Anticipating risks and ensuring compliance with UPM's Code of Conduct lay the foundation for UPM's responsible business operations. We minimise the environmental footprint of our products throughout their lifecycle. We are committed to responsible sourcing and sustainable forest management. With regard to our suppliers, we require them to apply the principles of UPM's Supplier Code and fulfil social, environmental and economic responsibility criteria. The safety of our suppliers is as important to us as the safety of our own employees.
Wood is the most valuable raw material source for us. Our priority is therefore to ensure that all wood fibre we use comes from sustainable sources.
Achieving our ambitious targets requires high performing people and teams to drive the business transformation. This also highlights the importance of being an attractive employer with inspiring and empowering leaders who offer diverse opportunities to perform and grow. To ensure the success of our businesses and the people who make it happen, UPM’s management is placing particular emphasis on performance orientation and employee engagement. The wellbeing of our people is enhanced through numerous local programmes and communal activities.
The company’s Code of Conduct addresses human rights, labour rights, good business conduct, occupational safety and environmental practices. The Code of Conduct is complemented by more detailed policies, rules and guidelines, and training on these documents is provided regularly.
We offer a wide range of innovative, renewable and recyclable products for our customers. Many of these are a sustainable alternative to fossil-based solutions. With ecodesign, we systematically integrate environmental and social aspects into product design at an early stage, covering the entire lifecycle. We design safe products with a sustainable afterlife, seeking third party proof of this. We offer product declarations and environmental data for our products and they have been granted several ecolabels. UPM's comprehensive expertise in utilising wood biomass and recycling creates a strong foundation for developing new businesses.
We see that our success is determined by good business ethics, as well as continuous dialogue and transparent interaction with our stakeholders. We actively engage with the communities in which we operate and where our economic impact is significant. We are, for example, one of the biggest taxpayers in Finland and we pay taxes where we operate and where the value is created. We share common interests with our stakeholders and aim to find innovative ways to develop the company together. To deliver true stakeholder value, UPM focuses on ensuring good co-operation, regular discussion and interaction at all levels. These tools and channels enhance knowledge and understanding of the company's activities and targets, as well as building long-term trust with the key stakeholder groups.
More with Biofore is good business. Making more out of less is central to UPM's resource efficiency as well as a major source of cost efficiency and competitiveness. Using ecodesign we are developing new innovative products and sustainable businesses. All this is made real by high performing people and teams. With all these strategic actions and by ensuring transparency in all operations we show our shareholders and financiers that responsibility brings business benefits. As an example, according to McKinsey & Company, Bloomberg and Osmosis Investment Management, the most resource efficient large public companies have outperformed global benchmark indices on average by more than 5% per year over the past eight years.