Annual General Meeting

At Varma, the supreme power of decision is exercised in the General Meeting by the shareholders, who are:

• the policyholders with a valid insurance contract with Varma pursuant to the legislation concerning employees' pensions;
• the self-employed persons with a valid insurance contract with Varma pursuant to the legislation concerning self-employed persons’ pensions;
• those persons jointly insured under one insurance who are covered by basic insurance valid with Varma pursuant to the legislation concerning employees' pensions; and
• the owners of guarantee capital.

The determination of the number of votes that a shareholder can exercise in the General Meeting is described in more detail in the Articles of Association.

The Annual General Meeting shall be held annually before the end of May. An Extraordinary General Meeting shall be held when the Board of Directors or the Supervisory Board considers it necessary, or when it has to be held pursuant to the Insurance Companies Act.

According to the Articles of Association, the Annual General Meeting shall confirm the Report of the Board of Directors and the Consolidated Financial Statements and decide on the disposal of profit, on discharging the responsible persons from liability and on the remuneration payable to the members of the Supervisory Board and the Auditors. The Annual General Meeting shall elect the members of the Supervisory Board and the Auditors and Deputy Auditors.