Ethical rules of conduct for the members of the employees of the Bank of Finland

 

At its meeting on 27 September 2006, the Board of the Bank of Finland decided on the ethical rules of conduct applicable to the members of the Board. These have served as a basis for the issuance of ethical rules of conduct for the other employees of the Bank of Finland.

 

 

The employees of the Bank of Finland shall not accept gifts or financial benefits that are connected in any way whatsoever with the tasks or duties conferred upon them and that are not of a customary or negligible value. Gifts not exceeding EUR 100 in value may be kept. In exceptional cases where a gift in excess of EUR 100 in value cannot be refused, the gift shall be given to the Bank of Finland, unless the amount exceeding EUR 100 is paid to the Bank.

 

The employees shall not, at the expense of the Bank of Finland, entertain each other or offer any other benefits than those permitted under a practice separately agreed upon.

 

 

Heedful of their respect of the principle of independence and their obligation to avoid any conflict of interest, the employees of the Bank of Finland may accept invitations to conferences, receptions or cultural events, including relevant hospitality and entertainment, if their participation in such events is compatible with the fulfilment of their duties or in the interest of the Bank of Finland.

 

As a general rule, the Bank of Finland pays the travel and accommodation costs incurred by the employee. It can be deemed acceptable, however, that the organisers pay the accommodation costs incurred for the duration of his/her participation. In particular, the employees may accept invitations to events which one generally attends.

 

The employees shall not themselves accept remuneration for lectures or speeches given in an official capacity. No remuneration whatsoever is charged for appearances subject to the public service function of the Bank of Finland. Such appearances are, for example, participating at events for interested parties and for the public good. When appearing at events arranged for commercial purposes, employees may inform the organiser of the event about the possibility of paying an amount corresponding to a normal lecturing fee for charitable purposes according to the organiser’s own consideration.

 

These rules shall be similarly applicable to the spouses of the employees if invitations are also addressed to them and if their participation is in line with internationally accepted practices and approval for their participation has been obtained from the supervisor. If a committee of the ESCB or another international organisation arranges a meeting which includes a programme for accompanying persons, Bank employees may be accompanied by their spouse at the Bank's expense, once a calendar year. The Bank will pay the spouse's travel and accommodation costs, but no daily allowance.

 

 

The employees of the Bank of Finland may teach, make academic contributions and pursue other activities within the limits of the Bank's rules for secondary occupations. They may accept remuneration and compensation for activities performed in a personal capacity, unless otherwise provided by legislation governing the Bank of Finland and on condition that such remuneration and compensation are in proper proportion to the work done and within customary limits. Such activities include writing of articles or giving of lectures, which can be deemed to have been prepared outside working hours.

 

The employee shall annually report his/her secondary occupations and remuneration received to the Board secretary.

 

 

The employees of the Bank of Finland shall be governed by the insider policy currently applied by the Bank.

 

In the event of apparent conflicts of interest, it is highly recommended that the employee entrusts his/her investment portfolio in the care of one or more well-known custodians, with full authorisation to act on behalf of the employee. This recommendation shall not apply to ordinary bank accounts or fund assets. This recommendation shall also be without prejudice to the opportunity to temporarily use funds for purchases of specific goods or for investment in real property.

 

In cases of ambiguity, the employees shall seek advice from the Head of Legal Affairs responsible for insider issues.

 

 

An employee lacking impartiality shall disqualify himself/herself from participating in the preparation, presentation or decision-making of the relevant matter.

 

The employees of the Bank of Finland shall disqualify themselves from handling their own matters, or those of their near relatives, at the Bank especially when the settlement of the matter is of particular advantage or disadvantage to them or their near relatives. They lack impartiality in the handling of matters concerning guidance or supervision of agencies or institutions to whose boards or other governing bodies they or their near relatives belong. Similarly, the employees lack impartiality if their impartiality is endangered for any other particular reason.