Organisation

MuniFin is a member of Diversity Charter Finland. By encouraging diversity, the company wants to promote innovation, productivity and responsibility at the workplace.

Personnel

Skilled and motivated staff is the most important success factor for Municipality Finance. MuniFin has succeeded in recruiting skilled professionals during a time when its staff number increased rapidly.

In the history of MuniFin, 2017 will be a record year for growth in staff numbers. At the beginning of the year, the number of employees was 106, and at the end of the year it was 134. Additional resources were recruited especially for business development, systems development, customer relationship management, reporting and risk management.

At MuniFin, significant efforts are put into the wellbeing and job satisfaction of employees. MuniFin’s operations are marked with a community spirit both in the relationships between staff and customers as well as within the work community.

The most important motivating factor for MuniFin’s employees is the social impact of the work they do. Other important motivating factors include having a wide-ranging job description and responsibility. MuniFin’s employees find that their work environment is comfortable, open, encouraging and free of discrimination.

Increasing diversity has been defined as one of the goals for employee development at MuniFin. The distribution of MuniFin’s employees by gender is almost equal parts men and women. Also the distribution of employees by age group is well balanced.

Fostering staff wellbeing and ­competence development

Everyone at Municipality Finance is encouraged to further develop their personal competence. The situation at work and the development of own competence is assessed through annual development discussions.

MuniFin offers support to its employees in maintaining their wellbeing. In addition to comprehensive occupational healthcare services, MuniFin offers various wellbeing programmes to promote work-life balance and physical activity.

Number of employees

Number of employees

Employees by age

Employees by age

Employees by gender

Employees by gender

Level of dedication

Level of dedication

Corporate governance

Responsible business conduct is recorded in the mission statement of Municipality Finance: MuniFin’s operations must be socially, economically and environmentally sustainable.

MuniFin’s operations are governed by EU-level regulations, as well as Finnish acts and decrees applicable to credit institutions. Besides legislation, MuniFin complies with the regulations and guidelines issued by European authorities and the Finnish Financial Supervisory Authority (FIN-FSA). Furthermore, where applicable, MuniFin also complies with the Governance Code of Nasdaq Helsinki for listed companies.

Since 1 January 2016, MuniFin has been under the direct supervision of the European Central Bank (ECB). The corporate governance requirements of the European Banking Authority (EBA) are strict, and meeting them provides an excellent foundation for MuniFin’s operations.

Specifying and developing the requirements of good governance

In 2017, Municipality Finance defined the key principles of corporate responsibility. This led to the renewal of MuniFin’s responsibility policy at the turn of 2017–2018. In addition to updating the policy, the policy guidelines were specified especially with regards to financing operations, and a quick guide was prepared for MuniFin’s staff.

The Board of Directors of Municipality Finance is responsible for preparing MuniFin’s risk management policies. 2017 saw an extensive revision of MuniFin’s risk management guidelines as part of developing the risk management framework. It covers, for example, the market risk policy, credit risk policy, the risk policies for liquidity management and funding, the policy for operative risks, and the risk appetite framework.

Rather than completely changing the key principles of risk management at MuniFin, the revision of the risk appetite framework focused on providing a more detailed and extensive description of risk management practices. Strict limits and limit values have been set for different types of risks, and MuniFin fully intends to adhere to them. Any and all breaches of risk limits will be addressed immediately.

Board of Directors

According to the company’s Articles of Association, the Board of Directors has a minimum of five and a maximum of eight members. The Annual General Meeting elects the members of the Board, and each member’s term of office terminates at the end of the next AGM. In accordance with the proposal of the Shareholders’ Nomination Committee, the 2017 Annual General Meeting elected the following persons to the Board of Directors for the 2017–2018 term (from the end of the AGM to the end of the next AGM):

Helena Walldén, 1953

Chairperson of the Board of Directors
Member of the Board of Directors since 2016

Education: M.Sc. (Eng)

Primary occupation: Board professional

Other key positions of trust:

Independence: Independent of the company and its significant shareholders

Tapani Hellstén, 1957

Vice Chairman of the Board of Directors
Member of the Board of Directors since 2014

Education: M.A. (Adm. Sc.)

Primary occupation: Executive Vice President, Keva

Other key positions of trust: The Service Foundation of the Deaf, chairperson of the Administrative Council; Employee’s Foundation, chairperson of the Board of Directors

Independence: Independent of the company

Fredrik Forssell, 1968

Member of the Board of Directors since 20111

Education: M.Sc. (Econ.)

Primary occupation: CIO, Internal equity & FI, Keva

Other key positions of trust: –

Independence: Independent of the company

Minna Helppi, 1967

Member of the Board of Directors since 2017

Education: M.Sc. (Econ.)

Primary occupation: SVP Group Treasurer, Metso Corporation

Other key positions of trust: Rauma Oy, chairperson of the Board of Directors

Independence: Independent of the company and its significant shareholders

Teppo Koivisto, 1966

Member of the Board of Directors since 2011

Education: M.A. (Pol.Sc.)

Primary occupation: Head of Division, State Treasury

Other key positions of trust: Tiukula Foundation, chairperson of the Board of Directors

Independence: Independent of the company

Jari Koskinen, 1960

Member of the Board of Directors since 2017

Education: M.A. (Pol.Sc.)

Primary occupation: Director General, Association of Finnish Local and Regional Authorities

Other key positions of trust: Finnish Consulting Group Oy, chairperson of the Board of Directors; KL-Kustannus Oy, chairperson of the Board of Directors; HPK Liiga Oy, chairperson of the Board of Directors

Independence: Independent of the company and its significant shareholders

Vivi Marttila, 1966

Member of the Board of Directors since 2016

Education: M.Sc. (Econ.)

Primary occupation: Mayor of the municipality of Simo

Other key positions of trust: Mehiläinen Meri-Lappi Oy, member of the Board of Directors; LocalTapiola Lappi Mutual Insurance Company, board member

Independence: Independent of the company and its significant shareholders

Tuula Saxholm, 1961

Member of the Board of Directors since 2013

Education: M.Sc. (Econ.)

Primary occupation: Finance Director, City of Helsinki

Other key positions of trust: Helsinki Metropolia University of Applied Sciences, member of the Board of Directors; Länsimetro Oy, member of the Board of Directors; Helsingin kaupungin asunnot Oy, member of the Board of Directors; Helsingin Leijona Oy, member of the Board of Directors; Port of Helsinki, member of the Board of Directors; chairperson of the Board of Directors of the City Financial Administration Services Corporation; Pääkaupunkiseudun Junakalusto Oy, chairperson of the Board of Directors; HYKSin kliiniset palvelut Oy, member of the Board of Directors; Kiinteistöosakeyhtiö Helsingin Tennispalatsi Oy, chairperson of the Board of Directors

Independence: Independent of the company

Executive Management Team

The company has a CEO appointed by the Board of Directors and a Deputy to the CEO. The CEO’s duty is to manage the company’s operations in order to implement the resolutions made by the Board of Directors and maintain operations in line with the strategy, risk management principles and limits set by the Board of Directors. Supported by the Executive Management Team, the CEO is responsible for monitoring the effectiveness of the company’s day-to-day operations (including internal control, risk management and supervision of regulatory compliance), maintaining an effective organisational structure and reporting to the Board of Directors.

Esa Kallio, 1963

President and CEO
At Municipality Finance since 2005

Education: M.Sc. (Econ.)

Toni Heikkilä, 1965

Executive Vice President,
CRO, Risk Management
At Municipality Finance since 1997

Education: M.Sc. (Finance)

Jukka Helminen, 1964

Executive Vice President, Customer Finance
At Municipality Finance since 2013

Education: M.Sc. (Eng.)

Marjo Tomminen, 1962

Executive Vice President,
CFO, Finance
At Municipality Finance since 1992

Education: Vocational Qualification in Business and Administration MTT, EMBA

Mari Tyster, 1975

Executive Vice President, Legal and Governance, Deputy to the CEO
At Municipality Finance since 2009

Education: Master of Laws

From 1 March 2018, MuniFin’s Executive Management Team also includes Joakim Holmström (Executive Vice President, Capital Markets) and Rainer Holm (Executive Vice President, Business Information Solutions).