MuniFin has a Shareholders’ Nomination Committee established by the Annual General Meeting (AGM).
The Shareholders’ Nomination Committee is responsible for preparing the following proposals to the AGM annually:
- The number of members of the Board of Directors
- The remuneration paid to the Board
- The individuals to be elected as the members of the Board
The Shareholders’ Nomination Committee is also responsible for preparing a proposal on the Board’s chair and vice chair to the Board to be elected. The Committee must adhere to the requirements of the Finnish Act on Credit Institutions.
The Shareholders’ Nomination Committee consists of five members. Three of these members are appointed by the three largest shareholders in the share register, one member by each shareholder. With the current ownership structure, the three largest shareholders are Keva, the State of Finland and the City of Helsinki. The fourth member is appointed by the Association of Finnish Local and Regional Authorities. The fifth member is appointed by a joint decision between the next five largest shareholders. With the current ownership structure, these are the City of Espoo, the City of Vantaa, the City of Tampere, the City of Oulu and the City of Turku.
In this context, the ownership is considered based on the total ownership of a local authority corporation. The individuals appointed cannot be employed by MuniFin. The company’s largest shareholder appoints its representative as the Chair of the Shareholders’ Nomination Committee. The Chair of the Board attends the Shareholders’ Nomination Committee meetings as an expert and, as a part of this duty, prepares the meetings together with the secretary of the Shareholders’ Nomination Committee to support the Chair of the Shareholders’ Nomination Committee.
The following individuals have been appointed as members of the Shareholders’ Nomination Committee:
- Jaakko Kiander, Chair (CEO, Keva)
- Timo Reina (Deputy Managing Director, Association of Finnish Local and Regional Authorities)
- Jukka-Pekka Ujula (City Manager, City of Helsinki)
- Maija Strandberg (Director General of the Ownership Steering Department, Prime Minister’s Office)
- Juha Yli-Rajala (Group Chief Executive Officer, City of Tampere)
The members of the Shareholders’ Nomination Committee are not paid any remuneration.