The Articles of Association define the principles of Elo’s operations and its governance structure. They include key information about the company’s business name, domicile, administrative bodies, and the rights and responsibilities of shareholders. Additionally, the Articles of Association guide decision-making and the organization of General Meetings.
Read the Articles of AssociationThe highest decision-making power at Elo is exercised by the shareholders at the General Meeting, where voting rights are held by the customers — that is, the policyholders and the employees insured through Elo. Among other duties, the General Meeting elects the members of the Supervisory Board and the auditors, and decides on the approval of the financial statements and the use of profit shown in the balance sheet.
A pension insurance company must, in accordance with the law on pension insurance companies, have a supervisory board. The task of the supervisory board is to oversee the administration carried out by the board of directors and the CEO. Other duties of the supervisory board are listed in the law and the company’s articles of association.
The CEO manages the company’s day-to-day administration in accordance with the instructions and regulations issued by the board of directors. The CEO is appointed by the board. The executive group, consisting of directors appointed by the board, assists the CEO in the company’s operational activities and planning. The executive group is involved, among other things, in preparing matters related to the company’s strategy, budgeting, and organization for the board.
According to the law on pension insurance companies, the board of directors, together with the CEO, must manage the company professionally and in accordance with prudent business principles. The general duty of the board is to ensure that the company’s administration and operations are properly organized, and that the supervision of accounting and asset management is appropriately arranged.
According to the Articles of Association, Elo must have at least one and at most two auditors. The Annual General Meeting 2025 elected the audit firm Ernst & Young as the company’s auditor.
The advisory boards serve as forums for interaction and cooperation between Elo and its various stakeholder groups. At Elo, there are advisory boards for pension matters, employers, entrepreneurs, and insured persons.
The basis for Elo’s governance and control system, as well as the guidelines on good governance, are the recommendations that define the governance and control systems of listed companies. These recommendations are followed either as such or as applicable to pension insurance companies. Elo’s governance and control system and the related good governance guidelines are approved by the board of directors.
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