumstances, the company is obliged to defer payment of the variable bonus. In such case, the
company will defer payment of the variable bonus in accordance with the regulations set by the financial
market. The amount of the bonus payable after the deferral depends on the financial performance of the
company during the deferral period and may even be zero. The company expects that the CEO will not hedge
with his/her personal actions against any risk related to the amount or timing of future variable remuneration.
In certain circumstances, the company may also reclaim a variable bonus already paid.
The company shall also always have the right to reclaim a variable bonus already paid if, after such payment, it
becomes apparent that the person receiving the bonus has endangered the financial position of the company,
violated the company’s operating principles and practices, or contributed to such conduct through neglect. The
CEO has a notice period consistent with current market practices. Similarly, in cases where the CEO’s contract is
terminated by the company, he/she is entitled to severance pay in accordance with prevailing market practices.
The above matters concerning the CEO also apply to a potential Deputy CEO.
Conditions for temporary deviation
The remuneration of the company’s bodies must, in general, be based on the Remuneration Policy approved
by the General Meeting. Deviations from the policy’s principles can only be made if the achievement of the
company’s long-term goals and strategy is otherwise judged to be at risk. The option to temporarily deviate
from the Remuneration Policy of the bodies is intended to apply only in exceptional circumstances in which the
core operating circumstances of a listed company have, after the General Meeting’s consideration of the bodies’
Remuneration Policy, changed as a result of a change of CEO or a merger or an acquisition proposal, and the
existing Remuneration Policy is thus no longer appropriate in the changed circumstances.
Deviation is also possible in situations where remuneration policy would not be possible due to remuneration
restrictions under financial regulations. If the deviation from the Remuneration Policy is expected to continue
other than on a temporary basis, the company shall draw up a new Remuneration Policy, which will be discussed
at the next AGM. Because of the provisions regarding the notice to the AGM and the availability of the meeting
materials, there may be insufficient time to submit a new Remuneration Policy to the next AGM if the need for
deviation arises close to the time of the meeting. In such a case, the Remuneration Policy shall be submitted to
the General Meeting for which it can be appropriately prepared.
If the temporary deviation from the Remuneration Policy concerns the remuneration of a new CEO or is due to a
corporate restructuring or similar exceptional circumstances, the new remuneration terms will apply as agreed
regardless of the duration of the temporary deviation. Deviations from the policies and principles of the policy
are documented and reported to the Board of Directors and as part of the remuneration report at the AGM.
209
GovernanceResponsibility Financial ReviewBusiness Overview Governance
This Remuneration Report sets out how Evli Plc (“Evli” or “company”) has implemented its Remuneration Policy in
2024 and presents the remuneration and other financial benefits paid to the members of the Board of Directors
(“Board”), the Group’s CEO and the Deputy CEO during the year. Remuneration of the company’s governing
bodies and their members is based on the Remuneration Policy approved on March 9, 2022. The policy will be
applied until the Annual General Meeting 2026, unless the Board decides to bring it forward for an advisory
decision at an earlier General Meeting.
The Remuneration Report has been reviewed by Evli’s Compensation Committee and approved by the Board.
The shareholders will make an advisory decision on the approval of the Remuneration Report 2024 at Evli’s
Annual General Meeting in spring 2025.
Overview of remuneration in 2024
The decision-making on remuneration has been made in accordance with the decision-making process defined
in the Remuneration Policy. No temporary deviations from the Remuneration Policy were applied in 2024.
Furthermore, the Board did not observe any circumstances or activities that would have resulted in a need to
apply claw-back clauses applicable to the CEO’s variable remuneration in 2024. The Board also did not deem it
necessary to use its right to adjust the performance criteria applied in 2024.
Remuneration Report 2024
In line with the Remuneration Policy, remuneration in 2024 has supported Evli’s business strategy with a
focus on creating long-term growth and shareholder value. Although a significant part of the CEO’s and the
Deputy CEO’s total remuneration is in the form of fixed payments, performance-based components are
set to encourage the achievement of targets. Remuneration is balanced to avoid excessive risk-taking. The
Compensation Committee has evaluated the CEO’s and the Deputy CEO’s remuneration for 2024 to ensure
a competitive and fair total remuneration compared to relevant peers and the market. To encourage share
ownership in the company, shareholding guidelines for the CEO were in place to further support and align
shareholder and top executive interests
Development of financial performance and remuneration
Evli’s business has developed positively over the past five years. The review takes into account the investment
services activities carried out before the foundation of Evli Plc, during the period of Evli Bank Plc. The company
has set four key performance indicators that it considers to be good proxies for its business performance.
These are the development of assets under management, the recurring revenue ratio, return on equity and net
commission income. From a shareholder perspective, the company has been able to provide stable returns to
investors.
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NET COMMISSION INCOME (M€)
RETURN ON EQUITY (%)
DEVELOPMENT OF ASSETS UNDER
MANAGEMENT, (BN. €)
PROPORTION OF RECURRING REVENUE
TO OPERATING EXPENSES (%)
DIVIDEND & EARNINGS/SHARE (€)
¹ Board of Directors’ proposal to the annual
general meeting
2020 2021 2022 2023 2024 2024 2024 2024 2024
14,1
17,5
16,0
18,0
18,9
2020 2021 2022 2023
128
135
130
132
123
2020 2021 2022 2023
26,2
50,4
20,4
22,8
34,4
2020 2021 2022 2023
76,8
111,7
92,1
100
106,3
2020 2021 2022 2023
1,47
1,63
0,81
1,05
0,88
1,15
1,06
1,16
1,18
1
0,73
FIVE YEAR DEVELOPMENT OF REMUNERATION1
2024 2023 2022 2021 2020
BOARD OF DIRECTORS
Chair of the Board of directors, EUR
90,000 90,000 90,000 90,000 84,000
Chair of the committees (on average), EUR
72,000 72,000 72,000 70,500 67,200
Other members of the Board (on average), EUR
60,000 60,000 60,000 60,000 56,000
CEO
CEO, EUR
939,178 844,204
2
, 626,010 699,888 446,605
3
AVERAGE EMPLOYEE SALARY
Average salary for the employees, EUR4
101,468 91,376 101,203 103,598 96,614
1 The figures for 2020-2021 are those of Evli Pankki Plc. Evli Plc was created by a partial demerger from Evli Bank Plc on April 2, 2022
2
In addition, the CEO received 50,000 shares granted to him in the Option-program 2019. The total value of the subscription was EUR 992,516 based on the
closing price on the subscription day.
3
In addition, the CEO subscribed to the 40,000 shares granted to him in the Option-program 2016. The total value of the subscription was EUR 372,000 based
on the closing price on the subscription day.
4
The total wages and salaries amount of Evli reduced with the wages and salaries amount paid to the CEO of the Company and divided with the average
number of personnel during the year (other than the CEO). Short-term incentives are considered on the year they are paid. Pensions and other social security
costs are not included.
Remuneration of the Board of Directors in 2024
Evli Plc’s General Meeting decides on the compensations payable to the Board members. The Annual General
Meeting of March 14, 2024, made the following resolution on the compensation for attendance at meetings
payable to the Chairman of the Board and other members:
- Chairperson of the Board EUR 7,500 per month
- Chairperson of the committees EUR 6,000 per month
- Members EUR 5,000 per month
The Board has established and appointed an Audit and Risk Committee and a Compensation Committee to
prepare matters to be handled by the Board. In 2024, the total compensation paid to the Evli Group Board
members amounted to EUR 414,652. This sum is made up of meeting participation fees related to the work
carried out by the Board and its committees. In 2024, the Board members did not receive any shares or share-
based rights as compensation for their work, nor were they granted any other benefits.
COMPENSATION PAID TO THE MEMBERS OF THE BOARD, €
2024
Robert Ingman, Chairperson of the Board since March 14, 2024
82,500
Henrik Andersin, Chairperson and Member of the Board until March 14, 2024
22,500
Christina Dahlblom, Member of the Board
60,000
Fredrik Hacklin, Member of the Board, Chairperson of the Compensation Committee
72,000
Sari Helander, Member of the Board, Chairperson of the Audit and Risk Committee
72,000
Antti Kuljukka, Member of the Board
60,000
Tomi Närhinen, Member of the Board since March 14, 2024
45,000
TOTAL
414,000
Remuneration of the CEO and the Deputy CEO in 2024
The Board of Evli Group adopts the principles and elements of the remunerations for the CEO and the Deputy
CEO on an annual basis. The remuneration follows Evli’s Remuneration Policy in force. All changes in the CEO’s
and the Deputy CEO’s salary and remuneration are subject to the Board’s approval. In accordance with the
remuneration policy, variable remuneration including both short-term and long-term incentives may not exceed
200 percent of the annual fixed remuneration.
Short-term incentives in 2024
In 2024, Evli had a short-term incentive plan in place for the employees, including the CEO and the Deputy CEO.
The incentive plan performance criteria are evaluated annually by the Board. The performance targets linked to
the short-term incentive for the CEO and his deputy for 2024 are presented in the next table. The purpose of
short-term incentives is to encourage the achievement of financial and other short-term objectives in line with
the business strategy. The short-term incentive plan remuneration is dependent on the financial performance
of Evli, as well as reaching strategic targets.
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
SHORT-TERM INCENTIVE PLAN CRITERIA IN 2024
Weight Achievement, CEO Achievement, Deputy CEO
Evli Group financial performance, development of the operat-
ing profit
50% Exceeded Exceeded
Group level Key Performance Indicator targets (KPI) 30–50% Partly exceeded Partly exceeded
Finalizing strategic projects 0–20% Exceeded Exceeded
Although the business environment turned out to be extraordinary during 2024 due to realized geopolitical risks
and changed interest rate environment, no adjustments were made to the performance targets. For 2024, the
achievement of the criteria is shown in the table above.
For the CEO, the short-term incentives earned in 2024 amounted to approximately 29 percent of the maximum
compensation in accordance with the Remuneration Policy. For the Deputy CEO, the corresponding figure was
approximately 33 percent. In accordance with the regulations, the renumeration will be paid in installments: 50
percent in spring 2025 and 50 percent in steps during the next three years. The delayed remuneration is linked
to the performance of Evli Plc's share price during the delay period.
Long-term incentives in 2024
The existing long-term incentive plans for the CEO and his deputy have been implemented as performance
share plans (PSP). The purpose of the share-based retention plans is to encourage the executives and the
selected key employees to work on a long-term basis to increase shareholder value and to commit to the
company. The Board decides annually on the issuance of new plans based on the Compensation Committee’s
proposal within limits provided by the General Meeting.
The Performance Share Plan offers an opportunity to earn the company’s shares as a reward for continuous
service and retention of the company and the individual. Under performance share plans, rewards are granted
on the achievement of targets linked to the plan. The grant is followed by a vesting period of at least three years.
Granting is based on the Board's assessment of the achievement of the targets set for the plan at the given time.
Share Plans are usually delivered to the participants after the delay period, provided that the conditions for
payment of variable remuneration are met and their employment with the company has continued uninterrupted
throughout the duration of the plan and until the shares are delivered. The vesting period is further followed by
a retention period of one year in accordance with the regulation set for the financial sector. The rewards under
the Share Plans are paid as a combination of shares and cash. The cash component is dedicated to cover the
taxes and statutory social security contributions related to shares.
No new long-term incentives were granted to the CEO in 2024. The Deputy CEO has been granted new long-
term incentives in the 2024 share incentive plan. The plan provides the possibility to earn Evli Plc Series B shares
based on performance. The performance period of the plan started on January 1, 2025 and ends on December
31, 2027. The vesting of the plan is linked to the achievement of the company's performance targets. The CEO
and the deputy CEO have a long-term incentive plan in place, which started in 2023. In the 2023 plan, the target
group has an opportunity to earn Evli Plc’s series B shares based on performance. The performance period of
the plan began on September 1, 2023, and will end on December 31, 2026. The performance criteria of the plan
are tied to the operating profit of the company (EBIT). The potential rewards from the long-term incentive plans
are deferred and paid in compliance with the legislation governing the financial sector. In addition, the payment
of the rewards is followed by a retention period of one year, during which the shares paid out as a bonus cannot
be transferred.
During 2024, no share-based incentives were paid to the CEO and the Deputy CEO.
SUMMARY OF SHARE-BASED INCENTIVES ISSUED AND PAID TO THE CEO AND THE DEPUTY CEO
Granted installments,
number of shares
1
Plan - Installment Grant date CEO Deputy CEO
Performance
period
Vesting
period
Payment
year
Waiting
period
2023 long-term incentive plan 14.9.2023 max. 40,000 max. 40,000 3 years
3 years 2029
+1 year
2024 long-term incentive plan 16.12.2024 - max. 30,000 3 years 3 years 2030
+1 year
1
Gross number of shares before income taxes on the payment of shares
212
GovernanceResponsibility Financial ReviewBusiness Overview Governance
Remuneration paid to the CEO and the Deputy CEO in 2024
REMUNERATION OF THE CEO AND THE DEPUTY CEO IN 2024, €
Base salary
Additional pension
payment
Paid short-term
incentives
Paid long-
term incentives Total
CEO,
Maunu Lehtimäki 509 040
1
76 356 353 782
2
- 939 178
CFO, Deputy CEO,
Juho Mikola 248 992
1
– 159 464
2
- 408 456
1
Including fringe benefits.
2
Total short-term incentives paid in 2024. The table below details the vesting periods for which short-term incentives paid in 2024 have vested.
Incentive awards paid are always based on performance in previous years.
BREAKDOWN OF SHORT-TERM INCENTIVES PAID IN 2024, €
From 2020 From 2021 From 2022 From 2023 Total
CEO,
Maunu Lehtimäki 102 532 – 100 000 151 250 353 782
CFO, Deputy CEO,
Juho Mikola 53 862 – 41 322 64 281 159 464
The CEO has no significant separate fringe benefits and is covered by the shared Evli Group reward system.
The CEO has a six-month notice period binding on both parties. The CEO is entitled to receive a severance pay
corresponding to 12-months’ salary if the CEO's contract is terminated by the company.
The variable remuneration due to CEO Maunu Lehtimäki from 2024, which has not yet been paid at the time of
publication of this report, amounts to EUR 300,000.
The Deputy CEO has no significant separate fringe benefits and is covered by the shared Evli Group reward
system. The Deputy CEO has a notice period in accordance with the collective agreement in the financial sector
binding on both parties.
The variable remuneration due to Deputy CEO Juho Mikola from 2024, which has not yet been paid at the time of
publication of this report, amounts to EUR 170,000.
213
GovernanceResponsibility Financial ReviewBusiness Overview Governance
1 Includes holdings of Ingman Group Oy Ab
Board of Directors on December 31, 2024
CHRISTINA DAHLBLOM
Member of the Board
Member of the Compensation
Committee
- Born 1978
- Ph.D. (Econ.)
- Member of the Board of Evli Plc
since March 14, 2023
- Entrepreneur, Flo Co Oy
- Professor of Practice, Hanken
School of Economics
- Independent of the company and
significant shareholders
- Shareholding: 1,000 B shares
FREDRIK HACKLIN
Member of the Board
Chair of the Compensation
Committee
- Born 1978
- Ph.D. (Management), M.Sc.
(Engineering)
- Member of the Board of Evli Plc
since April 2, 2022
- Member of the Board of Evli Bank
Plc between 2019 and April 1,
2022
- Professor, Director and Member
of Executive Committee at ZHAW
School of Management and Law,
Zurich, and Associate professor at
ETH Zurich
- Independent of the company and
significant shareholders
- Shareholding: 2,150 B shares
SARI HELANDER
Member of the Board
Chair of the Audit and Risk
Committee
- Born 1967
- M.Sc. (Econ.)
- Member of the Board of Evli Plc
since April 2, 2022, Chair of the
Audit and Risk Committee
- Member of the Board of Evli Bank
Plc between 2019 and April 1,
2022
- CFO, Ramirent Group
- Independent of the company and
significant shareholders
- Shareholding: 4,000 B shares
ROBERT INGMAN
Chair of the Board since March
14, 2024
Member of the Compensation
Committee
- Born 1961
- M.Sc. (Tech.), M.Sc. (Econ. and
Business Administration)
- Member of the Board of Evli Plc
since April 2, 2022, Chair of the
Board since March 14, 2024
- Member of the Board of Evli Bank
Plc between 2010 and April 1,
2022
- Board professional
- Independent of the company
- Shareholding: 1,860,000 A shares
and 915,000 B shares
1
ANTTI KULJUKKA
Vice-Chairman of the Board
Member of the Audit and Risk
Committee
- Born 1961
- M.Sc. (Soc.Sc.), eMBA. Maj evp.
- Member of the Board of Evli Plc
since April 2, 2022
- Board professional
- Senior advisor, HTM Solutions Oy
- Independent of the company and
significant shareholders
- Shareholding: 6,272 B shares
TOMI NÄRHINEN
Member of the Board since March
14, 2024
Member of the Audit and Risk
Committee
- Born 1965
- M.Sc. (Econ.), Executive MBA
- Member of the Board of Evli Plc since
March 14, 2024
- Managing Director of Pistohiekka
Resort Ltd and Adverento Travel Ltd
- Independent of the company and
significant shareholders
- Shareholding: no shares
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GovernanceResponsibility Financial ReviewBusiness Overview Governance
¹ Sisältää Ingman Group Oy Ab:n omistuksen
Executive Group on December 31, 2024
MAUNU LEHTIMÄKI
Chief Executive Officer
- Born 1967
- M.Sc. (Econ.)
- Joined Evli in 1996
- Shareholding:
533,728 A shares and
117,031 B shares
MARI ETHOLÉN
Head of HR and Legal Affairs
- Born 1973
- LLM
- Joined Evli in 2001
- Shareholding:
60,000 A shares and
30,948 B shares
PANU JOUSIMIES
Head of Execution and
Operations
- Born 1969
- M.Sc. (Econ.)
- Joined Evli in 1997
- Shareholding:
59,691 A shares and
69,049 B shares
JUHO MIKOLA
CFO, Deputy CEO
- Born 1981
- M.Sc. (Econ.)
- Joined Evli in 2004
- Shareholding:
68,000 A shares and
61,220 B shares
MONA VON WEISSENBERG
Head of Institutional clients
- Born 1979
- M.Sc. (Econ.)
- Joined Evli in 2022
- Shareholding:
0 A shares and
0 B shares
KIM PESSALA
Head of Investment products
and services, CEO of Evli Fund
Management Company Ltd
- Born 1969
- M.Sc. (Econ.)
- Joined Evli in 1995
- Shareholding:
12,331 A shares and
86,644 B shares
ESA PENSALA
Head of Private Clients
- Born 1974
- M.Sc. (Tech.)
- Joined Evli in 2001
- Shareholding:
142,000 A shares and
50,200 B shares
215
GovernanceResponsibility Financial ReviewBusiness Overview Governance
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