ESG toolbox to help with corporate responsibility work

Press releases

Responsibility and assessing its opportunities and risks have become a part of the daily business in the private equity and venture capital industry. For ESG value creation to be possible, investors and companies must have the required know-how and the right tools in use. For this reason, the Finnish Venture Capital Association’s (FVCA) ESG Committee members have created a toolbox to help with ESG measurement.

This is what we want and can do within FVCA: concrete tools to handle even the most complicated regulation! We want Finland to be a forerunner in corporate responsibility, which is why we have been working to promote ESG values for years”, notes Pia Santavirta, the Managing Director of FVCA. 

For Whom and Why Has the Toolbox Been Made?

The ESG toolbox is primarily directed toward private equity and venture capital investors and their portfolio companies, but anyone interested in assessing their company’s responsibility and tracking their ESG-related objectives can benefit from the toolbox.

Using ESG metrics is important because they help quantify the progress of corporate responsibility. In addition, the metrics allow for comparison and broader assessment of how a company’s goals are aligned with the EU climate targets and taxonomy, for example. Responsibility and transparency are increasingly important competitive advantages in the PE&VC industry.

“In the future, the demands and ambitions that investors have regarding responsibility will increase”, states Taija Heittola, member of the ESG toolbox working group.

Content of the Toolbox

The ESG toolbox is divided into three parts: ESG metrics, digital tools, and frameworks.

More than 60 most common ESG metrics are listed in the first part of the toolbox, along with calculation guidance for each of them. The metrics have been divided into three categories. Environmental metrics (E) are suitable for calculating emissions and energy consumption, for example. Social metrics (S) can be used to calculate, for instance, employee wellbeing. Finally, governance-related metrics (G) are suitable for measuring things such as board diversity and questions of business ethics.

There are many more ESG metrics beyond those listed in this toolbox. We tried to focus on metrics that work for most companies through the industry, and the toolbox should be seen as a starting guide”, explains Petra Hakamo, chairperson of the ESG toolbox working group.

The second part of the toolbox, digital tools, includes different tools and platforms that are useful in tracking the ESG metrics. The tools have been tested and noted as beneficial by the working group itself. In the third part, the working group has compiled relevant frameworks and ESG networks that can also be beneficial. Some of the frameworks are directly linked to the ESG metrics and support their usage. In addition, there are directions in both sections on what kind of company the tool or framework is suitable for and what are its pros and cons.

Through this work, we have aspired to lower the threshold to deploy ESG metrics. The number of metrics and terms related to ESG discourse can make it hard to recognise what is relevant. With this toolbox, we have strived to make starting ESG work easier”, describes Minna Heimonen, member of the ESG toolbox working group.

The Work Has Only Just Begun

The toolbox is the first of its kind, and the work to develop its different sections will continue. The working group wishes for user feedback so that development can be focused on where it is needed the most.

The private equity and venture capital industry has a significant role in developing new innovations and more sustainable business. In FVCA’s ESG and Sustainable Finance Committees, we strive to develop both our own and the industry’s know-how”, says Suvi Collin, the new Head of Legal & ESG of FVCA.


The ESG toolbox was composed by the following members of FVCA’s ESG Committee:

  • Petra Hakamo, Evli Oyj (Deputy chairperson)
  • Taija Heittola, Vaaka Partners
  • Noora Haraholma, Hartwall Capital
  • Minna Heimonen, MB Funds
  • Katariina Helaniemi, Illusian Group
  • Heli Kerminen, Tesi
  • Jani Alenius, DNV Business Assurance Finland

Explore the toolbox here.


For more information, please contact:

FVCA, managing director, Pia Santavirta
+358 40 546 7749,

Deputy chairperson of the ESG Committee, Evli Oyj, Head of Sustainability, Petra Hakamo,
+358 40 552 5880,

FVCA, Head of Legal & ESG, Suvi Collin,
+358 50 560 3532

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