Corporate governance


Supervisory Board

Members of the Supervisory Board have received fees as follows. The chair of the Supervisory Board received EUR 800 per meeting, the vice chair EUR 600 per meeting and other members EUR 500 per meeting.

Fees paid (EUR) and participation at the meetings

Member Fee Present
Tuomioja Erkki, chair 4,000 5/6
Salolainen, Pertti, vice chair 3,600 6/6
Hietanen, Eija 1,500 3/6
Kallio, Seppo 2,500 5/6
Karimäki, Johanna 3,000 6/6
Kotaviita, Johanna 2,500 5/6
Myller, Riitta 2,000 4/6
Paloniemi, Aila 3,000 6/6
Raatikainen, Mika 2,500 5/6
Tölli, Tapani 3,000 6/6
Virolainen, Anne-Mari 2,000 4/6
Vuorio, Petri 2,500 5/6


In 2017, the Supervisory Board met 6 times. The average attendance rate for members was 83.3 percent.

Board of Directors

Members of the Board of Directors have received monthly fees and fees per meetings as follows. The chair of the Board of Directors received a monthly fee of EUR 1,100, the vice chair a monthly fee of EUR 700, and the other members a monthly fee of EUR 600. In addition, all members received a fee of EUR 300 per meeting attended. The Chair has also been paid a fee per meeting for attending the Supervisory Board and Audit Committee meetings.

Fees paid (EUR) and participation at meetings

Member Fee Present
Laukkanen, Ritva, chair 17,400 14/14
Antila, Sinikka, vice chair 12,300 14/14
Andersén, Tuukka 11,100 14/14
Kuvaja-Xanthopoulos, Kristiina 10,800 13/14
Mikkanen, Pirita 10,800 13/14
Schöring, Lars-Erik 10,200 11/14
af Ursin, Anne 11,100 14/14
Ylhäinen, Tuula 11,100 14/14


In 2017 the Board met 14 times. The average attendance rate for members was 94.6 percent.

Audit Committee

In 2017, members of the Audit Committee of the Board of Directors received a fee of EUR 300 per meeting attended.

Fees paid (EUR) and participation at meetings

Member Fee Present
Andersén, Tuukka, chair 900 3/3
Mikkanen, Pirita 900 3/3
Ylhäinen, Tuula 900 3/3


In 2017 the Audit Committee met 3 times. The attendance rate for members was 100 percent.

Managing Director

In the financial year 2017, managing director Jaakko Kangasniemi received taxable income from the company of EUR 210,115.36. The remuneration of the managing director consists of a fully fixed monthly salary. The managing director is not subject to the company’s incentive system and was not paid a bonus in the financial year 2017.

The managing director’s executive contract, agreed in 2002, was revised in 2012 in relation to pension rights. The retirement age was raised from 60 to 63 years and the pension type changed from defined-benefit to defined-contribution. The annual contribution level is 26.51 percent of gross annual earnings.

The pension liability is covered partly by the group pension insurance and partly by an annual reserve in the company’s balance sheet. In the financial year ending 31 December 2017 a reserve of EUR 47,201,58 was made for the pension liability.

The company may terminate the managing director’s employment at six months’ notice. Upon termination by the company, in addition to the salary for the term of notice, the managing director will receive an amount equal to six months’ salary.

Because of the pension benefit change in the executive contract, the managing director forewent net pension benefits of EUR 74,308 accrued in earlier years. This loss of pension benefit has been counterbalanced by raising his gross monthly wage with effect from 1 January 2013 by EUR 1,347 which will provide full compensation by the time he reaches the age of 63.

If his employment ends before the age of 63 years, the company will pay him the amount of pension benefit lost through early termination of the contract. This compensation will be paid regardless of the reason for termination of contract and in addition to other entitlements under the law or his executive contract.

Management team

In the 2017 financial year, taxable income received from the company by the Management team, including the managing director and his deputy, totalled EUR 806,198,47.

The members of the Management team, with the exception of the managing director, are included in the incentive system covering all the company’s personnel, according to which employees can receive an incentive corresponding to, at most, one and a half or two month’s salary depending on the area of responsibility if the targets set are met. The incentive system is based on the company’s performance, on the team level and personal performance. The Board of Directors decides on the incentive system and its key criteria on an annual basis.

In 2017, members of the Management team were Jaakko Kangasniemi, Managing Director, CEO; Helena Arlander, Director, Portfolio and Risk Management and Alternate to the Managing Director; Minnamari Marttila, Director, Administration; Markus Pietikäinen, Chief Investment Officer; and Tapio Wallenius, Director.



Finnish Fund for Industrial  
Cooperation Ltd. (FINNFUND)

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P.O. Box 391 FI-00121 Helsinki, Finland
tel. +358 9 348 434
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