New Board appointed for National Nuclear Waste Management Fund

On 29 August 2024, the Government appointed a new Board for the National Nuclear Waste Management Fund for the term of 1 September 2024–31 August 2027. The chair of the new Board will be Chief Risk Officer Jarkko Heikkilä from the Elo Mutual Pension Insurance Company.

Jarkko Heikkilä (M.Sc., Econ.) has a wide range of expertise in the banking sector, asset management and pension insurances. He specialises in financial risks. Heikkilä also has extensive experience in both strategic and operational risk management.

The other members of the Board will be Vice-Chair, Director General of the Budget Department Mika Niemelä from the Ministry of Finance, Deputy Director Anu Sammallahti from the State Treasury, Industrial Counsellor Tiina Ingman from the Ministry of Economic Affairs and Employment and Associated Professor Peter Nyberg from Aalto University. Ingman and Nyberg will be new members. 

The purpose of the National Nuclear Waste Management Fund is to ensure that the society has sufficient funds and competence to arrange nuclear waste management under all circumstances. The Fund is not part of the Budget, and it operates under the Ministry of Economic Affairs and Employment. The Fund consists of two separate funds, the Financial Provision Fund and the Research Fund for Nuclear Energy Expertise.

According to the financial statement for 2023 that was adopted in the spring, the approximately EUR 2.8 billion in assets in the Fund cover the costs of the remaining waste management of all nuclear waste generated in Finland. This amount also includes the demolition costs of the existing nuclear facilities. 

The legislation on the Fund’s investment activities has been reformed in recent years so that the assets under the Fund’s management could be invested in a more diverse way. For this reason, the Board is required to have sufficient expertise in investment activities and risk management. 

The administration of the Fund is managed by the Board and CEO of the Fund. The Fund also has an investment advisory committee that is appointed by a separate decision of the Ministry of Economic Affairs and Employment. 

Inquiries:
Juho Korteniemi, Deputy Director General, Ministry of Economic Affairs and Employment, tel. +358 295 047 054
Miia Saarimäki, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 033