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Annual Report of the Board Responsible construction
The new construction project in the Harppuunakortteli area in Turku
Seafarers’ Pension Fund 2021 Annual Report is exceptional both in terms of its extent and technologies. Geothermal
energy and solar energy are the main energy sources. Energy self-
18 sufficiency and ecological solutions have been considered from the start
in the buildings’ technological and life-cycle planning. The solutions
will translate into savings in housing costs. Our new construction
projects in Tapiola, Espoo, also emphasised environmental and energy
efficiency. For the building located at Länsituulentie 10, we attained the
Gold level in the international LEED environmental certification.

Private asset funds
The Seafarers’ Pension Fund owns private asset funds (capital, loan,
forest, infrastructure and real estate funds) totalling EUR 595.1 million.
We have also initiated the development of responsibility reporting for
these investments, and for the first round, the response rate was 65.1%.
• Altogether 79.1% of the asset managers have signed
the UN Sustainable Development Goals.
• Altogether 60.5% of the asset managers drafted
a sustainability report.

Responsible personnel management
Towards the end of 2021, the Seafarers’ Pension Fund had a model for
responsible HR management completed on the basis of a Bachelor’s
thesis in Economics. The HR management model is founded on
Anna-Maija Lämsä’s (2018) relationship leadership theory, according
to which the supervisor and employee affect leadership through
their relationship and by serving as active promoters of inclusive,
participatory leadership.

Administration

Delegation
The highest decision-making body of the Seafarers’ Pension Fund is its
Delegation. By virtue of the Seafarer’s Pensions Act, the Delegation is
appointed for a three-year period by the Ministry of Social Affairs and
Health. The term of the prior Delegation started on 1 January 2019 and
ended on 31 December 2021. The new Delegation initiated its activities
on 1 January 2022.

Board
By virtue of the Seafarer’s Pensions Act (MEL), the Board of the
Seafarers’ Pension Fund is appointed for a four-year term by the
Ministry of Social Affairs and Health. The term of the current Board
started on 1 January 2018 and ended on 31 December 2021. The new
Board initiated its activities on 1 January 2022.

On the Board, the Chair and Vice Chair represent the State. The
Board members represent the maritime employee unions and employer
organisations. The Officers’ and Engineers’ Unions have, in alternate
years, the right of membership or the right to be present and speak.