At the beginning of 2024, Laura Wickström joined the Nessling Foundation’s Governing Board as an investment professional. Her extensive career in finance has taken her to California for five years before returning to Finland as a Chief Investment Officer at a pension insurance company. Wickström encourages a systemic approach to sustainability challenges, advocating for solutions that are sustainable in the long term and consider global impacts.
You were invited to join the board after the Foundation’s previous expert on responsible investment, Nina Bergring, stepped down. What are your thoughts and feelings as you begin your work on the Foundation’s Board?
“I am honoured to have been invited to join the Board. For me, the Foundation offers a unique vantage point on how sustainability themes are being considered in Finnish society. While I am familiar with how investors allocate capital responsibly, it is wonderful to learn more about how sustainability challenges are being addressed at the societal level and the role that research plays in this process.”
What is your role on the Board?
“I serve on the Board’s Economic Committee and monitor the Foundation’s investments. My role is to ensure that the Foundation’s funds are invested both profitably and responsibly. This is, of course, a significant responsibility, as the Foundation’s financial situation over the long term is the foundation upon which its activities can be funded.”
How do you see the field of responsible investment having developed over the years?
“Responsibility began to emerge in the investment sector about 15 years ago, and its development has largely followed international agreements reflecting broader societal goals. However, how responsibility is perceived is always dependent on a value base that is constantly evolving. For example, we can now observe how the war in Ukraine is affecting investment decisions, as the defence industry, long excluded by many investors, is being reconsidered and, in some cases, reintegrated.
The definitions, practices, and regulations surrounding responsible investment are thus in constant flux.
Today, the established approach to responsible investing is through the ESG framework, focusing on environmental, social, and governance factors. However, the emphasis on these factors varies between investment targets and regions; for instance, while environmental responsibility is prioritised in Finland and more broadly in Europe, social responsibility is the primary focus in the United States.
At the same time, responsible investing is gradually becoming easier as regulations on corporate sustainability reporting increase, leading to a growing amount of data on companies’ sustainability practices and a standardisation of that data. This will be particularly influenced by the EU’s new Corporate Sustainability Reporting Directive (CSRD). Previously, discrepancies in corporate reporting have made it challenging to compare responsibility. This will also reduce the potential for greenwashing.”
Climate impacts are more familiar in responsible investment, but what about biodiversity impacts?
“Biodiversity impacts have only recently come to investors’ attention. However, incorporating them into investment decisions remains quite challenging in practice, as metrics for assessing companies’ biodiversity impacts are still under development. Nonetheless, considering biodiversity in investment activities is moving in the right direction, and I believe that in the coming years, it will become an increasingly significant part of responsible investment.”
What is important to consider from an investment perspective as we promote sustainability transformation?
“We need to be able to view challenges systemically. The world is highly interconnected, so simple solutions often do not work. We should aim to find solutions that are sustainable in the long term and consider their global impacts. For example, if we set very high standards for companies within the EU, it might lead to companies relocating their operations to countries with looser regulations.”
Your work has taken you and your family to California for several years. What stands out from that experience?
“Our years in California remain unforgettable for us, particularly because our two sons were born there. It has become a significant place for us, filled with warm memories. The stunning natural beauty of California, with its ocean and mountains that allow for everything from water sports to skiing, is very special to us and feels like our own mental landscape.”
Pictures: Annukka Pakarinen
Get to know the other board members
Niina Bergring
Simo Honkanen
Timo Kairesalo
Johanna Kentala-Lehtonen
Tellervo Kylä-Harakka-Ruonala
Pertti Lassila
Jari Niemelä
Niko Soininen
Ilari E. Sääksjärvi
Tuula Varis
