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The Finnish Civil Aviation Administration Finavia to become a state-owned company

The Finnish Civil Aviation Administration Finavia to become a state-owned company

Press release 21.09.2009 15.47 fi sv en

The Government proposes that as of 2010 the Finnish Civil Aviation Administration Finavia will become a company limited by shares that will be wholly owned by the state.

The duties of the new company, to be called Finavia, will be to maintain and develop the state network of airports and Finland's air navigation system to meet the needs of civil and military aviation, and to provide air navigation services in Finland.

The assets and business operations of the Civil Aviation Administration Finavia will be transferred as such to the new company. The balance sheet of the new company will be based on Finavia's assets and liabilities of 31 December 2009. The new company will also continue Finavia's investment programme as planned.

Provisions concerning the basic duties of the company will be laid down in aviation laws. A special act is proposed to be enacted on the national network of airports, taking into account the new requirements of the EU Directive on airport charges.

Personnel employed by Finavia on 31 December 2009 under a contractual relationship will be transferred to the new company and personnel under public-service relationship will be rehired by the new company. Public service employment relationships of Finavia employees will be changed into contractual employment relationships in accordance with the Finavia incorporation act. The retirement plans of the personnel will remain at the same level and supplementary pension benefits will be funded through the new company's balance sheet. The process of incorporation will not affect the ongoing restructuring measures at Finavia.

Responsibility for corporate governance concerning the new company will rest with the Ministry of Transport and Communications. The company will be a special company, which is wholly owned by the state and in which the state has a "strategic ownership interest".

The Cabinet Committee on Economic Policy supported the incorporation process of Finavia on 28 April 2009.

Further information:

Mr Kari Jääskeläinen, Special Adviser to the Minister of Transport, tel. +358 44 058 1030
Mr Mika Mäkilä, Director of Corporate Policy Unit, tel. +358 9 160 28475, +358 40 595 6068