Year 2014
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Independent Assurance Report

(Translation from the Finnish original)

To the Management of Neste Oil Corporation

We have been engaged by the Management of Neste Oil Corporation (hereinafter also the Company) to perform a limited assurance engagement on the numeric information on economic, social and environmental responsibility for the reporting period 1 January 2014 to 31 December 2014, disclosed in the “Sustainability” section of Neste Oil Corporation’s online Annual Report 2014 (hereinafter Sustainability information).

Furthermore, the assurance engagement has covered Neste Oil Corporation’s adherence to the AA1000 AccountAbility Principles with moderate (limited) level of assurance.

Management’s responsibility

The Management of Neste Oil Corporation is responsible for preparing the Sustainability information in accordance with the Reporting criteria as set out in the Company’s reporting instructions and the G3 Sustainability Reporting Guidelines of the Global Reporting Initiative.

The Management of Neste Oil Corporation is also responsible for the Company’s adherence to the AA1000 AccountAbility Principles of inclusivity, materiality and responsiveness as set out in the AccountAbility’s AA1000 AccountAbility Principles Standard 2008.

Practitioner’s responsibility

Our responsibility is to express a conclusion on the Sustainability information and on the Company’s adherence to the AA1000 AccountAbility Principles based on our work performed. Our assurance report has been prepared in accordance with the terms of our engagement. We do not accept, or assume responsibility to anyone else, except to Neste Oil Corporation for our work, for this report, or for the conclusions that we have reached.

We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”. This Standard requires that we comply with ethical requirements and plan and perform the assurance engagement to obtain limited assurance whether any matters come to our attention that cause us to believe that the Sustainability information has not been prepared, in all material respects, in accordance with the Reporting criteria.

In addition, we have conducted our work in accordance with the AA1000 Assurance Standard 2008. For conducting a Type 2 assurance engagement as agreed with the Company, this Standard requires planning and performing of the assurance engagement to obtain moderate (limited) assurance on whether any matters come to our attention that cause us to believe that Neste Oil Corporation does not adhere, in all material respects, to the AA1000 AccountAbility Principles and that the Sustainability information is not reliable, in all material respects, based on the Reporting criteria.

In a limited assurance engagement the evidence-gathering procedures are more limited than for a reasonable assurance engagement, and therefore less assurance is obtained than in a reasonable assurance engagement. An assurance engagement involves performing procedures to obtain evidence about the amounts and other disclosures in the Sustainability information, and about the Company’s adherence to the AA1000 AccountAbility Principles. The procedures selected depend on the practitioner’s judgement, including an assessment of the risks of material misstatement of the Sustainability information and an assessment of the risks of the Company's material nonadherence to the AA1000 AccountAbility Principles. Our work consisted of, amongst others, the following procedures:

  • Interviewing senior management of the Company.
  • Interviewing employees from various organisational levels of the Company with regards to materiality, stakeholder expectations, meeting of those expectations, as well as stakeholder engagement.
  • Assessing stakeholder inclusivity and responsiveness based on the Company’s documentation and internal communication.
  • Assessing the Company’s defined material sustainability topics as well as assessing the Sustainability informationbased on these topics.
  • Performing a media analysis and an internet search for references to the Company during the reporting period.
  • Visiting the Company’s Head Office as well as one site in Finland.
  • Interviewing employees responsible for collecting and reporting the information presented in the Sustainability information at the Group level and at the site level (the Netherlands, Singapore and Finland).
  • Assessing how Group employees apply the reporting instructions and procedures of the Company.
  • Testing the accuracy and completeness of the information from original documents and systems on a sample basis.
  • Testing the consolidation of information and performing recalculations on a sample basis.

Conclusion

Based on our work described in this report, nothing has come to our attention that causes us to believe that Neste Oil Corporation does not adhere, in all material respects, to the AA1000 AccountAbility Principles.

Furthermore nothing has come to our attention that causes us to believe that Neste Oil Corporation’s Sustainability information has not been prepared, in all material respects, in accordance with the Reporting criteria, or that the Sustainability information is not reliable, in all material respects, based on the Reporting criteria.

When reading our assurance report, the inherent limitations of accuracy and completeness of sustainability information should be taken into consideration.

Observations and recommendations

Based on our work described in this report, we provide the following observations and recommendations in relation to Neste Oil Corporation’s adherence to the AA1000 AccountAbility Principles. These observations and recommendations do not affect the conclusions presented earlier.

  • Regarding Inclusivity: Neste Oil Corporation has processes in place for stakeholder inclusivity and engagement. We recommend that the Company further develops the systematic management of stakeholder engagement, particularly with central coordination and support in terms of its content, yet enabling flexibility at the local level.  
  • Regarding Materiality: Neste Oil Corporation has a systematic process in place to evaluate and determine the materiality of sustainability topics. The Company updated its sustainability materiality assessment during autumn 2014 and early 2015. We recommend that the Company continues the development work within the focus areas of the sustainability program as planned, and in this work pays special attention to the feedback received from the stakeholders on the updated materiality assessment.
  • Regarding Responsiveness: Neste Oil Corporation has processes in place for responding to stakeholder needs and concerns. We recommend that the Company strengthens its sustainability activities and communications especially towards customers. Furthermore, we recommend that the Company continues to enhance its transparency also in other areas where the stakeholder interest has increased according to the updated materiality assessment.

Practitioner’s independence and qualifications

We comply with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the IESBA (the International Ethics Standards Board for Accountants). 

Our multi-disciplinary team of corporate responsibility and assurance specialists possesses the requisite skills and experience within financial and non-financial assurance, corporate responsibility strategy and management, social and environmental issues, as well as knowledge of the energy industry, to undertake this assurance engagement.

 
Helsinki, 27 February 2015
 
PricewaterhouseCoopers Oy    
     
     
     
     
     
     
Sirpa Juutinen   Maj-Lis Steiner
Partner   Director, Authorised Public Accountant
Sustainability & Climate Change   Assurance Services