F Notes on personnel and management
| F1 Number of employees | ||||||||||
| Finnvera Group | Finnvera plc | |||||||||
| (Number) | 31 Dec 2014 | 31 Dec 2013 | 31 Dec 2014 | 31 Dec 2013 | ||||||
| Number of employees | ||||||||||
| - Permanent full-time | 349 | 360 | 336 | 345 | ||||||
| - Permanent part-time | 22 | 16 | 22 | 16 | ||||||
| - Temporary | 23 | 23 | 18 | 21 | ||||||
| Total | 394 | 399 | 376 | 382 | ||||||
| Personnel as person-years | 378 | 381 | 361 | 365 | ||||||
| F2 Key management personnel in the Group | ||||||||||
| In the Group, key management personnel are members of the parent company Board of Directors, members of the Supervisory Board, CEO Pauli Heikkilä, Executive Vice President Topi Vesteri as well as the Management Group, which is comprised of the CEO and Executive Vice President, along with: Ulla Hagman, Risto Huopaniemi, Katja Keitaanniemi (since 22 Sebtember 2014), Hannu Puhakka, Tarja Svarström and Kari Villikka. Other members in the Management Group in 2014 were John Erickson (until 31 August 2014), Pentti Kinnunen (until 31 August 2014) and Leo Houtsonen (until 31 August 2014). The key persons have no reportable business transactions with companies included in the Group. |
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| F3 Key personnel benefit expenses | ||||||||||
| The table below shows the employment benefits received by key management personnel. The employment benefits shown are performance-based. Employee benefits include the bonus corresponding to one month’s total remuneration paid to the Chief Executive Officer and the other members of the Management Group in 2013. Post-employment benefits are dealt with as voluntary pension plans, which include both defined contribution and defined benefit pension plans. | ||||||||||
| Finnvera Group | ||||||||||
| (EUR 1,000) | 31 Dec 2014 | 31 Dec 2013 | ||||||||
| Salaries and other short-term employee benefits | 1,811 | 1,886 | ||||||||
| Supplementary pension commitments | 185 | 156 | ||||||||
| Remuneration of the Board of Directors and Supervisory Board members | 219 | 243 | ||||||||
| Total | 2,215 | 2,285 | ||||||||
The CEO belongs to the defined contribution pension plan, whose retirement age is 63 years. The group supplementary pension plan was changed from defined benefit to defined contribution as of 1 January 2013. The target retirement age for the CEO is starting at 63 years of age and the supplementary pension with a fixed 11.47 per cent bonus and other performance-based salary items deducted from the earnings-related pension insurance (TyEL). The Executive Vice President belongs to the defined benefit pension plan, which offers eligibility for retirement at 60 years of age. Therefore, the target pension is 60 per cent of the average yearly earnings over the previous five years. Lowering the retirement age from the statutory retirement age is done with a defined benefit supplementary pension. The period of notice for the CEO is six months, in addition to which the CEO will receive termination benefits equivalent to 18 months' salary if 'the company terminates their employment. The period of notice for the Executive Vice President is six months, in addition to which the Executive Vice President will receive termination benefits equivalent to 12 months' salary if the company terminates their employment. The monthly remuneration for members of the Board of Directors is: EUR 1,500 for the chairman, EUR 850 for the deputy chairman and EUR 700 for members. The attendance allowance is EUR 500/meeting. The attendance allowance for members of the Supervisory Board are: EUR 800/meeting for the chairman, EUR 600/meeting for the deputy chairman and 500/meeting for members. |
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| F4 Salaries, remuneration and pension commitments for the key personnel | ||||||||||
| Finnvera Group | ||||||||||
| 31 Dec 2014 | 31 Dec 2013 | |||||||||
| Salaries | Pension commitments | Salaries | Pension commitments | |||||||
| (EUR 1,000) | Voluntary | Statutory | Voluntary | Statutory | ||||||
| Management salaries (incl. social security costs) as well as applicable pension commitments | ||||||||||
| CEO Pauli Heikkilä | 339 | 35 | 60 | 331 | 36 | 57 | ||||
| Executive Vice President Topi Vesteri | 258 | 66 | 46 | 252 | 76 | 44 | ||||
| Other members of the Management Group | 1,214 | 80 | 215 | 1,303 | 44 | 226 | ||||
| Members of the Board of Directors: | ||||||||||
| Markku Pohjola, chairman | 30 | No | - | 33 | No | - | ||||
| Pekka Timonen, I deputy chairman | 22 | No | - | 14 | No | - | ||||
| Marianna Uotinen, II deputy chairman | 22 | No | - | 14 | No | - | ||||
| Kirsi Komi | 22 | No | - | 12 | No | - | ||||
| Vesa Luhtanen | 18 | No | - | 12 | No | - | ||||
| Pirkko Rantanen-Kervinen | 20 | No | - | 13 | No | - | ||||
| Risto Paaermaa | 21 | No | - | 22 | No | - | ||||
| Marjaana Aarnikka, member until 26 April 2013 | 8 | No | - | |||||||
| Johanna Ala-Nikkola, member until 26 April 2013 | 7 | No | - | |||||||
| Leila Helaakoski, member until 26 April 2013 | 8 | No | - | |||||||
| Timo Kekkonen, member until 26 April 2013 | 9 | No | - | |||||||
| Timo Lindholm, member 26 April 2013 | 9 | No | - | |||||||
| Elise Pekkala, member until 26 April 2013 | 2 | No | - | |||||||
| Kristina Sarjo, II deputy chairman until 26 April 2013 | 10 | No | - | |||||||
| Heikki Solttila, member until 26 April 2013 | 2 | No | - | |||||||
| Petri Vanhala, member until 26 April 2013 | 8 | No | - | |||||||
| Members of the Supervisory Board (total) | 64 | No | - | 59 | No | - | ||||
| F5 Defined benefit pension plans | ||||||||||
| The Group has several defined benefit group pension insurance plans, which cover personnel who transferred to Finnvera from previous organisations, and supplementary pension insurance plans for Management Group members and Regional Directors appointed before 2 April 2009. At the end of the year, there were 142 people covered by the plans. When a person resigns or retires, the insurance is changed to a defined contribution plan, because paid-up policies and pensions are increased by a credit issued by the insurance provider. From the beginning of 2013, Management Group supplementary pension insurance changed from defined benefit to defined contribution, with the retirement age remaining at 63 years, with certain transitional conditions. This is presented in accounting as compliance with obligations. The plans are funded with annual contributions paid to the insurance company and based on actuarial calculations. The plans are subject to local tax and other legislation. The obligation is shown as the pledge made to all insurees and the asset is shown as the share of this obligation assumed by the insurance provider. The amount of assets is calculated using the same discount interest rate as an equivalent obligation. As a result, the risk posed by changes in the discounted interest rate only affects the net liabilities. A hypothetical 0.25% increase in salary would increase the obligation 1.2% (1.3%) and, correspondingly, an equivalent decrease would have the opposite effect. Balance sheet items arising from the defined benefit: |
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| Finnvera Group | ||||||||||
| (EUR 1,000) | 31 Dec 2014 | 31 Dec 2013 | ||||||||
| Pension obligation | ||||||||||
| Present value of funded obligations 1 Jan | 3,079 | 9,357 | ||||||||
| Unrecognised actuarial gains or losses | 279 | 921 | ||||||||
| Interest on obligation | 92 | 281 | ||||||||
| Effect of fulfilling the plan and reducing the obligation | -139 | -2,415 | ||||||||
| Revaluation of defined benefit pension plans | ||||||||||
| - Caused by changes in financial assumptions | 773 | -1,081 | ||||||||
| - Caused by changes in demographic assumptions | 0 | -603 | ||||||||
| - Based on experience | -409 | 596 | -3,381 | -6,278 | ||||||
| Present value of funded obligations 31 Dec | 3,674 | 3,079 | ||||||||
| Fair value of assets | ||||||||||
| Fair value of plan assets 1 Jan | 3,565 | 8,037 | ||||||||
| Interest income on assets | 109 | 249 | ||||||||
| Effect of fulfilling the obligation | -139 | -2,308 | ||||||||
| Return on plan assets, excluding items contained in interest expenses or income | 823 | -2,283 | ||||||||
| Contributions paid to the plan | -155 | 638 | -130 | -4,472 | ||||||
| Fair value of plan assets 31 Dec | 4,203 | 3,565 | ||||||||
| Net liabilities (difference between obligations and assets) | -528 | -486 | ||||||||
| Consolidated statement of comprehensive income – pension costs | ||||||||||
| Unrecognised actuarial gains or losses | 279 | 921 | ||||||||
| Effect of fulfilling the obligation | 0 | -107 | ||||||||
| Net interest expenses | -17 | 32 | ||||||||
| Consolidated income statement defined benefit pension costs | 262 | 846 | ||||||||
| Items resulting from revaluation | -459 | -2,782 | ||||||||
| The net liabilities of the Group's defined benefits have changed during the financial period as follows: | ||||||||||
| Finnvera Group | ||||||||||
| (EUR 1,000) | 31 Dec 2014 | 31 Dec 2013 | ||||||||
| Defined benefit net liabilities | ||||||||||
| Pension debt (+) /Pension receivable (-) 1 Jan | -486 | 1,320 | ||||||||
| Expenses recognised in the income statement | 262 | 846 | ||||||||
| Paid pension contributions | 155 | 130 | ||||||||
| Other items recognised in the consolidated statement of comprehensive income | -459 | -2,782 | ||||||||
| Pension debt (+)/Pension receivable (-) 31 Dec | -528 | -486 | ||||||||
| Information on the distribution of assets by plan asset category is unavailable, because the assets belong to the insurance provider. | ||||||||||
| Finnvera Group | ||||||||||
| Actuarial assumptions | 31 Dec 2014 | 31 Dec 2013 | ||||||||
| Discount rate | 1.70% | 3.00% | ||||||||
| Future salary increases | 2.40% | 2.40% | ||||||||
| Future pension increases | 1.20% | 0.69% | ||||||||
| Based on the weighted average, the duration of the obligation is 15.6 years. Finnvera expected to pay EUR 174,748 towards defined benefit plans in 2015. | ||||||||||