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CEO’s Review

Seafarers’ Pension Fund 2020 Annual Report

2020 – An Exceptional Year

The year 2020 is one for the history books, thanks to the
corona pandemic, which affected each and every one of
us in many ways. The financial impacts were felt primarily
by certain fields, such as navigation and, in particular,

the passenger ship sector. In many fields, the various
restrictions forced digital advancements, which were
seen, for example, as a strong increase in remote
working and online commerce.
In response to the pandemic, we shifted the
focus of our operations increasingly towards
actions to enhance the well-being of our
customers. The financial strain on shipping
companies and the impact of layoffs on seafarers
were and continue to be among our top concerns.
We have taken action in both areas and we will
continue to enact concrete measures as necessary.
At the moment, we view investments in well-
being at work as being exceptionally important.
When assessing the necessary measures, we stress
the fact that particular attention must be paid to
the impacts of extended layoffs on the work ability
of seafarers.
We have further improved our cost efficiency
while simultaneously maintaining the high quality
of our service. Remote working, as recommended by
the authorities, has not weakened our service. We have

ensured that our personnel have the proper equipment
for remote working and that our pension decisions are
issued as rapidly and professionally as ever before.

Responsibility factors guide everything we do to an even
greater extent. Of the UN Sustainable Development Goals,
we selected the five which we feel we can best influence
through our own actions, namely good health and well-
being; decent work and economic growth; responsible
consumption and production; climate action; and peace,
justice and strong institutions. These goals are already
reflected in the good results achieved by our investment
portfolio. In the future, the sustainable development goals

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