"I think the business world is at a major turning point, not least because of the rapid development of artificial intelligence at the same time as so much is happening in sustainability issues. For me, a new regulatory framework is an interesting opportunity to learn more about how we are going to approach this turning point and work with all of this that is currently being created." Elva Rakel Jónsdóttir, CEO of Festa, in an interview on Vísir about the School of Sustainability.
Prosperity
Málþing fyrir stjórnir og framkvæmdastjórnir
In November, Festa organized a special sustainability seminar for the boards and executive boards of member companies, entitled Progressive Boards – Profitability, Responsibility and Impact. This event was the first of its kind at Festa, tailored to board members in companies and institutions. The seminar took place at the Grand Hotel on November 8 and was attended by representatives from the boards and executive boards of numerous member companies. Arnar Másson, Chairman of the Board of Marel and a member of the Board of Festa, chaired the seminar, and the keynote speakers included leading experts in the field of sustainability and governance. Elva Rakel Jónsdóttir analyzed the impact of environmental and international issues on the operating environment, Tómas N. Möller reviewed sustainability regulations, Rakel Eva Sævarsdóttir presented the opportunities inherent in sustainability in operations, Ingunn Agnes Kro reviewed the relationship between sustainability and efficiency, and Ásthildur Otharsdóttir discussed the organization of boards in sustainability work. Elín Jónsdóttir, Tómas Már Sigurðsson, Andri Þór Guðmundsson and Hrefna Sigfinnsdóttir participated in a panel discussion at the end of the symposium.
The event was packed, showing that there was a great need for the platform to delve deeper into sustainability issues with people at the board level. It is clear that an event of this type will be part of Festa's event schedule in the coming years.
Festu's policy updated
Festa’s strategy was updated in 2024 with a focus on the three pillars of sustainability: people, earth and prosperity. The main goal of the strategy is to have a positive and enriching impact on the environment and society, and to facilitate and accelerate the development towards a circular economy and sustainable business. Festa’s vision is that the initiatives of member companies lead to a sustainable society. In such a society, the well-being of people, nature and prosperity go hand in hand.
Innovation Week Event – Sustainable Investments
As part of the Icelandic Innovation Week 2024, Festa, together with the Icelandic Maritime Cluster, organized an event on sustainable investments. It brought together investors, startups and other companies to discuss how investment capital can drive sustainable development. The emphasis was on the long-term benefits of companies’ sustainability journeys, both in terms of operations and business opportunities, and that capital owners have an important role to play by directing funds to projects that contribute to positive social and environmental impacts. This event directly connects Festa’s economic ideals to the financial sector and shows how responsible investment is part of sustainability.
Sustainability School This year, Festa launched an innovation in its educational work with the Sustainability School, which was held in collaboration with the Open University. The program consisted of three courses that covered a wide range of sustainability issues. During the courses, various experts discussed the basic aspects of sustainability for different target groups, such as managers, middle managers and employees of member companies. The purpose was to educate a wider group within the companies about key concepts and methods in sustainability issues, increase the skills of those working on these issues and encourage all employees to participate. The reception was good and Festa will build on this educational work in the coming year.
Incentive Award Festa came to present the Incentive Award for Outstanding Initiative in the Field of Environmental Affairs and Innovation in Sustainability 2024. The award was given in collaboration with Creditinfo and was related to the publication of Creditinfo's list of Outstanding Companies of the Year. Krónan received the Incentive Award for Outstanding Initiative in the Field of Sustainability Innovation for the project Heillakarfan – an innovation in Krónan's app that encourages customers to make more environmentally friendly purchases. Heillakarfan gives users points for buying products that score high in environmental and health terms, thus helping people make informed decisions.
The Foundry also received an incentive award for outstanding environmental initiatives. The company received the award for its special initiative in electrifying its vehicle fleet. The company's electric fleet now consists of 6 electric concrete trucks, 1 electric tow truck and 2 "hybrid" concrete pumps, or 9 vehicles in total, and the goal is for 70% of the fleet to be powered by renewable energy sources by 2032.
The judging panel included Þórólfur Nielsen, Director of Strategy and Sustainability at Landsvirkjun and board member at Festa, Elín Jónsdóttir, Lecturer at the Faculty of Law at Bifröst University, Stefán Kári Sveinbjörnsson, Sustainability Project Manager at Festa, and Arent Orri Jónsson Claessen, President of the Student Council of the University of Iceland.
Sustainability Report of the Year Award Cancelled Festa, in collaboration with the Icelandic Chamber of Commerce and Stjórnvísi, has since 2018 awarded an annual Sustainability Report of the Year Award to encourage excellent sustainability reporting. In light of the rapid development in the field and new legislation, it was decided to cancel the project. Festa thanks the Icelandic Chamber of Commerce and Stjórnvísi for their successful collaboration.
