Election of the Board of Directors
The General Meeting of OP Corporate Bank elects members to the Board of Directors, and the parent OP Cooperative prepares proposals to the General Meeting related to the election. The Board of Directors has a minimum of four and a maximum of seven 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.
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. Board members are subject to a regular Fit & Proper assessment.
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 OP Financial Group’s Corporate Governance Statement.
Members of the Board of Directors
Personal data, key work experience and the most significant other relevant positions of the Board members can be found on OP Financial Group’s debt investors pages at www.op.fi > OP Financial Group > Debt investors > Corporate Governance (OP Corporate Bank) > Board members.
Independence of Board members
All of the members of the Board of Directors are executive members dependent on the company and/or its shareholder (OP Cooperative).
- appoint and dismiss the EVP and CEO and their deputy after hearing the Board of Directors of the central cooperative
- confirm values to be adhered to with respect to the company’s operations
- decide on the company’s business strategy and its implementation
- decide on major organisational changes
- decide on significant investments
- decide on other matters relevant to the company’s business, such as major changes to the product portfolio or pricing principles
- approve the bank’s capital plan which includes capital adequacy targets and a contingency plan
- approve the bank’s funding plan and funding authorisations
- approve the investment plan for the liquidity buffer
- decide on the remuneration of the company’s management and personnel in line with Group-level principles
- approve the annual plan and targets and supervise their implementation
- record guidelines issued by the central cooperative under section 17 of the Act on the Amalgamation of Deposit Banks, confirm any other guidelines issued by the central cooperative and approve the necessary supplementary instructions specific to business segments and companies
- appoint the presiding officers for OP Corporate Bank’s Senior Credit Committee
- decide on significant outsourcing arrangements
- monitor and assess the effectiveness of the company’s internal control, internal audit and risk management systems and consult, at least once a year, the company’s Chief Compliance Officer, Chief Audit Officer and the auditor
- monitor and assess the company’s financial reporting system
- discuss and approve the financial statements, prepare the report by the Board of Directors and make the proposal for
- dividend distribution
- be responsible for any other duties of the Board of Directors as prescribed by legislation or in regulations issued by the relevant authority.