Supervisory Board

As laid down in the Finnish Employee Pension Insurance Companies Act, Varma has a Supervisory Board that supervises the administration of the company by the Board of Directors and the CEO. In addition to this supervisory task, the Supervisory Board also:

• elects, on the basis of the proposal of the Election Committee, the members and deputy members of the Board of Directors;
• approves, on the basis of the proposal of the Election Committee, the remunerations of the Board of Directors’ members;
• appoints the Election Committee from among its own members or the members of the Board of Directors;
• submits to the Annual General Meeting its opinion on the Financial Statements, the Consolidated Financial Statements, the Report of the Board of Directors and the Auditors’ Report.

The 28 members of the Supervisory Board are elected by the Annual General Meeting. Under the Articles of Association the election procedure is as follows:

• seven members are elected from among the persons put forward by the Election Committee members representing the main employers’ central organisations,
• seven members are elected from among the persons put forward by the Election Committee members representing the main employees’ central organisations,
• fourteen members are elected on the basis of a joint proposal by the Election Committee.

Each member is elected for a term of three years so that each year the terms of a maximum of ten members expire. The Supervisory Board elects the Chairman and the Deputy Chairmen from among its members each year. Under the Finnish Employee Pension Insurance Companies Act, one of them must be elected on the proposal of the Election Committee members representing the insured. The composition of the Supervisory Board is presented in the Members of the Supervisory Board section and information about their remuneration in the Salary and Remuneration Statement section.