Varma’s Board of Directors remains unchanged

In its meeting of 30 November 2017, Varma’s Supervisory Board decided to keep the composition of the Board of Directors the same, re-electing Riku Aalto, Jyri Luomakoski, Petri Niemisvirta and Kai Telanne, whose terms were due to expire, for the three-year term of 2018–2020.

The composition of Varma’s Board of Directors is as follows:

  • Jari Paasikivi, Chairman; CEO, Oras Invest Ltd
  • Antti Palola, Vice Chairman; President, Finnish Confederation of Salaried Employees (STTK)
  • Kai Telanne, Vice Chairman; CEO, Alma Media Corporation
  • Riku Aalto, President, Industrial Union
  • Johanna Ikäheimo, Chairman of the Board, Lappset Group Ltd
  • Rolf Jansson, President & CEO, VR Group
  • Ari Kaperi, Nordea Bank AB’s (publ) Chief Risk Officer and Country Senior Executive for Finland
  • Casimir Lindholm, CEO, Lemminkäinen Corporation
  • Jyri Luomakoski, CEO, Uponor Corporation
  • Petri Niemisvirta, CEO, Mandatum Life Insurance Company Ltd
  • Ilkka Oksala, Director, Confederation of Finnish Industries (EK)
  • Pekka Piispanen, Director, Akava ry

Deputy members:

  • Eila Annala, Managing Director, PlusTerveys Oy
  • Eija Hietanen, Administrative Director, Central Organisation of Finnish Trade Unions (SAK)
  • Liisa Leino, Chairman of the Board and Managing Director of Leino Group Oy

The Board will select a Chairman and two deputy chairmen from among its members at its next meeting.

The Supervisory Board decided to raise the remuneration paid to the Board of Directors beginning 1 January 2018. The annual remuneration for the Chairman of the Board will be EUR 47,250 (currently EUR 45,000), for the Deputy Chairmen EUR 33,600 (currently EUR 32,000), for the members EUR 18,900 (currently EUR 18,000), and for the deputy members EUR 13,650 (currently EUR 13,000). It was also decided that the remuneration paid to the Chairman of the Audit Committee be raised to the same level as that of the Deputy Chairman of the Board of Directors, i.e. to EUR 33,600. The meeting fee for Board members remains unchanged (EUR 600).

In setting the remuneration, the increase in Board members’ duties and their growing responsibilities were taken into account. The amount of time that members spend performing their duties has grown due to, among other things, an increase in sector-specific regulation and financial-sector reporting. The role of the Chairman of the Audit Committee has grown, and the remuneration structure was changed accordingly. The last remuneration increase took place in 2013.

Board members receive annual remuneration as well as a meeting fee for attending meetings of the Board and its committees, and for Election Committee meetings. Members of the Board of Directors are insured according to Section 8 of the Employees Pensions Act (TyEL), and a TyEL contribution is paid on the meeting fee.

The Supervisory Board decided to give the Election Committee guidelines regarding the diversity of Varma’s governing bodies. The composition of Varma’s governing bodies is planned for the long term. The governing bodies must encompass a wide range of expertise, competence and experience, with both genders sufficiently represented.


Varma Mutual Pension Insurance Company is a responsible and solvent investor. The company is responsible for the statutory earnings-related pension cover of some 878,000 people in the private sector. Premiums written totalled EUR 4.7 billion in 2016 and pension payments stood at EUR 5.3 billion. Varma’s investment portfolio amounted to EUR 45.4 billion at the end of September 2017.


Additional information:
Katri Viippola, Senior Vice-President, HR, Communications and Corporate Social Responsibility, Tel. +358 400 129 500

Varma´s governance

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