Page 14 - Seafarers---_Pension_Fund_Annual_Report_2020_s

Annual Report of the Board In 2020, the Board decided to outsource the internal audit services
to KPMG Oy Ab. The internal audit focused on the pension decision
Seafarers’ Pension Fund 2020 Annual Report activities of the Pension fund.

14 The risk management of investment activities is based on the shared
solvency regulations of the earnings-related pension providers. The
investment plan approved by the Seafarers’ Pension Fund is prepared
on the basis of the solvency position of the Pension Fund. An essential
element in the risk management of the Pension Fund’s investment
activities is sufficient diversification among the various investment
categories and, within each category, among different countries and
counterparties.

Data privacy in accordance with the GDPR has been taken into
account as a default in all new projects and change situations. All
agreements include appropriate appendices concerning the processing
of personal data. The data balance sheet drawn up in accordance with
the data protection management model is included in the financial
statement documents to be discussed by the Board of the Seafarers’
Pension Fund.

Personnel

In 2020, the average number of personnel employed by the Seafarers’
Pension Fund was 24. The mean age of the employees was 51 year. The
salaries and fees paid by the Pension Fund amounted to EUR 1.81 million.

The Pension Fund’s offices are located in a property owned by
the Fund, at the address Kanavaranta 9, Helsinki. The personnel are
working at Kanavaranta in two floors dedicated to different functions.
Back offices are not open to customers or visitors. These arrangements
support compliance with the data protection regulations. Along with
the COVID-19 pandemic, remote working has become a new normal
way of working. The Pension Fund’s personnel have largely been
working remotely since March 2020. The personnel have followed the
instructions and recommendations, and up to date, no COVID-19
infections have been reported among the personnel.

The Chief Executive Officer (CEO) of the Seafarers’ Pension Fund,
Kari Välimäki, retired with pension on 1 January 2021. The Board of
the Seafarers’ Pension Fund appointed Jari Puhakka as the new CEO
starting from 1 January 2021. Puhakka had previously served as the
Investments Manager and substitute for the CEO of the Fund.

During the late autumn of 2020, the new organisational structure
was prepared to become valid at the start of 2021. Two new directors
were appointed as part of the reform. As of 1 January 2021, Chief
of Administration and Communications Marina Paulaharju was
appointed as Chief Customer Officer (CCO), responsible for pension
and insurance customers, HR, communications and responsibility. As
of 11 January 2021, Päivi Särkiniemi was appointed as Chief Operating
Officer (COO), responsible for administration and finances. The
Board of the Pension Fund also nominated Marina Paulaharju as the
substitute for the CEO as of 1 January 2021.

The Executive Group consists of CEO Jari Puhakka, Director (CCO)
Marina Paulaharju and Director (COO) Päivi Särkiniemi.