Board of Directors and Management Group

Board of Directors

The Board of Directors has a general responsibility for managing the Company and its subsidiaries and properly arranging the Company’s operations. The Board ensures that supervision of the Company’s accounting and financial management is properly arranged. The Board confirms the principles concerning Company strategy, organization, accounting, and internal supervision and risk management, and appoints the CEO of the Company. A Board meeting constitutes a quorum when more than half of the members are present. The CEO is responsible for implementing the Company strategy and taking care of everyday business based on the instructions and orders issued by the Board.

The Company has not established committees stipulated by the Act on Credit Institutions because it has not been deemed necessary to establish separate committees considering the size of the Company and the quality of its business, and since the Company has no legal obligation to do so.

According to the articles of incorporation the Board of Directors consists of at least three and at most seven actual members chosen in a general meeting for the term ending as the next general meeting ends.

The Board of Directors has five members:   

Timo T. Laitinen, Chairman
Mika Lehtimäki, member
Tommi Lindfors, member
Jonas Lindholm, member
Kim Wiio, member

 

Members of the Board of Directors are independent of the Company and its management. Timo T. Laitinen and Mika Lehtimäki are also independent of the major shareholders of the Company that own more than 10 % of the shares and votes in the Company.

Timo T. Laitinen has been a member of the Board since Mar 31st, 2017, and the Chairman since Dec 11st, 2018. He has CEO experience from Helsinki Stock Exchange Ltd, eQ Bank Ltd and ORAL Hammaslääkärit Plc. Laitinen has experience from corporate arrangements from nearly thirty companies. Since 2006, Laitinen has operated as a professional board member and a private investor. He has a Master’s degree in Science (Tech.). Laitinen owns 10 000 shares of the Company.

Mika J Lehtimäki operates as the member of the Board of Directors since 27 March 2019. He is an attorney-at-law and the founding partner of Attorneys-at-Law Trust Ltd. Lehtimäki has been managing domestic and cross-border corporate and financing arrangements since 2000, and operates as an advisor to the management of several institutional investors and companies, including Mash Group Oyj, that is a significant shareholder of the Company. In addition, he operates as a researcher of finance and corporate law, finance, and game theory at the Faculty of Law at the University of Oxford. Lehtimäki has degrees of Master of Laws (Helsinki), M. Jur (Oxford) and M. St. (Oxford). He does not own shares or other securities of the Company.

Tommi Lindfors operates as the member of the Board of Directors since 27 March 2019. He has a Master’s degree in Economics and Business Administration. Lindfors is the founder, most significant shareholder and the Chairman of the Board of Mash Group Oyj, and has operated in managerial positions in Mash group companies since 2007. Previously, he has served in ABB Group and OP Pohjola. In addition to Mash Group Oyj’s ownership, Lindfors owns 10 553 shares of the Company through Mash Services Oyj, a company under his control.

Jonas Lindholm operates as the member of the Board of Directors since 27 March 2019. He has a Master’s degree in Science (Tech.) and has worked with strategy and finance for large international companies for more than 30 years. Lindholm is a Board Member of Mash Group Oyj that is the largest shareholder of the Company, and has operated in managerial positions in Mash group companies since 2010. Previously, he has operated in Pöyry as a Vice President of strategy and finance consultation, in KPMG as Director and Head of Business Area Risk Advisory Services, and in several managerial positions in ABB. He is also a founding member of Oxford Leadership Academy. Lindholm does not own shares or other securities of the Company beside Mash Group Oyj’s ownership.

Kim Wiio is the founder and owner of the second largest shareholder of the Company, Mininvest Ltd, and was elected to the Board of Directors of the Company on 14 June 2019. Wiio is an investor and a professional board member, who has a degree of Master of Laws and has operated in managerial positions in St1 Nordic Group companies since 2001. Between 2007-2018 Wiio operated as a CEO of St1 Nordic Group, and currently as a member of the Board of Directors. Wiio owns 1 400 000 shares of the Company through Mininvest Ltd, a company under his control.

Management Group

The management group supports the CEO in the operative management of the Company. The management group acts as a preparatory and advisory organ and performs tasks appointed to it by the Board of Directors and the CEO. The CEO of the Company appoints management group members.

The members of the management group are:

Karri Salmi, CEO Privanet Group Plc
Johanna Hurskainen, Chief Financial Officer, Privanet Group Plc
Kimmo Lönnmark, CEO, Privanet Securities Ltd

Karri Salmi has operated as the CEO of the Company since 1 October 2017, and operated as the member of the Board from autumn 2017 to spring 2019. He has also been Chairman of the Board at Privanet Securities Ltd since fall 2015, and Chairman of the Board at Privanet Capital Markets Ltd since fall 2017. Previously Salmi was a member of the Board at Privanet Securities Ltd (formerly Privanet Pankkiiriliike Ltd) since 2012. Before companies of the Privanet Group, Salmi was the CEO at Investo Management Ltd and a manager and Board member at eQ Turku Asset Management Ltd. From 2000 to 2007 Salmi was a manager at OP-Private. Salmi has a Master’s degree in Political Science, and after graduation he has completed e.g. an executive training program at OP. Through Aava Capital Ltd, company under his control whose Chairman of the Board Salmi also operates as, Salmi owns 470 116 shares of the Company.

Johanna Hurskainen has been Financial Manager since Feb 1st, 2016 and Chief Financial Officer since Oct 1st, 2016. Prior to Privanet Group, Hurskainen gathered extensive experience e.g. in financial and financing departments of international companies. Hurskainen has a Master’s degree in Economics and Business Administration. Hurskainen or her related parties do not own financial instruments issued by the Company.

Kimmo Lönnmark has been CEO of Privanet Securities Ltd since 2013. He also operates as acting CEO of Privanet Capital Markets Ltd as of January 1st, 2019. From 2001 to 2013 Lönnmark worked as portfolio manager at Investo Asset Management Ltd, companies of the eQ Bank Group and OP-Private. In addition, since 2007 Lönnmark has a Master’s degree in Law and a Certified EFFAS Financial Analyst certificate. Through PA Holdings Ltd, company under his control whose Chairman of the Board Lönnmark also operates as, Lönnmark owns 351 358 shares of the Company, and including his related parties, 351 455 shares of the Company.