The decision-making and governance of University Properties of Finland Ltd complies with the Finnish Limited Liability Companies Act (624/2006), the company’s Articles of Association and the Shareholders’ Agreement. The company also has a Corporate Governance Code.
University Properties of Finland Ltd is owned by ten universities and the Finnish government. The company is two-thirds owned by the University of Eastern Finland, University of Jyväskylä, University of Oulu, University of Lapland, Lappeenranta University of Technology, University of Tampere, Tampere University of Technology, University of Turku, University of Vaasa, and Åbo Akademi University. The Finnish government’s ownership share is represented by Senate Properties, which owns one third of the total share capital.
University Properties of Finland Ltd’s supreme decision-making authority is exercised by its owners, i.e. universities and Senate Properties, in the General Meeting. The General Meeting elects the Board of Directors, which is responsible for the company’s governance and the appropriate organisation of its operations. The Annual General Meeting is held within six months of the end of the financial year. Extraordinary General Meetings are held when the company’s decision-making requires it.
Board of Directors
The Annual General Meeting elects the Chairman, Deputy Chairman and members of the Board of Directors annually. The Board of Directors is comprised of six members, elected pursuant to the company’s Articles of Association. The Board meets approximately 10 times per year.
As of 31 December 2016, the members of the Board of Directors are Petri Lintunen (Chairman), Juha Lemström (Deputy Chairman), Essi Kiuru, Päivi Laajala, Matti Paavonsalo and Kalervo Väänänen.
CEO and Executive Board
The CEO is responsible for the day-to-day management of the company in accordance with the provisions of the Limited Liability Companies Act and the instructions and policies issued by the Board of Directors. The Board of Directors appoints and dismisses the CEO and supervises his or her work.
The Executive Board appointed by the CEO supports the CEO in the company’s management and decision-making as well as the implementation of strategy and risk management. The CEO serves as the Chairman of the Executive Board.
The members of the Executive Board are Mauno Sievänen (CEO), Anssi Koski (CFO, Deputy CEO), Aki Havia (Director of Property Development and Maintenance) and Juha Uotila (Director of Customer Relations and Campus Development).
Corporate Governance Code
Ratified by the General Meeting, the Corporate Governance Code ensures good governance at all levels of the company, promotes operating effectiveness and transparency and ensures a steady stream of information for owners as well as their equal treatment. There is for example stated that company does not give financial aid for political activities or for operations close to political action. Find the whole Corporate Governance Code on website.
Internal control is aimed at ensuring the efficiency and productivity of the company’s operations, the reliability of the information produced by the company and compliance with regulations and the company’s operating principles.
Internal control is the responsibility of the Board of Directors and operating management and it is implemented by all personnel. The CEO maintains the organisational structure, which includes clear written definitions of responsibilities, authorisations and reporting relationships.
Any deficiencies or areas requiring further development related to internal control that are observed in the course of business operations or otherwise are documented and reported to the CEO, who must then initiate any measures necessitated by the observations without delay. The Board of Directors evaluates the effectiveness of the company’s internal control at regular intervals.
Board of Directors 31 December 2016
Chairman Petri Lintunen
Administrative Director, University of Tampere
Deputy Chairman Juha Lemström
COO, Senate Properties Ltd
Administrative Director, University of Oulu
Director-General, Ministry of Finance
CFO, University of Eastern Finland
Rector, University of Turku
Executive Board 31 December 2016
b. 1958, M.Sc. (Tech.)
b. 1977, M.Sc. (Admin.), eMBA
CFO, Deputy CEO
b. 1961, M.Sc. (Tech.)
Director, Property Development and Maintenance
b. 1972, M.Sc. (Tech.)
Director, Customer Relations and Campus Development