Board of Directors

All Board members are elected for a term lasting three calendar years and ending on 31 December 2025. The Board of Directors elects the Chair and Deputy Chairs from among its members for one calendar year at a time.

Those marked with * in the list of Board of Directors are members of the executive management of important client companies of Elo; the other members are independent for the purposes of the Finnish Corporate Governance Code (Recommendation 10).

**Elo was established on 1 January 2014 as a result of the merger of Pension Fennia and LocalTapiola Pension Company. This member of the Board of Directors served on the Board of one of these preceding companies prior to the merger.

In accordance with the Act on Employee Pension Insurance Companies, the Board of Directors shall, together with the Chief Executive Officer, administer in a professional manner and in compliance with prudent business principles. The general task of the Board of Directors is to oversee the governance of the company and proper arrangement of the company operations, and to ensure that the supervision of accounting and asset management is appropriately arranged.

The Articles of Association and the rules of procedure of the Board of Directors list the general tasks assigned to Elo’s Board of Directors.

The Board of Directors is comprised of 12 ordinary members and four (4) deputy members. The Supervisory Board elects the members and deputy members of the Board of Directors for a term lasting three calendar years at a time.

The Board of Directors shall include representatives of the policyholders and the insured who are elected from among the persons proposed by major central labour market organisations representing employers and employees. The representatives elected from among those persons proposed by major central labour market organisations representing employees shall be a minimum of one third of the members of the Board of Directors and the representatives elected from among those persons proposed by major central labour market organisations representing employers shall be a minimum of one sixth of the members of the Board of Directors

The Board of Directors is assisted by the Appointment and Remuneration Committee and the Audit and Risk Committee. Members of Elo's Audit and Risk Committee are Minna Alitalo (Chair), Janne Makkula, Sinikka Näätsaari and Timo Viherkenttä.

Diversity of the Board of Directors

When in the process of choosing members of the Board, diversity of the Board of Directors is also taken into account. By having a diverse Board of Directors, the directors can better serve their mission and support Elo in achieving its strategic goals. When the Board of Directors can as a group and as individuals of different skills, experience and personal features challenge and support the management proactively, the diversity of the Board of Directors is pursued in its eligible form.

The essential factors of diversity for Elo are the complementary experience of the directors, personal features, geographical and gender distribution.

One of the main goals of Elo’s diversity policy is to maintain a balance in gender distribution in Elos Board of Directors. To be able to reach this goal, the election panel always searches for representatives of both genders when choosing new members to the Board. The achievement of goals is followed and evaluated in the election panel meetings.