Board of Directors of Savings Bank's Union Coop
The term of office of the members of the Board of Directors of Savings Banks’ Union Coop begins at the close of the ordinary General Meeting that made the selection and ends at the close of the next ordinary General Meeting. A person older than 65 years cannot be selected as member of the Board of Directors. The Board of Directors approves an agenda that guides its operation.
The central institution’s Board of Directors mostly consists of the professional directors of the Savings Banks. In addition to these, the Board of Directors includes three member who is independent of the Savings Banks.
The Board of Directors is tasked with directing the operation of the central institution in accordance with the Cooperatives Act, the Act on the Amalgamation of Deposit Banks and these governance policies. The Board of Directors is responsible, among other things, for the strategy of the Savings Banks Group and development of its internal cooperation, it approves the agenda and budget of the central institution, prepares the matters to be proposed to the General Meeting and the Supervisory Board, prepares and presents to the ordinary General Meeting the consolidated financial statement of the central institution and its member credit institutions, organises the internal controls of the Savings Banks Amalgamation, and selects and discharges the Managing Director and other principal officials of the central institution, as well as determines their remuneration and other benefits.
The Board of Directors convenes as necessary and a quorum is reached when more than half the members are present. In practice, the Board meets in accordance with an annually agreed schedule, mostly once a month, and at other times as required.
A decision is formed when more than half of those present are in favour
of a view, or, if the vote is hung, the view supported by the chairman.
As well as the Board members, the meetings are attended by the Managing Director and / or Deputy Managing Director, and the central institution lawyer acting as the Board secretary.
The agenda of the meeting and crucial meeting documentation are delivered to the Board members for perusal in good time before the meeting. The matters to be addressed by the Board are presented by the Managing Director or a presenter specifically invited to the meeting by the Managing Director. The presentations are customarily in writing. Minutes are kept of the meetings, containing those present, decisions made, and any differences of opinion.
If the urgency of the matter or some other reason so demands, a Board of Directors’ meeting may be conducted by telephone or email, or through other communication channels. In order to make decisions, the Board members must have channels of mutual communication.
Part of the Board’s agenda is the ‘year clock’ in which matters related to planning and oversight and other most important issues are scheduled for addressing over the year at Board meetings. The Board carries out a self-assessment of its operation and procedures every year.
The remuneration of the Board members is decided by the cooperative meeting. The Board members receive no other benefits on the basis of this service.
Members of the Board of Directors of Savings Banks’ Union Coop on 15 March 2018
Managing Director Kalevi
Hilli, Säästöpankki Optia, chairman
Managing Director Toivo Alarautalahti, Huittisten Säästöpankki, vice-chairman
Managing Director Pauli Aalto-Setälä, Aller Media Oy
Managing Director Pirkko Ahonen, Aito Säästöpankki Oy
SVP Sanna Ahonen
Managing Director Peter
Finne, Kvevlax Sparbank
Managing Director Jussi Hakala, Liedon Säästöpankki
Managing Director Jan Korhonen, Suomenniemen Säästöpankki
COO Marja-Leena Tuomola, Sanoma Digital Finland