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F Notes on personnel and management
                   
F1 Number of employees
                   
  Finnvera Group Finnvera plc
(Number) 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015
Number of employees        
- Permanent full-time 343 358 338 344
- Permanent part-time 15 10 15 10
- Temporary 23 28 23 27
Total 381 396 376 381
Personnel as person-years 375 378 365 366
                   
                   
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 Jussi Haarasilta, Ulla Hagman, Risto Huopaniemi, Katja Keitaanniemi, Tarja Svartström and 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 2016. 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 2016   31 Dec 2015
Salaries and other short-term employee benefits     1,652   1,615
Supplementary pension commitments     111   149
Remuneration of the Board of Directors and Supervisory Board members     178   205
Total     1,941   1,969
 
The CEO belongs to the defined contribution pension plan, whose retirement age is 63 years. The group supplementary pension plan was changed 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 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, 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 2016 31 Dec 2015
          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 376 35 64 346 35 59
Executive Vice President Topi Vesteri 284 58 48 262 71 44
Other members of the Management Group 992 18 168 1,007 43 170
             
Members of the Board of Directors:            
Markku Pohjola, chairman 26 No - 29 No -
Pekka Timonen, I deputy chairman 18 No - 22 No -
Marianna Uotinen, II deputy chairman 19 No - 20 No -
Kirsi Komi, member 20 No - 20 No -
Pirkko Rantanen-Kervinen, member 18 No - 18 No -
Harri Sailas, member since 1 May 2015 16 No - 13 No -
Antti Zitting, member since 1 May 2015 18 No - 13 No -
             
Members of the Supervisory Board (total) 43 No - 58 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 1.4% (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 2016 31 Dec 2015
Pension obligation          
Present value of funded obligations 1 Jan     3,854   3,674
Unrecognised actuarial gains or losses   152   317  
Interest on obligation   85   63  
Effect of fulfilling the plan and reducing the obligation   -481   -85  
Revaluation of defined benefit pension plans          
- Caused by changes in financial assumptions   476   -247  
- Caused by changes in demographic assumptions   93   160  
- Based on experience   -174 150 -28 180
Present value of funded obligations 31 Dec     4,004   3,854
Fair value of assets          
Fair value of plan assets 1 Jan     3,838   4,203
Interest income on assets   85   73  
Effect of fulfilling the obligation   -481   -85  
Return on plan assets, excluding items contained in interest expenses or income   251   -106  
Contributions paid to the plan   259 114 -247 -365
Fair value of plan assets 31 Dec     3,952   3,838
Net liabilities (difference between obligations and assets)     53   16
Consolidated statement of comprehensive income – pension costs          
Unrecognised actuarial gains or losses     152   317
Effect of fulfilling the obligation     0   0
Net interest expenses     0   -10
Consolidated income statement defined benefit pension costs     151   307
Items resulting from revaluation     144   -9
 
The net liabilities of the Group's defined benefits have changed during the financial period as follows:
              Finnvera Group
(EUR 1,000)         31 Dec 2016   31 Dec 2015
Defined benefit net liabilities          
Pension debt (+) /Pension receivable (-) 1 Jan     16   -528
Expenses recognised in the income statement     151   307
Paid pension contributions     -259   247
Other items recognised in the consolidated statement of comprehensive income     144   -9
Pension debt (+) / Pension receivable (-) 31 Dec     53   16
 
The plan assets include 100% qualifying insurance policies.
                   
              Finnvera Group
Actuarial assumptions     31 Dec 2016   31 Dec 2015
Discount rate     1.50 %   2.20 %
Future salary increases     2.16 %   2.00 %
Future pension increases     1.65 %   1.65 %
 
Finnvera has decided that the retirement age defined in the insurance policy and the calculation of the overall pension will remain unchanged after the pension reform of 2017.
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