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mentation, which is always updated as necessary. The Board members Annual Report of the Board
and personnel of the Seafarers’ Pension Fund are bound by a statutory
obligation of confidentiality. The Board and personnel receive regular Seafarers’ Pension Fund 2022 Annual Report
training in data security and data privacy matters. The Fund’s data
protection officer annually drafts a data balance sheet that assesses the 1155
supervision of data security and data privacy during the reporting year
and outlines the plans for the next year. During 2022, the Seafarers’
Pension Fund has further developed its data security and privacy in
collaboration with the parties involved in the earnings-related pension
system as well as with selected partners.

Personnel

In 2020, the average number of personnel employed by the Seafarers’
Pension Fund was 24. The mean age of the personnel was 50 years.
The salaries and fees paid by the Fund amounted to EUR 1.92 million.

The Fund’s offices are located in a property owned by the Fund, at
the address Kanavaranta 9, Helsinki. Fund personnel worked in the
offices as well as remotely. Personnel complied with health security
guidelines and recommendations issued in response to the COVID-19
epidemic.

The goal-oriented interaction coaching programme based on the
deep leadership model (Deep Lead) for the entire personnel, which
was launched in 2021, was completed during 2022. Goal-oriented
interaction was included as one aspect of the Fund’s Model for
responsible HR management. The model is based on Lämsä’s (2018)
theoretical model for an inclusive, participatory management style.

During 2022, the Fund’s organisation was reconfigured and the
real estate team became part of the investment team. The maintenance
functions of the Fund’s subsidiary MEK-Huolto Oy in the Helsinki
metropolitan area, Hamina and Åland were outsourced as part of co-
operation procedures during 2022 and the maintenance company no
longer had, therefore, any employees as of 1 January 2023. The Fund
hired a Controller, who began working on 1 February 2022. Along
with other duties, the Fund’s Leading Legal Counsel also serves as its
Compliance Officer.

The Executive Group is comprised of Chief Executive Officer
(CEO) Jari Puhakka, Director (CCO) and substitute for the CEO
Marina Paulaharju, Director and Chief Investment Officer (CIO)
Sauli Hämäläinen, and Director (COO) Päivi Särkiniemi.

Operating expenses

The total operating expenses were EUR 6.7 million, representing an
increase of EUR 0.9 million from the year 2021. The increase was
the result of one-off expenses caused by the change in the real estate
strategy. The expenses for claims handling, including the costs for
disability risk management, amounted to EUR 2.2 million, operating
costs were EUR 1.7 million and costs for investment activities were
EUR 2.8 million.