The governance of State-owned companies is regulated by the State Holdings and Ownership Steering Act. The governance of Finnpilot is based on the Limited Liability Companies Act, and the company’s operations are regulated by the Pilotage Act and Pilotage Decree.
The Prime Minister’s Office is responsible for Finnpilot’s ownership steering. The owner exercises its power of decision at annual general meetings. The annual general meeting decides on issues that are relevant by virtue of the Limited Liability Companies Act. The annual general meeting elects the chair and other members of the Board of Directors. The related parties of Finnpilot include its subsidiary, the company’s Board of Directors, the CEO and the Executive Committee. Finnpilot does not conduct business activities that depart from normal commercial conditions with any of its related parties.
Finnpilot owns 60% of Ice Advisors Ltd, which provides maritime operators with ice navigation services.
Finnpilot’s personnel are covered by the company’s profit bonus system. The profit bonus item, which is primarily determined on the basis of the company’s profit in accordance with the Act on Personnel Funds (Henkilöstörahastolaki 934/2010), is transferred to the personnel fund. The threshold conditions of the profit bonus system are confirmed by the Board of Directors of Finnpilot and they are valid for one year at a time.
The threshold condition for the payment of the profit bonus is that the company has achieved its set profit, safety and service level objectives. The achievement rate concerning the profit objective determines the amount of the profit bonus.
The profit bonus system for the management complies with the policy put forth by the Ministerial Committee on Economic Policy and is valid for one year at a time. All unit directors and the CEO fall within the scope of the system. The threshold conditions for the payment of the bonus are the same as those for the profit bonus system of the personnel.
In addition to the general objectives, the amount of the profit bonus of the management is reliant on, among other things, the international price comparison of pilotage fees, the development of personnel satisfaction and the achievement of the personal goals set for the unit directors.
A profit bonus reserve of EUR 174,000 has been taken into account in the financial statements. A total of EUR 352,000 was paid as profit bonuses from 2018.