Sustainability is embedded to Sanoma’s governance, strategy and business model. The sustainability governance and management model is defined in Sanoma’s Sustainability and Human Rights Policy. From the sustainability governance perspective, Sanoma’s administrative body is the Board of Directors, the management body the President and CEO supported by the EMT, and the supervisory body the Board of Directors’ Audit Committee. In addition, the Board of Directors’ Human Resources Committee supports the Board is human resources related tasks, such as compensation and performance evaluation of the President and CEO and key executives, Group compensation and human resources policies and practices as well as the target setting for short- (STI) and long-term incentives (LTI).

In addition to being the ultimate decision-maker on the long-term goals and business strategy of the Group, Sanoma’s Board of Directors is responsible for

  • the approval of strategic sustainability guidelines and sustainability management model,
  • the appropriate arrangement of the control of the sustainability reporting and its verification,
  • the oversight of sustainability-related impacts, risks and opportunities,
  • the approval of the Sustainability and Human Rights Policy, which is supported by internal policies, standards and manuals,
  • the approval of the statutory Sustainability Statements, and
  • the review of the double materiality assessment process and the approval of its outcomes. 

The President and CEO is responsible for the implementation of strategic sustainability guidelines. The Executive Management Team (EMT) supports the President and CEO in assessing and validating sustainability-related impacts, risks and opportunities and outlining Sanoma’s strategic approach to sustainability, managing sustainability development, and monitoring regularly how sustainability is reflected in the business units.

Sanoma monitors sustainability progress both on the Group and Strategic Business Unit levels and identifies sustainability related impacts, risks and opportunities as part of the Group-wide double materiality assessment and annual Enterprise Risk Management processes. Sanoma hosts internal sustainability-related working groups to support the implementation of the strategic sustainability guidelines, where relevant. The Group Sustainability function supports the Group and SBUs in target achievement, project implementation and communications.

The Board of Directors, the Human Resources Committee and the EMT approve the annual short-term incentive targets and performance outcomes that also include targets related to Sanoma’s material impacts, risks and opportunities. In addition, the long-term sustainability targets that are part of Sanoma’s sustainability scorecard are monitored annually as part of the review of the Annual Report. The sustainability scorecard includes targets related to material impacts, risks and opportunities.

Read more about Sanoma's sustainability governance in the Sustainability Statement.