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New members elected to Varma’s Board of Directors

about Varma

In its meeting on 27 November 2019, Varma’s Supervisory Board elected three new members to the company’s Board of Directors.

New members elected to Varma’s Board of Directors effective 1 January 2020 are: Saana Siekkinen, Director, Central Organisation of Finnish Trade Unions SAK; and Mari Walls, President, Tampere University. In addition, Timo Saranpää, Chairman of the Board, Finnish Business School Graduates, was elected as a deputy member effective 1 January 2020. 

Board member Johanna Ikäheimo and deputy members Eija Hietanen and Liisa Leino will end their terms on 31 December 2019.

Of the members whose terms expired, Eila Annala, Managing Director, PlusTerveys Oy; Jari Paasikivi, Chairman of the Board, Oras Invest Ltd; and Pekka Piispanen, Director, Akava, will continue on Varma’s Board of Directors. Risto Penttinen, SVP, Fortum Corporation, will continue as a deputy member. The current Board member Ilkka Oksala, Director, Confederation of Finnish Industries EK, will become a deputy member. 

The members of Varma’s Board of Directors as of 1 January 2020

  • Riku Aalto, President, Industrial Union
  • Eila Annala, Managing Director, PlusTerveys Oy
  • Rolf Jansson, President & CEO, VR Group
  • Ari Kaperi, Chief Risk Officer and Country Senior Executive for Finland, Nordea Bank Abp
  • Jyri Luomakoski, President & CEO, Uponor Corporation
  • Petri Niemisvirta, CEO, Mandatum Life Insurance Company Ltd
  • Jari Paasikivi, Chairman of the Board, Oras Invest Ltd
  • Antti Palola, President, Finnish Confederation of Professionals STTK
  • Pekka Piispanen, Director, Akava
  • Saana Siekkinen, Director, Central Organisation of Finnish Trade Unions SAK
  • Kai Telanne, President and CEO, Alma Media Corporation
  • Mari Walls, President, Tampere University

Deputy members:

  • Ilkka Oksala, Director, Confederation of Finnish Industries EK
  • Risto Penttinen, SVP (Strategy, People and Performance), Fortum Corporation
  • Timo Saranpää, Chairman of the Board, Finnish Business School Graduates

The Board will select a Chairman and two Deputy Chairmen from among its members at its meeting on 19 December.

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 47,250, for the Deputy Chairmen EUR 33,600, for Chairman of the Audit Committee EUR 33,600, for the members EUR 18,900, and for the deputy members EUR 13,650. The remuneration paid for attending each meeting is EUR 600.

Saana Siekkinen, Deputy Chairman of the Supervisory Board who was elected to the Board of Directors, announced her resignation from the Supervisory Board as of 1 January 2020. Petri Vanhala, President of the Finnish Paperworkers’ Union, was elected to replace her as Deputy Chairman of the Supervisory Board. 


Varma Mutual Pension Insurance Company is a responsible and solvent investor. The company is responsible for the statutory earnings-related pension cover of some 900,000 people in the private sector. Premiums written totalled EUR 5.1 billion in 2018 and pension payments stood at EUR 5.7 billion. Varma’s investment portfolio amounted to EUR 47.4 billion at the end of September 2019.

Further information:

Katri Viippola, SVP, HR, Communications and Corporate Social Responsibility, tel. +358 400 129 500 

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