Oy Alholmens Kraft Ab (Pohjolan Voima Oyj, G series) EEVG Entsorgungs- und Energieverwertungsgesellschaft m.b.H.
29.77 50.00 50.00 54.00 76.00 50.00 71.95 —
27.88 50.00 50.00 50.00 54.00 76.00 50.00 71.95
Järvi-Suomen Voima Oy Kainuun Voima Oy 1)
FI FI FI FI
UPM Biofuels S.A.
UPM Communication Papers Oy
Kaukaan Voima Oy (Pohjolan Voima Oyj, G9 series) Kymin Voima Oy (Pohjolan Voima Oyj, G2 series)
UPM Energy Oy UPM France S.A.S. UPM Fray Bentos S.A.
Madison Paper Industries
UY DE BR
Rauman Biovoima Oy (Pohjolan Voima Oyj, G4 series)
1) In 2020, UPM sold its 50% share in the joint operation Kainuun Voima Oy. Refer Note » 8.1 Business acquisitions and disposals.
UPM Manufatura e Comércio de Produtos Florestais Ltda
UPM OÜ 1)
UPM Plywood Oy UPM Pulp Sales Oy
8.3 Related party transactions The Board of Directors and the Group Executive Team There have not been any material transactions between UPM and its members of the Board of Directors or the Group Executive Team (key management personnel) or persons closely associated with these members or organisations in which these individuals have control or significant influence. There are no loans granted to any members of the Board of Directors or the Group Executive Team at 31 December 2020 and 2019. For information concerning shares held by members of the Board of Directors as well as remuneration to members of the Board of Directors and the Group Executive Team are disclosed in » Note 3.2. Key management personnel. Associates and joint ventures In Finland, the group organises its producer’s responsibility of recovered paper collection through Encore Ympäristöpalvelut Oy (until 1.1.2019 by name Paperinkeräys Oy). Austria Papier Recycling GmbH purchases recovered paper in Austria and L.C.I s.r.l. in Italy. ASD Altpapier Sortierung Dachau GmbH is a German recovered paper sorting company. The purchases from those four companies represented approximately 95% (93%) of total recovered paper purchase amount from associates and joint ventures. Transactions with associates and joint ventures are presented in the table below. The group has no individually material associates or joint ventures.
Subsidiaries and joint operations » Refer Note 8.2 Principal subsidiaries and joint operations.
Pension Funds In Finland, the group has the pension foundation, UPM Sellutehtaiden eläkesäätiö, which is a separate legal entity. Pensions for about 19% (18%) of the group’s Finnish employees are arranged through the Foundation. In 2020, the contributions paid by UPM to the Foundation amounted to EUR 18 million (20 million). The Foundation manages and invests the contributions paid to the plan. The fair value of the Foundation’s assets at 31 December 2020 was EUR 563 million (537 million), of which 52% was in the form of equity instruments, 40% in the form of debt instruments and 8% was invested in property and money market. In the UK, the single UPM Pension Scheme operates under a Trust which is independent from the group. The Trust consists of various defined benefit sections, all of which are closed to future accrual and one common defined contribution section which is open to all UPM employees in the UK. The group made contributions of EUR 6 million (8 million) to the defined benefit sections of the Scheme in 2020. The fair value of the UK defined benefit fund assets at 31 December 2020 was EUR 515 million (491 million), of which 8% was invested in equity instruments, 21% in debt instruments, 66% in property and money market and 5% in other investments.