New Board members elected for Varma

In its meeting on 3 December 2013, Varma Mutual Pension Insurance Company’s Supervisory Board elected the new members of the company’s Board of Directors. Sakari Tamminen’s term as Chairman of Varma’s Board of Directors ends on 31 December 2013. In addition, Deputy Chairman Mikko Mäenpää and Board Member Kari Stadigh have announced their resignation from Varma’s Board of Directors effective 31 December 2013.

The following Board members whose terms were due to expire will remain on Varma’s Board of Directors: Johanna Ikäheimo, Chairwoman of the Board, Lappset Group Oy; Kari Jordan, President & CEO, Metsä Group; and Veli-Matti Töyrylä, Customer Relationship Manager, Nordea Bank Finland Plc’s Organisations Bank. The following deputy members whose terms were due to expire will remain on Varma’s Board of Directors: Mikko Ketonen, Chairman of the Board, TS Group; Arto Kuusiola, Director of Finance, Central Organisation of Finnish Trade Unions, SAK; and Liisa Leino, Managing Director and Chairman of the Board, Leinovalu Oy.

New members elected to Varma’s Board of Directors effective 1 January 2014 are: Jari Paasikivi, President & CEO, Oras Invest Oy, on the proposal of the Election Committee members representing the main employers’ central organisations; Sea Captain Antti Palola, on the proposal of the members representing the main employees’ central organisations; and Petri Niemisvirta, Managing Director, Mandatum Life Insurance Company Ltd, on the joint proposal of the Election Committee.

The members of Varma’s Board of Directors as of 1 January 2014 are:

Riku Aalto, President, Finnish Metalworkers’ Union

Mikael Aro, President & CEO, VR-Group Ltd

Johanna Ikäheimo, Chairman of the Board, Lappset Group Ltd

Kari Jordan, President & CEO, Metsä Group

Ari Kaperi, Executive Vice President, Nordea Bank AB (publ)

Lasse Laatunen, Director, Confederation of Finnish Industries EK

Petri Niemisvirta, Managing Director, Mandatum Life Insurance Company Ltd. 

Jari Paasikivi, President & CEO, Oras Invest Ltd

Antti Palola, Sea Captain

Karsten Slotte, B.Sc. (Econ.)

Kai Telanne, President & CEO, Alma Media Corporation

Veli-Matti Töyrylä, Customer Relationship Manager, Nordea Bank Finland Plc, Nordea Organisations Bank

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 2014.

The Supervisory Board decided to keep the annual and meeting remuneration the same: The annual remuneration for the Chairman is EUR 45,000, for the deputy chairmen EUR 32,000, for members EUR 18,000 and for deputy members EUR 13,000. The remuneration paid for attending each meeting will be 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 870,000 people in the private sector. Premiums written totalled EUR 4.2 billion in 2012 and pension payments stood at EUR 4.5 billion. Varma’s investment portfolio amounted to EUR 36.9 billion at the end of September 2013.

For more information, please contact:

Timo Kaisanlahti, Senior Vice-President, Administration tel. +358 10 244 7604 or +358 40 570 5032

Satu Perälampi, Senior Vice-President, Communications, tel. +358 10 244 3075 or +358 40 526 3388