F Notes on personnel and management
             
F1 Number of employees
  Finnvera Group Finnvera plc
(Number) 31 Dec 2017 31 Dec 2016 31 Dec 2017 31 Dec 2016
Number of employees        
- Permanent 357 364 353 356
- Temporary 26 34 26 33
Total 383 398 379 389
Personnel as person-years 367 376 363 367
             
             
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, Deputy CEO Topi Vesteri as well as the Management Group, which is comprised of the CEO and Deputy CEO, along with Executive Vice President Jussi Haarasilta, CFO Ulla Hagman, Senior Vice President Risto Huopaniemi, Executive Vice President Katja Keitaanniemi, Communications Director Tarja Svartström and Chief Risk Officer Merja Välimäki.
The key persons have no reportable business transactions with companies included in the Group.
             
             
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 2017. 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 2017 31 Dec 2016
Salaries and other short-term employee benefits 1,748 1,652
Supplementary pension commitments 125 111
Remuneration of the Board of Directors and Supervisory Board members 205 181
Total 2,078 1,944
             
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 pension for the CEO is 66 per cent, starting at the retirement age of 63 years, and the fixed supplementary pension percentage is 11.47% of TyEL (earnings-related pension insurance) earnings less bonuses and other performance-based salary items.
             
The Deputy CEO 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 Deputy CEO is six months, in addition to which the Deputy CEO 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, EUR 850 for the chairman of a Board committee, 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.
             
             
F4 Salaries, remuneration and pension commitments for the key personnel
             
  Finnvera Group
  31 Dec 2017 31 Dec 2016
  Pension commitments Pension commitments
(EUR 1,000) Salaries Voluntary Statutory Salaries Voluntary Statutory
Management salaries (incl. social security costs) as well as applicable pension commitments            
CEO Pauli Heikkilä 413 39 68 376 35 64
Deputy CEO Topi Vesteri 284 77 46 284 58 48
Other members of the Management Group 1,051 19 186 992 18 168
             
Members of the Board of Directors:            
Markku Pohjola, chairman until 6 April 2017 9 No - 26 No -
Pentti Hakkarainen, chairman since 7 April 2017 21 No        
Pekka Timonen, I deputy chairman 23 No - 18 No -
Marianna Uotinen, II deputy chairman until 6 April 2017 7 No - 19 No -
Terhi Järvikare, II deputy chairman since 7 April 2017 14 No        
Kirsi Komi, member 21 No - 20 No -
Pirkko Rantanen-Kervinen, member 19 No - 18 No -
Harri Sailas, member until 6 April 2017 6 No - 16 No -
Ritva Laukkanen, member since 7 April 2017 13 No        
Antti Zitting, member 18 No - 18 No -
Members of the Supervisory Board (total) 54 No - 43 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 120 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.
             
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 0.9% (1.4%) and, correspondingly, an equivalent decrease would have the opposite effect.
             
Balance sheet items arising from the defined benefit:
  Finnvera Group
(EUR 1,000) 31 Dec 2017 31 Dec 2016
Pension obligation        
Present value of funded obligations 1 Jan   4,004   3,854
Unrecognised actuarial gains or losses 52   152  
Interest on obligation 60   85  
Effect of fulfilling the plan and reducing the obligation -399   -481  
Revaluation of defined benefit pension plans        
- Caused by changes in financial assumptions 13   476  
- Caused by changes in demographic assumptions 0   93  
- Based on experience 253 -21 -174 150
Present value of funded obligations 31 Dec   3,983   4,004
Fair value of assets        
Fair value of plan assets 1 Jan   3,952   3,838
Interest income on assets 61   85  
Effect of fulfilling the obligation -399   -481  
Return on plan assets, excluding items contained in interest expenses or income 416   251  
Contributions paid to the plan 56 134 259 114
Fair value of plan assets 31 Dec   4,086   3,952
Net liabilities (difference between obligations and assets)   -103   53
Consolidated statement of comprehensive income – pension costs        
Unrecognised actuarial gains or losses   52   152
Effect of fulfilling the obligation   0   0
Net interest expenses   -1   0
Consolidated income statement defined benefit pension costs   51   151
Items resulting from revaluation   -150   144
             
The net liabilities of the Group's defined benefits have changed during the financial period as follows:
  Finnvera Group
(EUR 1,000) 31 Dec 2017   31 Dec 2016
Defined benefit net liabilities      
Pension debt (+) / Pension receivable (-) 1 Jan 53   16
Expenses recognised in the income statement 51   151
Paid pension contributions -56   -259
Other items recognised in the consolidated statement of comprehensive income -151   144
Pension debt (+) / Pension receivable (-) 31 Dec -103   53
             
The plan assets include 100% qualifying insurance policies.
  Finnvera Group
Actuarial assumptions 31 Dec 2017   31 Dec 2016
Discount rate 1.50 %   1.50 %
Future salary increases 2.25 %   2.16 %
Future pension increases 1.65 %   1.65 %
             
The duration based on the weighted obligation average is 17.7 years. Finnvera estimates that it will pay EUR 206,000 for defined benefit arrangements in 2018.