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Board of Directors

Ordinary members

Jari PaasikiviChairman Jari Paasikivi

b. 1954
M.Sc. (Econ.)
President and CEO 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 2018
Member of the Economic Council; and member of the Boards of the Council of Nordic Trade Unions PAY and the European Trade Union Confederation ETUC; member of the Representatives of the Finnish Centre for Pensions; member of the Supervisory Boards of Kaleva Mutual Insurance Company, the Unemployment Insurance Fund and the Education Fund.

Kai TelanneDeputy Chairman Kai Telanne

b. 1964
M.Sc. (Econ.)
President and CEO, Alma Media Corporation
Member since 2009
Term expires in 2017
Member of the Boards of Teleste Corporation and Altia Plc. 

Riku AaltoRiku Aalto

b. 1965
M.Sc. (Admin.)
President, Finnish Metalworkers' Union
Member since 2012
Term expires in 2017
Chairman of the Board of VVO Group; member of the Boards of The Central Organisation of Finnish Trade Unions SAK and VR Group; and member of the Supervisory Board of the Unemployment Insurance Fund.

Mikael AroMikael Aro

b. 1965
eMBA
Senior Industrial Expert, Triton
Member since 2010
Term expires in 2018
Chairman of the Board of Mehiläinen Oy; Vice Chairman of the Board of Kesko Corporation, Audit Committee and Remuneration Committee; and member of the Board of Finnish National Theatre.

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 Board of Metsähallitus.

Ari KaperiAri Kaperi

b. 1960
M.Sc. (Econ.)
Country Senior Executive for Finland and Chief Risk Officer, Nordea Bank AB (publ)
Member since 2010
Term expires in 2018
Chairman of the Board of the Federation of Finnish Financial Services; member of the Board of the Confederation of Finnish Industries EK; 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.

Casimir LindholmCasimir Lindholm
b. 1971
M.Sc. (Econ.), MBA
CEO, Lemminkäinen Corporation
Member since 2017
Term expires in 2019

Jyri LuomakoskiJyri Luomakoski

b. 1967
MBA
President & CEO, Uponor
Member since 2015
Term expires in 2017
Member of the Boards of Fiskars Oyj Abp, the Association of the European Heating Industry (EHI) and 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 2017
Chairman of the Board of Kaleva Mutual Insurance Company; Deputy Chairman of the Board of Alma Media Corporation; member of the Boards of the Finland Chamber of Commerce and BenCo Insurance Holding B.V. (Netherlands); member of the Economy and Tax Committee of the Confederation of Finnish Industries EK and member of the Life Insurance Executive Committee of the Federation of Finnish Financial Services.

Ilkka OksalaIlkka Oksala

b. 1965
LL.M.
Director of the Confederation of Finnish Industries EK
Member since 2015
Term expires in 2018
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:

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

Eija HietanenEija Hietanen

b. 1961
M. Soc. Sc.
Administrative Director, Central Organisation of Finnish Trade Unions SAK
Deputy member since 2015
Term expires in 2019
Member of the Boards of the Labour Institute for Economic Research, Kansan Sivistysrahasto and the Trade Union Solidarity Centre of Finland SASK; member of the Supervisory Board of Finnfund and of the Council of the Finnish Work Environment Fund.

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; and member of the Supervisory Boards of the Finnish Business and Policy Forum EVA and ETLA, the Research Institute of the Finnish Economy.

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 2016 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 four times in 2016 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 eight times in 2016 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).