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New members elected to Varma’s Board of Directors

3.12.2014

In its meeting on 2 December 2014, Varma’s Supervisory Board elected three new members to the company’s Board of Directors. The new members elected to the Board effective 1 January 2015 are: Ilkka Oksala, Director of the Confederation of Finnish Industries EK, on the proposal of the Election Committee members representing the main employers’ central organisations; and Berndt Brunow, Chairman of the Board of Oy Karl Fazer Ab, and Jyri Luomakoski, President & CEO of Uponor Corporation, on the joint proposal of the Election Committee.

Varma’s Board member Karsten Slotte’s term ends 31 December 2014. In addition, Chairman of the Board Kari Jordan has announced that he will resign from his Board membership at the end of this year so that he can, as the President of Metsä Group, focus on the Group’s ongoing projects. Lasse Laatunen has announced that, due to his retirement, he will resign from his Board membership as of 31 December 2014.

The following Board members, whose terms were due to expire, will remain on Varma’s Board of Directors: Riku Aalto (President, Finnish Metalworkers’ Union), Petri Niemisvirta (CEO, Mandatum Life Insurance Company Limited), and Kai Telanne (President & CEO, Alma Media Corporation).

The members of Varma’s Board of Directors as of 1 January 2015 are:

Riku Aalto, President, Finnish Metalworkers’ Union
Mikael Aro, President & CEO, VR-Group Ltd
Berndt Brunow, Chairman of the Board, Oy Karl Fazer Ab
Johanna Ikäheimo, Chairman of the Board, Lappset Group Ltd
Ari Kaperi, Executive Vice President, Nordea Bank AB (publ)
Jyri Luomakoski, President & CEO, Uponor Corporation
Petri Niemisvirta, CEO, Mandatum Life Insurance Company Ltd.
Ilkka Oksala, Director, Confederation of Finnish Industries (EK)
Jari Paasikivi, President & CEO, Oras Invest Ltd
Antti Palola, President, Finnish Confederation of Salaried Employees (STTK)
Kai Telanne, President & CEO, Alma Media Corporation
Veli-Matti Töyrylä, B.Sc. (Econ.)

Deputy members:

Mikko Ketonen, Chairman of the Board, TS Group
Arto Kuusiola, Director of Finance, Central Organisation of Finnish Trade Unions (SAK)
Liisa Leino, Managing Director and Chairman of the Board, Leinovalu Oy

The Board will select a Chairman and two deputy chairmen from among its members at its meeting in January 2015.

The Supervisory Board decided to keep the Board’s annual and meeting remuneration the same: The annual remuneration for the Chairman of the Board is EUR 45,000, for the Deputy Chairmen EUR 32,000, for the members EUR 18,000, and for the deputy members EUR 13,000. The remuneration paid for attending each meeting is EUR 600.

Varma Mutual Pension Insurance Company is the largest earnings-related pension insurer and private investor in Finland. The company is responsible for the statutory earnings-related pension cover of more than 860,000 people in the private sector. Premiums written totalled EUR 4.3 billion in 2013 and pension payments stood at EUR 4.8 billion. Varma’s investment portfolio amounted to EUR 39.9 billion at the end of September 2014.

For more information, please contact:
Satu Perälampi, Senior Vice-President, Communications, tel. +358 10 244 3075 or +358 40 526 3388

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