In the annual Sustainability Index, experts have highly evaluated the performance of JSC Olainfarm in areas such as corporate governance, environmental impact, investments in society and the working environment, as well as investments in the development of the industry and the country, awarding the Gold category for the second year in a row.

“One of JSC Olainfarm’s priorities over the past two years has been to implement transparent and effective corporate governance practices that help the company achieve its strategic goals and invest in new product development, research and the development of export markets. Gold in the Sustainability Index is a natural testament to the sustainability of our operations and our social responsibility towards our employees, the environment and society as a whole. We continue to invest heavily in both production expansion and green energy projects to play an even more active role in achieving our climate neutrality goals. We will also continue to invest in our employees and in improving working conditions, as well as in initiatives and social projects that are important for the whole society,” says Juris Bundulis, Chairman of the Board of JSC Olainfarm.

Olainfarm marked 2022 as a year of sustainable development and implemented a number of initiatives to make the company more sustainable and continue to grow. Along with the establishment of the Science and Research Centre and the improvement of the corporate management system, last year Olainfarm, in cooperation with foreign experts, implemented an emergency management model ahead of global standards, which was tested together with operational services in Latvia in the most ambitious emergency drills to date earlier this year, confirming the readiness of the company and services.

Alongside the improvement of the company’s internal processes, compensation for the increase in electricity prices was added to the basket of employee benefits, amounting to €80,000 per month in additional support, which was provided for a total of six months. Support measures, stable and motivating working environment, competitive remuneration and a basket of benefits provided by the company continued to ensure a high level of employee loyalty, as evidenced by the annual employee survey, in which almost 80% of Olainfarm employees admitted that they are fully satisfied with their work at the company.

Last year, Olainfarm continued to support the most outstanding pharmacy students at Riga Stradiņš University with scholarships and this year established a scholarship for future chemistry teachers, committing to invest EUR 75,000 in the support of 25 teachers over the next five years to promote the development of the chemistry and pharmaceutical industry and make a targeted contribution to initiatives of importance to society.

At the same time, the contribution to strengthening people’s mental health has been significant, including support for the establishment of the Sensorais Džims gym at the Latvian Children’s Support Center’s social rehabilitation center. Olainfarm also ran a social campaign, using animated videos and educational materials to explain emotions and ways to cope with them to children and their parents in order to reduce the behavioral problems faced by many families in Latvia. In the dark time of the year, people were also cheered up with wellness tips and advice available in the city and on the internet.

Contributing to climate neutrality goals, developing the use of green energy in the company’s energy supply and at the same time improving the energy supply infrastructure, in the coming years Olainfarm will install the most advanced chemical and pharmaceutical wastewater treatment plants in the Baltics and build a solar panel park with a total capacity of 3.2MWh. The new equipment will treat up to 5000 m³ of municipal and industrial wastewater per day and will help to reduce the total volume of wastewater to be treated, increasing the energy efficiency of the process. The planned investments are part of Olainfarm’s journey towards its ambitious goal of becoming a European Top 10 company in its product categories by 2027, with at least €100 million of investment backed by shareholders.

Olainfarm participated in the Sustainability Index for the second year. Repeatedly winning the Gold category is a significant achievement, demonstrating the company’s sustainable operations and management. It is particularly noteworthy that in fourteen years, only three companies have achieved a Gold rating, participating in the Sustainability Index for the first time. The Sustainability Index is a strategic management tool based on an internationally recognized methodology.