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.
SYK is owned by nine universities and the Finnish government. Two thirds of the company is owned by the University of Eastern Finland, University of Jyväskylä, University of Oulu, University of Lapland, Lappeenranta University of Technology, Tampere University, 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.
The head office of University Properties of Finland Ltd is located in Tampere, Finland. The company also has offices in Oulu, Kuopio Joensuu, Jyväskylä, Turku, Rovaniemi and Lappeenranta.
At University Properties of Finland SYK, the 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. The General Meeting was held in Tampere on 11 April 2019. Extraordinary General Meetings are held when the company’s decision-making requires it. An Extraordinary The General Meeting was held in Tampere on 24 January 2019.
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 of Directors met 13 times in 2019. On 31 December 2019, the Board of Directors consisted of Chairman Päivi Mikkola, Deputy Chairman Sami Yläoutinen and ordinary members Riitta Juutilainen, Heli Huhtala, Keijo Hämäläinen and Pekka Riuttanen.
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 were up to 31 October 2019 Mauno Sievänen (CEO), and from 1 November 2019 Sanna Sianoja (CEO), Anssi Koski (CFO, Deputy CEO), Aki Havia (Director of Property Development), Juha Uotila (Director of Campus Development and Marketing) and Samuel Koivisto (Director of Customer Relations and Services).
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. Among other things, the Corporate Governance Code states that the company does not provide financial support to political activities or activities related to politics. Read more on the Corporate Governance Code.
In addition to the Corporate Governance Code, the Board of Directors has a Charter that guides its operations.
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.
The objective of risk management is to comprehensively identify risks associated with operations and ensure that the risks are appropriately managed when making business decisions. The overall responsibility for the implementation of risk management lies with the CEO. The other members of the Executive Board are responsible for risk management in their respective areas of operation.
The key risks defined in SYK’s operations are financial risks, the leasing of vacated premises and the deterioration of the indoor air quality or technical condition of buildings. Comprehensive and effective risk management methods have been identified for these risks. The company takes operative measures and works continuously to minimise risks.
The Executive Board discusses the risk management principles and guidelines and reviews the company’s valid risk management plan at least once a year. The Executive Board regularly evaluates and monitors the company’s risks and the implementation of risk management measures.
The CEO reports to the Board of Directors on risks and changes in them in line with SYK’s risk management policy at least twice a year. In 2019, a compilation of key risks was presented to the Board of Directors on 14 March 2019. The Board discusses the most significant risks and their management, and evaluates the effectiveness of risk management, at least once a year.
The internal audit is part of the company’s internal control system. Its purpose is to serve as the company’s independent evaluation and assurance function to systematically evaluate and verify the effectiveness of risk management, control and management.
Chairman Päivi Mikkola, Director, University of Turku
Deputy Chairman Sami Yläoutinen, Budget Director, Director General, Ministry of Finance
Riitta Juutilainen, Division Manager, Senate Properties Ltd
Heli Huhtala, CFO, University of Tampere
Keijo Hämäläinen, Rector, University of Jyväskylä
Pekka Riuttanen, CFO, University of Oulu
Standing from left to right: Keijo Hämäläinen, Sami Yläoutinen
Sitting down from left to right: Pekka Riuttanen, Päivi Mikkola, Riitta Juutilainen, Heli Huhtala
b. 1970, M.Sc. (Tech.), eMBA
b. 1977, M.Sc. (Admin.), eMBA
CFO, Deputy CEO
b. 1961, M.Sc. (Tech.)
Director, Project Management and Maintenance
b. 1968, M.Sc. (Econ.)
Director, Customer Relations and Services
b. 1972, M.Sc. (Tech.), eMBA
Director, Campus Development and Marketing
Standing: Sanna Sianoja, Juha Uotila, Aki Havia
Sitting: Samuel Koivisto, Anssi Koski