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Annual Report of the Board

Seafarers’ Pension Fund 2022 Annual Report

EUR 591 million. We have also continued the development of
responsibility reporting for these investments and the managers’
response rate was 69.4%. Of the asset managers who responded to
the responsibility survey:
• Altogether 77% have signed the UN Sustainable Development
Goals.
• Altogether 65% drafted a sustainability report.

Responsible HR management
The Seafarers’ Pension Fund implements a model for responsible HR
management 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.

According to the annual KivaQ well-being at work survey, the work
satisfaction index of the Fund’s personnel is among the best in the in-
dustry. The index figure for 2022 (on a scale of 1–10) was 8.19, which
was even higher than for the preceding years. The average ratings for
responsible HR management, as asked in the same survey, were higher
than 8.

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 appointed Delegation started on 1 January
2022 and ends on 31 December 2024.

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 2022 and ends on 31 December 2025.

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.

The Seafarers’ Pension Fund has provided the parties that will nomi-
nate new members for the Board and Delegation as well as the Ministry
of Social Affairs and Health that will appoint the members with guide-
lines concerning the qualification requirements for potential members.
The new members have been provided with induction training on two
occasions during the year, and the Financial Supervisory Authority has
been informed of the new members. The Board also implemented a
self-assessment and an evaluation of the state of internal control.

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