Stakeholder engagement is deeply embedded into OP’s cooperative business model. Dialogue with stakeholders is a prerequisite for OP to succeed in its social role. By listening to our stakeholders, we want to understand their expectations towards OP and then find ways to promote wellbeing in our operating environment. Indeed, one of our priorities in stakeholder engagement is to identify development targets in OP's corporate social responsibility. We assess stakeholder views and engagement through various surveys and feedback requests. OP has established an informal stakeholder forum in order to ensure even better dialogue with stakeholders. In 2016, OP carried out a stakeholder survey on CSR themes as part of its CSR Programme update, read more about the materiality analysis.
The following table lists OP's major stakeholders and examples of their expectations and our cooperation models:
Since OP wants to increase transparency, it reports for the first time its tax footprint in its major tax categories. OP’s taxes consist of indirect and direct taxes and taxes collected. Indirect taxes include income tax, real estate tax and fiscal charges paid directly by OP. Indirect taxes include the value added tax and the insurance premium tax. Taxes collected include taxes collected by OP as the remittance payer and forwarded to the state, such as tax withheld from payroll and tax at source withheld from interests.
The mediation and sales of financial services is free of VAT. Thus, it does not generate the obligation to pay VAT, nor does it entitle to make VAT deductions on purchases. However, OP Financial Group member cooperative banks and other companies are liable to pay VAT on their other business.
Taxes included in the tax footprint were calculated on an accrual basis.