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responsibility

In its simplest form, sustainability consists of companies, institutions, and all kinds of organizations taking responsibility and having a constructive effect on the environment, governance, and society. In the structure and strategic planning, consideration is given to all the stakeholders involved in the operation of organizational units in one way or another. Sustainability and social responsibility are integrated into the core activities of a business unit, with social responsibility falling under sustainability.


Sustainability thinking is thus also a source of power and a font of new business opportunities, providing companies and organizations with inspiration and the strength to enhance their results and be more competitive in domestic and foreign markets.



Let's take

responsibility

In its simplest form, sustainability consists in the fact that companies, institutions and all kinds of organizations take responsibility and have a constructive effect on the environment, governance and society. In the structure and strategic planning, consideration is given to all the stakeholders involved in the operation of organizational units in one way or another. Sustainability and social responsibility are implemented in the core activities of a business unit.


Socially responsible thinking is thus also a source of power and a source of new business opportunities that gives companies and organizations inspiration and power to improve their results and be more competitive in domestic and foreign markets.



What is sustainability?

Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their needs.

- Gro Harlem Brundtland

   Sjálfbær þróun er þróun sem mætir þörfum               nútímans án þess að skerða möguleika komandi       kynslóða á að mæta þörfum sínum.


Such development is about considering economic values while maintaining or rebuilding the quality of nature and strengthening human rights for all the world's inhabitants in the long term. The goal of sustainable development is to establish sustainability in society as a whole and on the planet.



The United Nations' Global Goals play the role of summarizing these priorities and are in fact an implementation plan for the sustainable development of humanity.


Sustainable development has been defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs.


United Nations - The definition of Sustainable Development


The current goal is for sustainability and social responsibility to become the DNA of companies and institutions. Everything that companies do should be carried out with the understanding of being responsible for the impact they have on people and nature.


Hrund Gunnsteinsdóttir, Fréttablaðið, 28.02.2020


Festa's guide

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ENVIRONMENT

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SOCIAL ASPECTS

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Governance

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ENVIRONMENT

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SOCIAL ASPECTS

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Governance

Festa's project

Festa's projects are classified according to the three pillars of sustainability: people, earth and prosperity. Click to view in more detail.

Sustainable development has been defined as        development that meets the needs of the                present without compromising the ability of            future generations to meet their own needs.


United Nations – definition of sustainable development

‘A stakeholder in an organization is any group or      individual who can  affect or is affected by the        achievement of the organization’s                              objectives’.

A circular economy is a systemic approach to            economic development designed to benefit              businesses, society, and the environment. In              contrast to the ‘take-make-waste’ linear model, a    circular economy is regenerative by design and        aims to gradually decouple growth from the              consumption of finite resources


Ellen MacArthur Foundation.n

The goal now is for sustainability and social responsibility to become the DNA of companies and organizations. That everything that companies do is done on the basis of being responsible for the impact they have on people and nature.


Hrund Gunnsteinsdóttir, Fréttablaðið                        28.02.20202

Sustainability and community reports


It is crucial for Icelandic companies to have a strong vision and intention when it comes to sustainability. Providing information about corporate sustainability is, therefore, very important. Investors, consumers, and regulations are increasingly demanding more regarding sustainability and social responsibility. Recognized international methods and measures for informing the goals and vision of companies and other organizations are becoming increasingly important. Quality is paramount, and the data must be comparable.


Every year, Festa, the Swedish Business Council, and Stýrnvísi present an award at a ceremony for the Sustainability Report of the year. Nominations are called for and will be considered by a three-person jury.


Sustainability Report of the Year (Delivery Year)


2018 – Landsbankinn

2019 – Isavia

2020 – Krónan

2021 – BYKO & Landsvirkjun

2022 – Shopkeepers' Pension Fund and PLAY

On the right side of the page, you can access the reports that have been nominated.


A Better Investment Option


Páll Harðarsson, former CEO of Nasdaq Iceland, has stated that social responsibility, measurements, and social reports can make a difference in access to capital. He has also emphasized that companies practicing social responsibility and sustainability are "a better long-term investment option, and such investments involve less risk."

Consultants

Here you can find a list of consultants who help companies and other business units implement sustainability in strategy planning, financing and operations.

Company

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