In accordance with Varma’s Articles of Association, the General Meeting elects an Auditor and, unless the Auditor is an audit company, a Deputy Auditor. In accordance with Varma’s Articles of Association, the 2022 General Meeting elected one Auditor, which is an audit company, for the Company. The Auditors’ term ends at the end of the next Annual General Meeting following their election.

Under the legislation in force concerning auditing, the Auditors’ duty is to audit Varma’s accounting records, Financial Statements, Consolidated Financial Statements and governance. Auditing shall be carried out in accordance with good auditing practice.

The Auditor reports on its work, observations and conclusions in the Auditors’ Report addressed to the Annual General Meeting. In addition to this, the Auditor reports on its observations concerning internal control, financial reporting and other auditing measures to the Board of Directors’ Audit Committee, to the Board of Directors, to the Supervisory Board, to executive management and to the supervisory authority.

The Auditor provides the Board of Directors annually with written confirmation of its independence, required under the legislation in force. The Company’s Board of Directors assesses the independence of the Auditor each year.

In accordance with the decision made by the Annual General Meeting on 15 March 2022, Ernst & Young Oy, with Authorised Public Accountant Antti Suominen as chief auditor, served as Varma’s Auditor during the financial year 2022. Authorised Public Accountant Antti Suominen has been Varma’s chief auditor since 15 March 2018.

Remuneration paid to the Auditor for statutory auditing in 2022 amounted to EUR 268,702. Remuneration paid to Ernst & Young Oy for expert services other than those related to auditing totalled EUR 40,311 in 2022.