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Independent Assurance Report

To the Board of Management of Wärtsilä Oyj Abp

We have been engaged by the Board of Management of Wärtsilä Oyj Abp (hereafter Wärtsilä) to provide limited assurance on Wärtsilä’s Sustainability Information in the electronic Wärtsilä Annual Report 2016 from the reporting period 1. January – 31. December 2016 (hereafter the Sustainability Information).

The Sustainability Information includes data and text presented in the following sections of Wärtsilä’s Annual Report:

  • The “Sustainability” -section and its sub-sections;
  • The “CEO review” -section;
  • The following sub-sections of the “This is Wärtsilä” -section: “Wärtsilä in Brief”, “Corporate strategy”, “Sustainability targets”, “Innovating for sustainability”, “Sustainability highlights”, “Research and Development”, “Energy Solutions and Sustainability”, “Marine Solutions and Sustainability” and “Services and Sustainability”;
  • The following sub-sections of the “Governance” -section: “Internal control”, and “Risks and risk management”;
  • The sub-sections of the “Stories” -section specifically marked with “Sustainability Assured”.

Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4 was used as the assurance criteria.

Inherent limitations on the engagement

The inherent limitations on accuracy and completeness in data related to the Sustainability Information are to be taken into account when reading our assurance report. The presented Sustainability Information is to be considered in connection with the explanatory information on data collection, consolidation and assessments provided by Wärtsilä.

The Board of Management of Wärtsilä is responsible for the measuring, preparation and presentation of the Sustainability Information in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4.

Our responsibility is to express an independent conclusion on the Sustainability Information. We have conducted the engagement in accordance with ISAE 3000 (Revised). To the fullest extent permitted by law, we accept no responsibility to any party other than Wärtsilä for our work, for this assurance report, or for the conclusions we have reached.

We are independent from the company according to the ethical requirements in Finland and we have complied with other ethical requirements, which apply to the engagement conducted.

We apply the International Standard on Quality Control 1 (ISQC 1) and accordingly maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Summary of the work performed

A limited assurance engagement consists primarily of making inquiries of persons responsible for the preparation of the Sustainability Information presented, and applying analytical and other evidence gathering procedures, as appropriate. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement and consequently the level of assurance obtained in a limited assurance engagement is substantially lower.

In our engagement we have performed the following procedures:

  • Interviews with members of Wärtsilä senior management;
  • An assessment of the Sustainability Information’s conformity with the reporting principles of the GRI G4 guidelines for defining content and reporting quality;
  • An assessment of coverage of the material aspects selected for the Sustainability Information and the definition of reporting boundaries in the context of Wärtsilä’s business operations and sector;
  • An assessment of data management processes, information systems and working methods used to gather and consolidate the Sustainability Information;
  • A review of the Sustainability Information with an assessment of information quality and reporting boundary definitions;
  • Assessment of data accuracy and completeness through a review of the original documents and systems on a sample basis;
  • One site visit and three video conferences, conducted to Wärtsilä subsidiaries.

Conclusions

Based on the assurance procedures performed, nothing has come to our attention that causes us to believe that the information subject to the assurance engagement is not prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G4 in all material respects.

 

Helsinki, 7. February 2017

KPMG OY AB

Virpi Halonen                                                                      Nathalie Clément
Authorized Public Accountant                                              Senior Manager, Advisory

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