President and CEO

The CEO takes care of the administration of Varma according to the regulations and instructions of the Board of Directors. The CEO shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.

It is the duty of the CEO to promote the interests of the company. The CEO manages the company according to sound business principles and principles of good governance and risk management. The CEO represents Varma in matters that fall within the sphere of tasks laid down in legislation.

Varma’s President and CEO until 31 December 2013 was Matti Vuoria, b. 1951, (LL.M., B.A., Varma’s CEO since 2004, Vice Chairman of the Board of Sampo Plc, First Vice Chairman of the Board of the Finnish Pension Alliance TELA, member of the Boards of Stora Enso Oyj, Wärtsilä Corporation and the Federation of Finnish Financial Services, and Chairman of the Board of the Securities Market Association).

Varma’s CIO Risto Murto served as Deputy CEO until 31 December 2013; the Board of Directors appointed Murto President and CEO of Varma as of 1 January 2014.

The CEO is assisted by Varma’s Executive Group, which in addition to the CEO has nine management representatives and two staff representatives as members. The task of the Executive Group is to steer and develop Varma’s operations so that the strategic objectives approved by the company’s Board of Directors are met.

The Investment Committee deals with major investment issues that are submitted to the CEO for decision. The Committee has the CEO and the executives responsible for investment operations as its members. The Committee prepares the investment proposals for the Board of Directors and makes decisions on matters in which it is authorised under the investment plan approved each year by the Board of Directors, and which have not been delegated to a lower level. The Committee also monitors investment risks.

Decisions on the remunerations and benefits of the CEO, the Deputy CEO and the other executives appointed by the Board of Directors are made by the Board of Directors. Information on these is presented in the Salary and Remuneration Statement of this report.