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 6 000 000 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:

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’s 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 or his related parties do not own financial instruments issued by 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.