The policyholders can use their power of decision at the annual general meetings. Every policyholder has at least one vote, with additional votes being conferred on the basis of insurance premiums (Tapiola General and Tapiola Pension) or life insurance savings (Tapiola Life). On Tapiola Pension’s annual general meetings the power of decision is used by representatives of the insured. There can be maximum one representative per statutory pension insurance.
The annual general meeting of each company elects the members of the supervisory board and the auditors, and decides 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 director. The annual general meeting also decides on amendments to the articles of association, on mergers, and on complete or partial insurance portfolio transfers.
The annual general meetings elect a supervisory board for each insurance company of the group on the basis of proposals made by the policyholders and the co-operation committee of the supervisory boards.
The tasks of the supervisory boards are to supervise the administration of the company by the board of directors and managing director, to issue a statement to the annual general meeting on the financial statements and on the auditors’ as well as to decide on the number of members and deputy members of the board of directors. The supervisory boards can also issue instructions to the boards of directors on matters that have far reaching consequences or involve matters of important principle.