Varma

Corporate Governance

At Varma’s Annual General Meeting, policyholders have about 78 per cent, the insured about 20 per cent, and the Sampo Group (the owner of the guarantee capital) about two per cent of the votes.

The Annual General Meeting held on 21 March 2013 elected Petri Castrén, Lauri Peltola, Juhani Pitkäkoski, Arja Talma, Leena Vainiomäki and Satu Wrede as new members of Varma’s Supervisory Board. Continuing as Supervisory Board members were: Juri Aaltonen, Martti Alakoski, Berndt Brunow, Erkki Etola, Stig Gustavson, Tauno Heinola, Tapio Korpeinen, Tapio Kuula, Päivi Kärkkäinen, Olli Luukkainen, Ilkka Nokelainen, Jari Paasikivi, Hannu Penttilä, Pertti Saarela, Kari Sairo, Mika Seitovirta, Saana Siekkinen, Antti Sippola, Jorma J. Takanen, Kari Virta, Anssi Vuorio and Göran Åberg.

At the Supervisory Board Meeting, Tapio Kuula was elected Chairman and Martti Alakoski was elected Vice-Chairman.

At the Annual General Meeting, Raija-Leena Hankonen, Authorised Public Accountant, and Petri Kettunen, Authorised Public Accountant, were elected as Varma’s auditors, and Paula Pasanen, Authorised Public Accountant, and KPMG Oy Ab as deputy auditors.

In its meeting on 3 December 2013, the Supervisory Board re-elected to the Board of Directors the following members, whose terms were expiring: Johanna Ikäheimo, Kari Jordan and Veli-Matti Töyrylä. The new members elected were Petri Niemisvirta, Jari Paasikivi and Antti Palola. The Board of Directors was chaired by Sakari Tamminen, with Kari Jordan and Mikko Mäenpää acting as Deputy Chairmen.

On 22 August 2013, Varma’s Board of Directors appointed Risto Murto (PhD Econ.) President and CEO, effective 1 January 2014. On 9 October 2013, the Board named Reima Rytsölä (M.Soc.Sci) as the company’s Chief Investment Officer, effective 1 January 2014.

At its organising meeting on 31 January 2014, Varma’s Board of Directors elected Kari Jordan as Chairman, and Jari Paasikivi and Antti Palola as Vice-Chairmen of the Board.

An up-to-date Corporate Governance Statement based on the recommendations of the Finnish Corporate Governance Code is presented on Varma’s website. Varma publishes quarterly interim reports. Varma aims at transparent financial reporting that conforms to best practices.