Election of the Board of Directors
The General Meeting of OP MB elects members to the Board of Directors, and the parent OP Cooperative prepares proposals to the General Meeting related to the election.
The company’s Board of Directors has a minimum of three and a maximum of eight members. A Board member’s term begins upon closing of the General Meeting electing the member and terminates upon closing of the Annual General Meeting following the election. The Board of Directors elects a Chair from among its members.
Credit institutions’ board members are required to demonstrate the kind of reliability and professionalism and to fulfil the fit and proper criteria specified in the Act on Credit Institutions and official regulations as well as OP Financial Group's internal instructions. Board members are subject to a regular Fit & Proper assessment.
Members of the Board of Directors
Personal and other details of the Board members can be found at op.fi (EN) > OP Financial Group > Debt Investors > Corporate Governance (OP Mortgage Bank) > Board members.
Independence of Board members
All of the members of the Board of Directors of OP MB are executive members dependent on the company and its shareholder (OP Cooperative).
Diversity of the Board of Directors
OP Financial Group has a long-term approach to planning the composition of its management bodies. Effective work in management bodies requires that their members have sufficiently diverse expertise, skills and experience. Read more about the principles of the diversity of management bodies in section 3.3 of OP Financial Group’s Corporate Governance Statement 2019.
In each subsidiary of the central cooperative consolidated, the board of directors is responsible for due organisation of the subsidiary’s governance and operations. When performing its duties, the board of directors must take account of OP Financial Group's strategic statements and other policy lines, confirmed principles and guidelines issued by the Supervisory Board of the central cooperative and the Executive Board concerning matters where the central cooperative is obliged or has the right to issue policy lines and guidelines regarding the entire Group. The charters of the subsidiaries' boards of directors describe the duties of each board of directors.
OP MB’s Board of Directors is responsible for the company’s administration and appropriate organisation of operations and for the duly organisation of the supervision of accounting and financial management.
The Board of Directors deals with far-reaching and fundamentally important matters relevant to the company from the perspective of the company’s operations, and any unusual matters unless it has not authorised the Managing Director or another party to deal with them.
The Board of Directors and the Managing Director shall manage the company professionally following sound and prudent business practices. The Board of Directors has confirmed a written charter defining the duties and meeting procedures applying to the Board of Directors.