Page 14 - Seafarers---_Pension_Fund_Annual_Report_2021

Annual Report of the Board By virtue of the law, the Seafarers’ Pension Fund shall conduct, every
second year, an actuarial study to investigate whether the currently valid
Seafarers’ Pension Fund 2021 Annual Report MEL contribution basis is securing in terms of the Fund’s solvency and
the interests of the insured. In practice, the study is carried out every
14 year, and the confirmation of the MEL contribution by the Ministry of
Social Affairs and Health is applied for one year at a time.

The Administrative Regulations of the Seafarers’ Pension Fund
became valid on 1 December 2017.

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 Fund’s solvency position. An essential element in
the risk management of the 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 documents to be
discussed by the Board of the Seafarers’ Pension Fund. The data balance
sheet for 2021 was discussed by the Board in January 2022.

Personnel

In 2020, the average number of personnel employed by the Seafarers’
Pension Fund was 24. The mean age of the employees was 50 years. The
salaries and fees paid by the Fund amounted to EUR 1.90 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 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 goal-oriented interaction coaching programme based on the
deep leadership model (Deep Lead) for the entire personnel was started
up in 2021. Additionally, the model for responsible HR management,
in which goal-oriented interaction was one aspect, was completed. The
model is based on Lämsä’s (2018) theoretical model for an inclusive,
participatory management style.

During 2021, the job descriptions of the personnel were revised
to better serve future needs, and the organisational structure was
streamlined. As of 1 January 2022, the Seafarers’ Pension Fund
appointed Sauli Hämäläinen as Chief Investment Officer (CIO) and
member of the Executive Group. Within the new organisation, the
members of the Executive Group serve as supervisors for the units they
are in charge of. The members of the Executive Group serve directly
under the CEO, as do the Chief Actuary Officer and the Leading Legal
Counsel, who also serves as Compliance Officer.