OP Cooperative’s Board of Directors

The Board of Directors of OP Financial Group’s central cooperative (OP Cooperative) controls and supervises the operations of the central cooperative, the central cooperative consolidated and OP Financial Group.

In the Bylaws, the Board’s duty is to control the operations of the central cooperative, the central cooperative consolidated, the amalgamation and the entire OP Financial Group according to the Supervisory Council’s guidelines and to manage the governance of the central cooperative and to organise its operations appropriately in compliance with legislation and the regulations and decisions issued by relevant authorities. The Board of Directors must ensure that the supervision of accounting and treasury is duly organised at the central cooperative (administrative duty). The Board of Directors also supervises the central cooperative, the central cooperative consolidated, the amalgamation and the entire OP Financial Group that they are managed reliably, efficiently and in compliance with prudent business principles, and that the central cooperative, its subsidiaries and the companies within the amalgamation act on the laws applied to them, on orders and decisions issued by the relevant authorities, on their bylaws or articles of association and on the principles and instructions confirmed by the Supervisory Council and the Board of Directors (supervisory duty). 

In addition, the Board of Directors’ duty is to appoint the central cooperative’s Chief Audit Executive, Chief Risk Officer, Chief Compliance Officer and other executives reporting directly to the President and Group Chief Executive Officer. The Board of Directors confirms a Charter for itself and each of its committees and other preparatory bodies it may set up, as well as appoints a chair, a vice chair and members to them. 

The Board of Directors decides on convening the Cooperative Meeting and submitting proposals to the Cooperative Meeting on matters within its remit.

The Charter of the Board of Directors defines the Board duties in more detail.

The Board of Directors comprises the incumbent President and Group Chief Executive Officer and 9–13 other members appointed by the Supervisory Council. At least four Board members must be independent of the central cooperative and of other Group companies.

The Board of Directors consists of the following members from 1 July 2020 onwards:

Jaakko Pehkonen, b. 1960
Chair of the Board from 1 January 2020
M.Sc. (Econ. & Bus. Adm.), D.Sc. (Econ. & Bus. Adm.)

Relevant experience:
University of Jyväskylä 1998: Professor of Economics 1998–
University of Jyväskylä 1998: First Vice Rector 2010–2012
University of Jyväskylä 1998: Dean, School of Business and Economics, 1999–2008

Other relevant positions:
OP Financial Group Research Foundation: Chair of the Board of Directors 2013–2019, Member of the Board of Directors 2009–
EduCluster Finland: member of the Board of Directors 2018–
OP Cooperative: Chair of the Supervisory Board 2013–2019, Member/Vice Chair of the Supervisory Board 2008–2012
OP Keski-Suomi: Chair of the Board of Directors 2014–2019, Member/Vice Chair of the Board of Directors 2008–2014


Jarna Heinonen, b.1965
Vice Chair of the Board from 1 January 2020
M.Sc. (Econ. & Bus. Adm.), D.Sc. (Econ. & Bus. Adm.)

Relevant experience:
University of Turku, School of Economics: Professor in Entrepreneurship 2008–
University of Turku, School of Economics: yksikön johtaja 1998–2018
Turku School of Economics: Researcher 1992–1997

Other relevant positions:
OP Cooperative: Member of the Supervisory Board 2012–2019, Member of the Supervisory Board's Working Committee 2018–2019, Member/Chair of the Supervisory Board's Audit Committee 2012–2018
OP Turun Seutu: Chair of the Board of Directors 2011–2019, Member of of the Board of Directors 2006–2011
 

Leif Enberg, b. 1954
Member of the Board from 1 January 2020
M.Sc. (Econ. & Bus. Adm.), Approved Board Member

Relevant experience:
Ky L. Enberg Kb / Korsnäs Bokföringsbyrå: Entrepreneur 1974–
Wärtsilä Oy: Project Leader 1980–1982
Korsnäs Andelsbank: Assistant Director 1978–1980

Other relevant positions:
Maprotec Oy: Chair of the Board of Directors 1985–2020, Member 2020
Mapromec Oy: Chair of the Board of Directors 1994–
OP Bank Group Pension Fund: Member of the Representative Assembly 2015–2019
OP Bank Group Pension Foundation: Member of the Supervisory Board 2019
OP Cooperative: Member of the Supervisory Board 2013–2019, Member of the Supervisory Board's Working Committee 2016–2019
OP Korsnäs: Chair of the Board of Directors 1983–2019


Jari Himanen, b. 1962
Member of the Board from 1 January 2020
Diploma in Business and Administration, eMBA

Relevant experience:
OP Suur-Savo: Managing Director 2018–
OP Cooperative: Executive Vice President, Group Steering/Member of the Executive Board, 2014–2018
OP Etelä-Karjala: Managing Director 2009–2014
OP-Pohjola Group Central Cooperative: Bank Manager 2002–2009

Other relevant positions:
OP Koti Suur-Savo: Chair of the Board of Directors 2018–
South Savo Chamber of Commerce: Member of the Board of Directors 2018–
OP-Services Ltd: Member of the Board of Directors 2010–2012, 2014–2018, 2019
OP Corporate Bank plc: Member of the Board of Directors 2016–2018
Pohjola Insurance Ltd: Member of the Board of Directors 2016–2018

Kati Levoranta, b. 1970
Member of the Board from 1 January 2020
LL.M, LL.M, MBA

Relevant experience:
Rovio Entertainment Corporation: Chief Executive Officer 2016–
Rovio Entertainment: Chief Legal Officer 2012–2015
Nokia Siemens Networks Oy: Various positions 2007–2012
Nokia Corporation: Legal Counsel 2005–2007

Other relevant positions:
Central Chamber of Commerce: Member of the Board of Directors 2016–
Hatch Entertainment Ltd: Member of the Board of Directors 2016–
 

Pekka Loikkanen, b. 1959
Member of the Board from 1 January 2020
M.Sc. (Econ. & Bus. Adm.)

Relevant experience:
PricewaterhouseCoopers Oy: Partner 2000–2020
PricewaterhouseCoopers Oy: Regional Director 1997–2017, Accountant 1988–1997

Other relevant positions:
PricewaterhouseCoopers Oy: Chair of the Board of Directors, Partners’ Committee and Corporate Responsibility Steering Group 2015–2019; Member of the Board of Directors 2007–2011, 2013–2015; Member of the Nomination Committee 2011–2013
 

Tero Ojanperä, b. 1966
Member of the Board from 1 July 2020 (conditional appointment)
M.Sc. (Computer Science), Ph.D. (Electrical Engineering)

Relevant experience:
Silo AI Ltd: CEO 2017–2019
Visionplus Fund: Founding Partner, Managing Partner 2012–2017
Nokia Corporation: Executive Vice President, Consumer Internet Services; Chief Technology Officer, Chief Strategy Officer, Member of the Nokia Group Executive Board 2005–2011; Head of Nokia Research Center, Vice President at Nokia Networks, and various other expert and management positions 1990–2004

Other relevant positions:
Silo AI Ltd: Chair of the Board of Directors 2019–
DNA Plc: Member of the Board of Directors 2014–
Visionplus Fund: Chair of the Board of Directors 2012–
Tailorframe Oy: Chair of the Board of Directors 2012–
Bittium Corporation: Member of the Board of Directors 2017–2019
Kiosked Ltd: Chair of the Board of Directors, 2014–2016 ja 2019
Veikkaus Ltd: Member of the Board of Directors, 2013–2017
Tampere University of Technology: Chair of the Board of Directors, 2012–2018


Riitta Palomäki, b. 1957
Member of the Board from 1 January 2020
M.Sc. (Econ. & Bus. Adm.)

Relevant experience:
Uponor Corporation: CFO 2009–2017
Kuusakoski Group Oy: CFO 2003–2009

Other relevant positions:
Nordic Waterproofing Holding A/S: Member of the Board of Directors and Chair of the Audit Committee 2016–
OP Cooperative: Member of the Supervisory Board 2017–2019, Member/Chair of the Audit Committee 2017–2019
HKScan Corporation: Member of the Board of Directors and Chair of the Audit Committee 2017–2018
Componenta Corporation: Member of the Board of Directors and Chair of the Audit Committee 2012–2017
 

Timo Ritakallio, b. 1962        
Member of the Board from 1 January 2020
LL.M., MBA, D.Sc. (Tech.)

Relevant experience:
OP Financial Group: President and Group Chief Executive Officer 2018–
Ilmarinen Mutual Pension Insurance Company: President and CEO 2015–2018, Deputy CEO 2008–2014
OP Financial Group: various positions 1993–2008

Other relevant positions:
OP Corporate Bank plc: Chair of the Board of Directors 2018–
Pohjola Insurance: Chair of the Board of Directors 2018–
Confederation of Finnish Industries: Member of the Board of Directors and Executive Committee 2020–
Central Chamber of Commerce: Member of the Board of Directors 2019
Finance Finland: Member/Vice Chair of the Board of Directors 2017–2019, Chair of the Board of Directors 2020–
Securities Market Association: Member/Chair of the Board of Directors 2014–


Olli Tarkkanen, b. 1962
Member of the Board from 1 January 2020
Master of Laws (LL.M.), eMBA

Relevant experience:
OP Etelä-Pohjanmaa: Managing Director 2010–
OP Iisalmi: Managing Director 2005–2010
OP Etelä-Pohjanmaa: Finance Director 2004–2005
OP Etelä-Pohjanmaa: Area Manager 2003–2004, Bank Lawyer 1999–2003

Other relevant positions:
South Ostrobothnia Chamber of Commerce: Member of the Business and Industry Committee 2016–
OP Cooperative: Second Vice Chair of the Supervisory Board 2016–2019; Member of the Supervisory Board and its Working Committee 2015–2019
 

Mervi Väisänen, b. 1963
Member of the Board from 1 January 2020
M.Sc. (Econ. & Bus. Adm.), Approved Board Member

Relevant experience:
Kajaani University of Applied Sciences: Senior Lecturer in Marketing 1997–
Entrepreneur 1995–1997 (part-time 2002 ->)
Hotel Tulikettu: Sales Manager 1993–1994

Other relevant positions:
OP Cooperative: Member of the Supervisory Board 2010–2013, First Vice Chair 2013–2019, Member of the Remuneration Committee 2013–2019, Member of the Working Committee 2012–2019
OP Kainuu: Vice Chair of the Board of Directors 2015–2018, puheenjohtaja 2018-2019
OP Financial Group Research Foundation: Vice Chair of the Board of Directors 2013–2019
OP Bank Group Pension Fund: Chair of the Representative Assembly 2014–2019
OP Bank Group Pension Foundation: Chair of the Supervisory Board 2014–2019

The Audit Committee assists the Board of Directors in monitoring and evaluating the effectiveness of the financial reporting system, internal control, internal audit and risk management systems, in ensuring the independence of the audit and the Auditor and in the preparation of the appointment of an Auditor.

The Charter of the Audit Committee describes the Committee duties in more detail.

The Audit Committee comprises a Chair and at least two other members appointed annually by the Board of Directors from among its members. The Committee’s Chair and the majority of the members, Chair included, must be independent of OP Financial Group companies.

The Audit Committee members from 1 July 2020 onwards:

  • Riitta Palomäki, Chair
  • Jarna Heinonen, Vice Chair
  • Tero Ojanperä, member

The Risk Committee assists the Board of Directors in matters relating to the central cooperative’s and the entire OP Financial Group’s risk strategy and risk-taking, and in supervising compliance with the risk strategy. It assesses whether the prices charged for services that tie the capital of the Group’s companies are in line with the company’s business model and risk tolerances. If this is not the case, it draws up a plan to make corrections which is to be submitted for approval by the Board of Directors. In addition, the Risk Committee assists the Remuneration Committee in establishing sound remuneration schemes, and assesses whether the remuneration schemes promote taking into account the company’s risks and capital and liquidity requirements, as well as revenue allocation and the probability of profit. The Risk Committee supervises, for example, the adequacy of business internal control, independent Risk Management and Compliance, operational efficiency and reliability and compliance with the principles governing them.

The Charter of the Risk Committee describes the Committee duties in more detail. 

The Risk Committee comprises a Chair and at least two other members appointed annually by the Board of Directors from among its members. The Committee’s Chair and the majority of the members, Chair included, must be independent of OP Financial Group companies.

The members of the Risk Committee from 1 July 2020 onwards:

  • Pekka Loikkanen, Chair
  • Leif Enberg, Vice Chair
  • Kati Levoranta, member

The Nomination and Remuneration Committee’s duty is to assist the Board of Directors in decisions related to the management and control of remuneration schemes. The Nomination and Remuneration Committee provides a framework for, controls and supervises the development of overall remuneration applied to employees within the entire OP Financial Group. When necessary, the Committee may obligate an OP cooperative bank or a company within the central cooperative consolidated to change its remuneration or defer bonus payment, for example if the business environment has changed significantly. The Committee also controls and prepares the remuneration of OP cooperative banks and OP Koti branches and annually issues a recommendation applied to the remuneration of OP cooperative banks’ management and to the assessment of management body performance. 

The Charter of the Nomination and Remuneration Committee describes the Committee duties in more detail. 

The Nomination and Remuneration Committee comprises a Chair and at least two other members appointed annually by the Board of Directors from among its members. The Committee’s Chair and the majority of the members, Chair included, must be independent of OP Financial Group companies. 

The members of the Nomination and Remuneration Committee from 1 July 2020 onwards:

  • Jaakko Pehkonen, Chair
  • Mervi Väisänen, Vice Chair
  • Kati Levoranta, member
  • Tero Ojanperä, member