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 four members:
Kim Wiio, Chairman
Juha Kasanen, member
Sampsa Laine, member
Mika Lehtimäki, member
Members of the Board of Directors are independent of the Company and its management. Juha Kasanen, Sampsa Laine 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.
Juha Kasanen is a member of the Board of Directors as of 3 April 2020. Kasanen has an extensive experience of more than 30 years from the capital markets. In 2003-2007, he was the CEO of Norvestia Oyj, and continued working for CapMan Plc for the years 2017-2019 after CapMan acquired Norvestia, being responsible for its listed investments. In his previous career, Kasanen has worked for Financial Supervision and the research department of the Bank of Finland for ten years, when he, among others, was responsible for the supervision of Finnish investment funds and participated in the development of the book entry system and the supervision of marketplaces and brokers’ risks. Kasanen has also been a member of several working groups that have been developing the securities market. Kasanen has a degree of Licentiate of Science (Econ. & Bus. Adm.) and Master of Science (Tech). Kasanen owns 40 000 shares issued by Privanet Group.
Sampsa Laine is a member of the Board of Directors as of 3 April 2020. Laine has been a partner and CEO of Mandatum Securities Ltd in 2003-2007, Head of Danske Markets Finland in 2007-2011 and Head of Financial & Institutional Clients in Danske Bank in 2007-2011, as well as Executive Vice President of Banking Finland and Head of Business Banking for SMEs in Nordea in 2014-2017. From the spring 2017 to January 2020 Laine’s responsibility area was the development of digital services for Nordea’s corporate clients. Laine has been a part-time entrepreneur since 2013 and has been entrusted with positions in Kasvu Open Board in 2014-2017, as a Board Member of European Securities Network in 2004-2007, as well as a Board Member of Talenom Plc since February 2020. Laine has a degree of Master of Science (Econ. & Bus. Adm.). He owns 700 000 shares of Privanet Group through his investment company Growroad Oy, beside which his related parties own 9517 shares of the Company.
Mika J Lehtimäki has been a 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. 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 Privanet Group.
Kim Wiio is the founder and owner of the 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. In 2007-2018 Wiio operated as a CEO of St1 Nordic Group and is currently a member of the Board of Directors. Wiio owns 6 372 599 shares of the Company through Mininvest Ltd, a company under his control, as well as 2 400 000 euros of bonds that the Company has issued. Wiio’s related parties own 20 000 shares of the Company.
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:
Riku Lindström, CEO, Privanet Group Plc
Mikael Westerlund, CFO, Privanet Group Plc
Ollipekka Vahvaselkä, Investment Director, Privanet Group Plc
Riku Lindström has operated as the CEO of the Company since 4 October 2019. Lindström has a Master’s degree in Technology and he has previously worked, among others, in trading positions at Barclays Investment Bank and Nordea, and been responsible for Nordic Growth Market’s operations in Finland. Lindström owns 410 921 shares of the Company personally and 789 309 shares through Oy Anti-Invest Ab, a company under his control, beside which his related parties own 1000 shares of the Company.
Mikael Westerlund has been the CFO of the company since 1 October 2019. Westerlund has a master’s degree in Economics and previously worked as CFO of Metsä Fibre Oy, part of Metsä Group, for nearly ten years. He also has prior CFO experience from, among others, Nordic Aluminium Oyj and Orbis Oy. Westerlund owns 200 000 shares of the Company.
Ollipekka Vahvaselkä has operated as Investment Director in Privanet Group companies since 2014. Prior to joining Privanet he worked as an independent consultant and portfolio manager at Fjälldal Kapital Ab. Before founding Fjälldal Kapital he worked 15 years at OP Financial Group’s Markets division in several trading and management roles. He has a Master’s degree in Economics (Finance). Vahvaselkä or his related parties do not own financial instruments issued by the Company.