Board of Directors

Ordinary members

Jari PaasikiviChairman Jari Paasikivi

b. 1954
M.Sc. (Econ.)
Chairman of the Board of Oras Invest Ltd
Member since 2014
Term expires in 2019
Chairman of the Boards of Kemira Oyj, Oras Ltd and Tikkurila Oyj

Antti PalolaDeputy Chairman Antti Palola

b. 1959
Sea Captain
President, Finnish Confederation of Salaried Employees STTK
Member since 2014
Term expires in 2021
Member of the Economic Council; and member of the Boards of the Council of Nordic Trade Unions PAY, the European Trade Union Confederation ETUC, Sopraano Oyj and the Unemployment Insurance Fund and the Education Fund; member of the Representatives of the Finnish Centre for Pensions and member of the Supervisory Boards of Kaleva Mutual Insurance Company.

Kai TelanneDeputy Chairman Kai Telanne

b. 1964
M.Sc. (Econ.)
President and CEO, Alma Media Corporation
Member since 2009
Term expires in 2020
Member of the Boards of Teleste Corporation, Altia Plc and Tampere Chamber of Commerce. 

Riku AaltoRiku Aalto

b. 1965
M.Sc. (Admin.)
President, The Finnish Industrial Union
Member since 2012
Term expires in 2020
Chairman of the Board of Kojamo plc; member of the Board of The Central Organisation of Finnish Trade Unions SAK  and member of the Supervisory Board of the Unemployment Insurance Fund.

Eila Annala

b. 1962
M.Sc. (Econ.)
Managing Director, PlusTerveys Oy
Member since 2018, debuty member 2017-2018
Term expires in 2019
Member of the Board of Lääkäripalveluyritykset ry and member of the Supervisory Board of Kaleva Mutual Insurance Company.

Johanna IkäheimoJohanna Ikäheimo

b. 1968
M.Sc. (Admin.)
Chairman of the Board, Lappset Group Oy
Member since 2009
Term expires in 2019
Chairman of the Board of FEPI - the Federation of the European Play Industry and member of the Boards of Metsähallitus and Family Business Network.

Rolf Jansson

b. 1969
M.Sc. (Eng.), M.Sc. (Econ.)
President and CEO
Member since 2017
Term expires in 2021
Member of the Boards of Sarlin Group, East Office of Finnish Industries, Service Sector Employers PALTA and Freight One Scandinavia Oy.

Ari KaperiAri Kaperi

b. 1960
M.Sc. (Econ.)
Chief Risk Officer and Country Senior Executive for Finland, Nordea Bank Abp
Member since 2010
Term expires in 2021
Chairman of the Board of Finance Finland (FFI); member of the Boards of the Confederation of Finnish Industries EK and the European Banking Federation; member of the Supervisory Boards of the Finnish Business and Policy Forum EVA and the ETLA Research Institute of the Finnish Economy; and member of the Board of the Foundation for Economic Education.

Jyri LuomakoskiJyri Luomakoski

b. 1967
MBA
President & CEO, Uponor
Member since 2015
Term expires in 2020
Vice Chairman of the Board of Fiskars Oyj Abp, member of the Boards of the Association of the European Plastic Pipes and Fittings Association.

Petri NiemisvirtaPetri Niemisvirta

b. 1970
LL.M.
Managing Director of Mandatum Life Insurance Company Ltd.
Member since 2014
Term expires in 2020
Chairman of the Boards of Kaleva Mutual Insurance Company and Alma Media Corporation; member of the Boards of the Finland Chamber of Commerce, Topdanmark A/S and BenCo Insurance Holding B.V. (Netherlands); member of the Supervisory Board of WWF Finland, member of the Economy and Tax Committee of the Confederation of Finnish Industries EK and member of the Life Insurance Executive Committee of the Finance Finland (FFI).

Ilkka OksalaIlkka Oksala

b. 1965
LL.M.
Director of the Confederation of Finnish Industries EK
Member since 2015
Term expires in 2021
Member of the Board of the Finnish Centre for Pensions.

Pekka Piispanen
b. 1960
M.A.
Director, Akava ry
Member since 2017
Term expires in 2019
Member of the Supervisory Board of Kaleva Mutual Insurance Company.

Deputy members:

Eija Hietanen

b. 1961M. Soc. Sc.
Administrative Director, Central Organisation of Finnish Trade Unions SAK
Deputy member since 2015
Term expires in 2019
Member of the Boards of Kansan Sivistysrahasto and the Trade Union Solidarity Centre of Finland SASK and member of the Supervisory Board of Finnfund.

Liisa LeinoLiisa Leino

b. 1960
M.A. (Educ.)
Chairman of the Board and Managing Director, Leino Group Oy
Deputy member since 2011
Term expires in 2019
Member of the Boards of Metsä Board Corporation, Elomatic Oy and Cadmatic Oy.

Risto Penttinen

b. 1968
SVP, Strategy, People and Performance, Fortum Oyj
Deputy member since 2018
Term expires in 2019

There are no members of Varma’s Executive Group in the Board of Directors. None of the Board members had an employment relationship with or held a position at Varma in 2017 or in the two years prior to that nor do any of them receive compensation from Varma for services rendered or other advice not connected with the duties of the Board.

Audit Committee

The main tasks of the Audit Committee include the supervision of internal company control, risk management and financial and other reporting, as well as the monitoring of the work and observations made by the auditors and the internal audit. The Committee reports on its work and observations to the Board of Directors.

The Audit Committee convened seven times in 2017 and the attendance rate was 100 per cent.

Members of the Audit Committee are Ari Kaperi (Chairman), Jyri Luomakoski, Antti Palola and Kai Telanne.

Of the Committee members, Ari Kaperi, Jyri Luomakoski and Kai Telanne are members of the executive management of Varma's client companies for the purposes of the Finnish Corporate Governance Code (Recommendation 10).

Nomination and Compensation Committee

The Nomination and Compensation Committee referred to in the Articles of Association prepares Varma's compensation and incentive schemes and the employment terms and conditions of the company management. The proposals of the Committee are submitted to the Board of Directors for decision.

The Committee convened seven times in 2017 and the attendance rate was 100 per cent.

The Nomination and Compensation Committee is composed of Jari Paasikivi (Chairman), Antti Palola and Kai Telanne.

Of the Committee members, Jari Paasikivi and Kai Telanne are members of the executive management of Varma's client company for the purposes of the Finnish Corporate Governance Code (Recommendation 10).

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