Page 26 - Mantena Annual report 2019

Board of Directors’ report
Interest rate risk
The Group is not exposed to changes in interest rates, as the company does not have any interest-bearing debt.
Liquidity risk
There is little risk related to liquidity in 2019. The risk was reduced in 2019 after the final account for the SPK pension scheme was paid. The company has a claim on the State related to grants to finance the transition to the new pension scheme.
Credit risk
Mantena’s principal customers are mainly state-owned companies. The credit risk is considered low.
Market risk
Stronger competition in the market is also expected as a result of the ongoing rail reform.
The future
Mantena will face competition in the future for high-quality services and efficiency. In this area, competitiveness is vital. There have therefore been constant efforts over many years to meet the increasing requirements for efficiency and service quality.
The main agreement with Vy (service level agreement, SLA) has been extended to 2024. As from 15 December 2020, the portion of the SLA related to Traffic Package 3 West in Norway will not remain with Mantena.
In 2019, a contract was signed in Norway for Traffic Package 1 South, with Go-Ahead as Mantena’s customer.
A contract has also been signed for Öresundståg with SJ Öresund AB as customer.
In 2020, Mantena has won the tender for Traffic Package 2 North, where SJ Norway AS will be Mantena’s customer. The contract start-date will be 8 June 2020.
Pensions
The company dissolved the defined-benefit pension scheme in the Norwegian Public Service Pension Fund (SPK) with effect from 31.12.2018. The final account with the SPK was settled in December 2019.
As from 01.01.2019, a defined-contribution pension scheme has been implemented in the company. The company’s defined- contribution scheme is organised in accordance with the Norwegian Act on Defined-Contribution Occupational Pensions.
On 31.12.2018, the company implemented an occupational pension scheme for older employees who could not be enrolled in
a private AFP scheme. This relates to employees born before 1964. The occupational pension has a fixed term for the company, with payments due in the period 2019-2025.
In connection with the dissolution of the SPK pension scheme and the implementation of a new occupational pension, support has been received to meet the regulatory obligation arising from the closure of the pension scheme in the Norwegian Public Service Pension Fund, and for the transitional scheme for older employees who cannot be enrolled in a private AFP scheme.
Personnel and expertise
At the end of the year there were 958 employees in the Mantena Group (1,059 in 2018), which represents an average of 956 full- time equivalents (1,016 in 2018). At the end of the year there were 842 employees in Mantena AS (898 in 2018), which represents 844 full-time equivalents (855 in 2018).
Mantena is an inclusive (IA) employer. Good and targeted work has been done by managers and elected officials to meet the objectives in the IA agreement. Mantena aims to be an attractive workplace, with a working environment characterised by openness and trust.
Equality and diversity
In its guidelines, Mantena focuses on maintaining equality and equal opportunities in terms of pay, employment, promotions and education and training. The company wants a wide and diverse range of managers and employees, where individual qualities are respected and valued.
Mantena has a conscious strategy of encouraging women
and people with immigrant backgrounds to apply for jobs in the company. It ensures that women and men are offered equal opportunities to assist in the different tasks within the company. Most women in the company are in management and administrative positions.
In Mantena’s management team, there are 25 per cent women. The proportion of women in the Mantena Group is 7.4 per cent, while the proportion in Mantena AS is 7.3 per cent (7.7 per cent in 2018).
There are 30 per cent women on the Board of Directors of Mantena.
Corporate governance
Governance in Mantena involves overall management of the business to achieve the goals set by the owner for the company’s activities, as well as the targets and policies adopted by the Board and management.
26 Annual report 2019