Sitra's Annual Report 2012: With increased economic and societal uncertainty, the role of Sitra is now more important than ever
In the past year, Sitra has developed energy-efficient planning and construction, the use of locally sourced renewable energy, service voucher practices, health kiosks and public administration, from the perspective of group management and legal drafting.
Sitra is building a Finland of the future. In practice, we are moving towards this with foresight, through investigation, experimentation, business finance, education and extensive social impact activities. As a future-oriented organisation addressing systemic challenges, Sitra has a particularly important role to play in times of uncertainty.
In 2012, deteriorating competitiveness and a worsening dependency ratio, depleting natural resources and rising energy costs intensified the pressure for structural change in Finland, while the overindebtedness of developed nations made the financial headlines. Problems hindering municipal and social and health reforms, and the need to provide several EU countries with financial aid, stirred people’s emotions throughout the year.
”Sitra's role as a respected expert, independent background player, and active experimenter and developer, gives us the opportunity not only to influence society’s key questions at a preliminary stage, but also to put reforms into practice,” Sitra’s President Mikko Kosonen explains. Projects and programmes that concluded in 2012 testify to Sitra’s widespread impact at various levels of society.
Towards sustainable wellbeing in theory and practice
Expert consultants Gaia Oy estimate that the changes in the built environment initiated by Sitra’s Energy Programme have the potential to significantly reduce heating and electricity consumption in buildings by 2020.
Sitra’s long-term work in shaping the energy efficiency of the built environment, planning and national energy regulations will bear fruit in the years to come. Expert calculations already show that, based on the energy savings achievable, Finland’s greenhouse gas emissions could be reduced by five per cent by 2020.
The Terveyskioski (Walk-in Clinic), Palveluseteli (Service Voucher) and Terveystaltio (Personal Health Record) projects are examples of Sitra measures that have helped to revamp the service structures of the Finnish health care system, providing citizens with greater choice. Walk-in clinics have brought low-threshold health services to shopping centres, and the Service Voucher project has broadened the range of choices available, for instance through training for local authority decision-makers in introducing the vouchers, through guide materials, and through experimentation and dissemination of best practices. The Personal Health Record project has involved designing and implementing a reliable personal online health account, known as the Taltioni online service, for better and more independent monitoring by citizens of their own personal health and treatment.
Programmes discontinued by organisational change are being replaced by more joint action
In 2012, Sitra implemented a major content-based and functional reform, which helped to speed up Sitra’s ability to react, while clarifying the connection between strategy and everyday life. Instead of running separate programmes, we adopted a system of themes and key areas that work towards our vision.
In Sitra’s vision, achieving sustainable wellbeing requires social, economic and ecologic sustainability. Business development is one of the cornerstones of Sitra’s operations. Last year, two themes focusing on sustainable wellbeing emerged alongside this, with Sitra’s development work undertaken in the form of projects under the auspices of these themes. These themes are Ecological Sustainability and Empowering Society.
Sitra's finances on a solid foundation, despite market fluctuations
Sitra mainly finances its operations from the yield on its endowment capital, as well as from operative financing activities. In recent years, the market value of Sitra’s endowment capital has fluctuated strongly, as a result of stock market fluctuations. As of the end of 2012, the market value of Sitra’s endowment capital was EUR 651 million. Sitra’s invested capital in 2012 generated a profit of 10.4 per cent, whereas in 2011 its investments had generated an 8.0 per cent loss.
During 2012, Sitra fully withdrew from six companies and partly from one company. New corporate investments were targeted at strategic areas within the theme areas. During the year, Sitra made an initial investment in five enterprises, and at the end of the year there were 35 enterprises in the Sitra capital investment portfolio.
For further information, please contact:
Veera Heinonen, Director, Communications and Public Affairs, Tel: +358 (0)50 372 5244, veera.heinonen@sitra.fi
Sitra’s Annual Report and Financial Statement for 2012 (.pdf): http://www.sitra.fi/julkaisut/Toimintakertomus/2012/Sitra_Boardreport2012.pdf
The Annual Report can also be ordered from julkaisut@sitra.fi.
Sitra, the Finnish Innovation Fund
The Finnish Innovation Fund Sitra builds a successful Finland for tomorrow's world. We are forward-thinking and anticipate social change and its effect on people. Our activities promote and stimulate new business models that aim for sustainable well-being. As a public fund, we report directly to the Finnish parliament.