We take responsibility for the environment and society
Climate change and biodiversity loss are systemic risks, and we must take action to prevent their progression. In our investment portfolio, the opportunity to influence is created through ownership.
We minimise negative environmental impacts in our own operations.
We promote the implementation of human rights both in our investees and in our own operations.
We build social sustainability in society.
We work in active interaction with the surrounding society and stakeholders.
We produce information in our sector for diverse societal discussion and decision-making.
Political influencing
The governance, financing, and oversight of Keva are regulated by the Act on Keva. According to the Keva Act, the Council must reflect the results of the most recent municipal elections. The Council elects the Board, which must have the confidence of the Council.
Provisions complementing the law regarding Keva’s governance are included in the rules of procedure approved by the Council. The rules of operation approved by the Board contain provisions on, among other things, the division of powers and reporting to the Board.
We have a statutory societal role, which is why the governing bodies have appointed individuals with experience in public affairs to the positions of CEO and Deputy CEO of Keva. This is intended to help ensure Keva’s broad connections to decision-making and preparatory bodies in society.
Political background does not influence the selection of other members of the management team, directors, or experts, nor the decisions made by the management team.
Stakeholders and dialogue
We aim to ensure that the image Keva employees and key external stakeholders have of Keva is based on correct, adequate and up-to-date information.
Our reputation is based on, for example, the services our customers receive and customer experiences, management, employee satisfaction and dialogue engaged in with stakeholders.
We strive to ensure that key stakeholders understand Keva’s relevance and role in society, our operations and goals. At the same time, we ensure that we have the right, adequate and up-to-date information about Keva’s operating environment.
Dialogue about the sustainability of the earnings-related pension system
Keva’s top management meets media representatives as well as, for example, labour market organisations, pensioner organisations and other actors in the pension sector. Dialogue takes place among other things about the sustainability of the funding of the Finnish pension system.
We are also in regular contact with local government actors, particularly the Association of Finnish Municipalities, Municipal Finance (MuniFin), the Municipal Guarantee Board and Local Government and County Employers KT.
We work with i.a. Finnish Pension Alliance Tela, the Finnish Centre for Pensions and other actors in the earnings-related pension sector.
More than the Act on the Openness of Government Activities requires
We are part of public administration and comply with the Act on the Openness of Government Activities and principle. Under this Act, documents are public unless they have specifically been ordered to be kept secret. The secrecy obligation may apply to, for example, the wealth or state of health of a private person or information relating to the security of organisations.
By law, we keep a record of matters arising. The transparency of our procurement process is indicated by the fact that we justify and make information available about the price and quality comparisons we use in comparing tenders to all tenderers.
Openly and expertly
We tell more about Keva’s operations and our own expertise than required under the Act on the Openness of Government Activities. We take a positive approach to people needing information and actively communicate.
We publish the minutes of Council and Board meetings online. Interested parties also receive public appendices to the minutes or abbreviations of the appendices to be kept secret within the limits of secrecy provisions. The drafts, internal preparatory materials and documents generated in our work are not public, but by law we can, at our own discretion, publish also internal documents.
We use as clear language as possible. We write the reasons for the decisions issued to employer and employee customers in standard language with sufficient accuracy and do not hide messages behind phrases.
Tax footprint
Our tax footprint in Finland is made up of withholding tax on pensions paid as well as taxes and social security costs relating to our own operations. In addition, we pay taxes on real estate investments.
In 2024, we paid EUR 13.3 billion in pensions and rehabilitation support, of which EUR 3.1 billion was withheld. Taxes and social security costs for Keva’s own operations totalled around EUR 46 million (2023: EUR 43 million).
Taxes on investment income in accordance with laws and agreements
Earnings-related pensions are financed by pension contributions and investment income, and investment operations are intended to secure the long-term funding of pensions. Under legislation, earnings-related pension funds must be invested securely and profitably. Keva and other earnings-related pension insurers pay no taxes to Finland on their investment income. If taxes on investment income were taxed to the home country already at the funding stage, the deficit would have to be filled by e.g. increasing pension contributions.
We invest so that the security and income perspective are implemented at the same time. This is why we diversify investments globally among different investees. Some 89% of our investment assets are diversified outside Finland’s borders.
We plan foreign investments in accordance with international law as rationally as possible; we don’t pay taxes unnecessarily, twice or excessively on investments outside Finland. We ensure that tax on investments is in accordance with international tax laws and international tax agreements between Finland and source countries.
Environmental aspects of the Keva building
The environmental impacts of Keva’s own operations are very low. They are measured at the Keva building at Unioninkatu 43, Helsinki.
The variation in the number of employees related to hybrid work levelled out compared to 2023, and the occupancy rate of the building has stabilised. Apart from the summer holiday season, an average of 100–200 people worked in the Keva building every day in 2024.
The solar power plant installed on the roof of the Keva building in October 2021 generated 38,611 kWh of electricity during 2024. This was around 3% of the electricity used by Keva.
Carbon footprint calculated for the first time
Keva is mapping the climate emissions originating in its operations and calculating its carbon footprint for 2024 in cooperation with Pääkaupunkiseudun Kierrätyskeskus Oy. The calculation takes into account the emissions in both the company’s own operations and the value chain. Once the carbon footprint calculation is completed in spring
2025, it will be possible to see where emissions are generated and how the most effective measures can be taken to reduce them.
The emission calculation of Keva’s investments is described in the ”Responsible investment operations” section of the Responsibility Report.
Green Office is everyday eco-deeds
WWF Green Office has promoted internal discussion at Keva and encouraged everyday eco-deeds. Impacting the work environment
is a concrete way for many Keva employees to think about and promote sustainability in the workplace.
In 2024, the main Green Office goals were energy saving, waste sorting, and promoting smart commuting. The energy saving target was not met because more on-site work was done at the Keva building compared to the previous two years, and renovation work also took place in 2024. These factors also partly explain the increase in water consumption.
