The administration of the Tapiola Group is based on the fact that the customers are owners. Policyholders and owners of guarantee shares as well as the insured in Tapiola Pension are joint owners of Tapiola. The guarantee shares are owned by the mutual companies of the group and they entitle to less than 5% of the total number of votes in each mutual company. The shares of the limited companies included in the Tapiola Group are owned by the other companies of the group.
Each administrative body has a task
The policyholders can use their power of decision at the annual general meetings. The annual general meetings elect the members of the supervisory board and the auditors, and decide on the adoption of the profit and loss account and balance sheet and on the granting of freedom from responsibility to the members of the administrative bodies and the managing directors.
The tasks of the supervisory boards are among others to supervise the business of the companies and to appoint members of the board. The chairmen and vice-chairmen of the supervisory boards constitute the co-operation committee of the supervisory boards, which supervises the activities of the whole Tapiola Group and prepares cases to be handled by the supervisory boards. At least half of the members of Tapiola Pension’s supervisory board represents labour market organisations. Among the group’s limited companies only Tapiola Corporate Life has a supervisory board of its own.
The board of directors is responsible for the administration of the company and the appropriate organisation of its activities. The board of directors also approves the company’s strategic plan and operating principles, as well as the annual action plans. At least half of the members of Tapiola Pension’s board of directors represents labour market organisations. The board of directors for Tapiola Bank Ltd, Tapiola Asset Management Ltd and Tapiola Fund Management Ltd are elected in the annual general meeting of each company.
The managing directors handle the company’s business according to instructions and regulations issued by the board of directors.
The advisory committees act as an additional channel of interaction between the group of companies and its customers. Besides the 20 regional advisory committees, Tapiola has advisory committees for agriculture and forestry, the SME sector, banking and pension matters.