The purpose of Festi’s sustainability policy is to serve as a roadmap for more sustainable operations for the Festi Group and its subsidiaries (N1, Kronan, ELKO, Bakkinn vöruhótel and Festi fasteignir). The policy covers the most important environmental and climate impacts, social aspects and governance relevant to the Group at any given time and also includes key indicators and time-bound measurable targets. Nasdaq's internationally accepted environmental, social and governance (ESG) criteria form the basis of the strategy.
The policy forms the basis for the Group's vision and strategic focus to guide sustainability in decision-making when it comes to its future growth. In addition, the policy supports the UN Sustainable Development Goals (SDGs) that Festi emphasizes: gender equality (5), good employment and growth (8), increased equality (10), responsible consumption and production (12) and climate action (13).
Environmental Policy: Festi and its subsidiaries are aware of the impact of their operations on the environment and seek to minimize its negative impacts as much as possible. The Group intends to do so first and foremost via:
- Responsible resource use.
- Mapping and setting clear targets for reducing greenhouse gas emissions (GHGs) – for both direct and indirect emissions (Scope 1, 2 and 3).
- Reducing purchases of packaging products, reduce waste emissions and increase efficiency in sorting recycling materials in a measurable manner.
- Looking for ways to minimize waste of products with limited shelf time.
- Supporting the circular economy and increasing recovery rates.
- Striving to offer customers more environmentally friendly products and services and increasing their share as much as possible.
- Mapping key sustainability risks from climate change and other related sustainability factors.
- Leveraging the power of the company's size to try to influence the supply chain to conduct even more responsible and sustainable production and business.
In addition to minimizing impacts on the environment from direct operations, the company is working on a project in certified afforestation according to the quality requirements of Skógarkolefni.
Festi and its subsidiaries have signed the Climate Declaration of Festa and the City of Reykjavík and dedicated themselves to its objectives with clear actions. Festi measures and publishes the Group's carbon footprint in an annual report, which also reviews progress achieved during the year and next steps. The Group aims to achieve net zero emissions by 2040, which supports Iceland's goal of becoming carbon neutral the same year.
Social Policy: It is important for Festi and its subsidiaries to be desirable workplaces that attract and retain qualified and reliable employees. It is assessed as the role of the Group and its management to:
- Promote equality in the workplace.
- Support management and staff to communicate fairly and objectively.
- Take into account different perspectives and allow each person's talents to be enjoyed.
- Not tolerate any form of bullying, violence or harassment.
- Endeavour to ensure the satisfaction, safety and well-being of employees with good working conditions as well as regular education and training.
To support this, the Group uses the following working tools, rules, policies and certifications:
- Festi and its subsidiaries are certified according to ÍST 85:2015 on equal pay and have a clear human resources policy, gender equality policy and equal pay policy.
- Workplace analyses are carried out regularly to measure well-being in the workplace.
- Regular conversations take place between staff and supervisors, to help increase transparency and improve communication.
- A zero-accident policy is run which states that no accidents are acceptable and safety and occupational safety courses are offered annually.
- The welfare of employees is supported by a welfare package that includes professional welfare services and grants with the aim of improving the quality of life for employees and contributing to improved mental and physical health.
