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. In 2015 the Board assembled 19 times, and by the end of April 2016 the Board had met eight times. 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
Jorma Vanhanen, member, Vice-Chairman
Sami Järvinen, member
Karri Salmi, member
Sakari Tainio, member

Members of the Board of Directors are independent of major shareholders that own more than 10% of the shares and votes of the Company. Members Timo T. Laitinen, Jorma Vanhanen and Sakari Tainio are independent of the Company and its senior management.

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.

Karri Salmi was appointed CEO of the Company Oct 1st, 2017, and elected member of the Board Oct 11th, 2017. 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 has been a member of the Board at Privanet Securities Ltd (formerly Privanet Pankkiiriliike Ltd) since 2012. Prior to this Salmi was 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.

Sami Järvinen is one of the Company’s founders. He has been Chairman of the Board of the Company since the Company was founded until August 2012, and a Board member again since Jun 25th, 2015. He has also operated as the Strategy Director for the Group from fall 2016 to summer 2018, and the Board member and CEO of Privanet Capital Markets Ltd (previously Navi Group Ltd) between Jul 29th, 2011 and Aug 8th, 2012. Previously, between 2004 and 2010, Järvinen worked in consulting for finance softwares and risk management through his own company Finactu Ltd. From 2000 to 2004 he was a researcher and a PhD student at the Helsinki School of Economics (now Aalto University) in the Department of Finance. Between 1997 and 2000 Järvinen worked e.g. at Nordea Bank Finland Plc with structured products. Järvinen has a PhD in Economics and Business Administration. Currently, he works full-time as the CFO of Siltaraha Ltd. Through companies under his control, Järvinen owns 1 258 059 shares of the Company, as well as bonds issued by the Company worth par value of 200 000 euros.

Jorma Vanhanen has been a member of the Board since Apr 20th, 2016. From 1990 to 2011 Vanhanen was an executive and primary owner of Elcoteq Plc. He has a Master’s degree in Science (Tech.). Vanhanen or his related parties do not own financial instruments issued by the Company.

Sakari Tainio has been a member of the Board since Apr 20th, 2016. Tainio has worked for Russian Room Ltd since 1995, first as Chief of Finance and since 1996 as CEO and a Board member. Since 2006 Tainio has been CEO and a member of the Board of Nams Ltd (Chairman of the Board since 2011), and Chairman of the Board of Ansapoo Ltd since 2015. From 1989 and to Tainio worked as an insurance consultant and as an insurance broker between 1994 and 1996. Tainio has a Master’s degree in Economics and Business Administration. Tainio owns personally 55 540 shares of the Company, and including his related parties, 222 180 shares of the Company.

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

See previous section “Board of Directors” for additional information on Karri Salmi.

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.