Corporate Governance 

Purpose

A structured corporate governance is a precondition for achieving business goals and maintaining the trust of our stakeholders.

We are committed to a corporate governance framework that ensures Alandia’s operations follow prudent and transparent business principles that enable the execution of the company’s strategy in accordance with the Board of Directors’ guidelines. 

Small ferry in Åland archipelago JanKarlsson_200526_DJI_0048
Annual General Meeting

Annual General Meeting

The highest authority in Alandia is the Annual General Meeting (AGM). Key activities performed at the AGM include approving the Articles of Association, reviewing the annual accounts and electing the Board of Directors.

targa boat JanKarlsson_200729_DJI_0061
Operations

Operations

In order to secure a sufficient control environment, Alandia’s operations are organised according to the three lines of responsibility principle. 

The first line of responsibility consists of front-line operational business. The CEO and managers of the business have the ownership, responsibility and accountability for the day-to-day risk management, compliance and internal control activities in their respective areas of responsibility. These also include outsourced functions. The first line reports to the CEO and to central functions in the second line of responsibility. 

The second line of responsibility consists of the central functions for risk, compliance and actuarial matters. These functions operate objectively and independently with regard to the operational business. These central functions monitor, challenge and advise the operational business while reporting to the Board of Directors, and the CEO. 

The third line of responsibility consists of the internal audit function, which operates objectively and independently with regard to the first and second lines of responsibility. The internal audit team reports to the Board of Directors and the CEO. 

östra_hamnen

Organization and Management

Matts_Rosenberg_wider

Board of Directors

The Board of Directors is responsible for the management of Alandia according to the Charter of the Board of Directors. It also elects the committees that ensure the successful running of Alandia’s operations. These committees are: The Audit Committee, the Solvency and Investment Committee and the Compensation and Succession Committee. 

tony_karlstrom standing

CEO and Management 

The CEO carries out the decisions made by the Board of Directors and is responsible for the day-to day management and administration of the company. The CEO elects a leadership team that provides information and prepares decisions for the CEO. 

The central functions of the risk, compliance, actuary and internal audit teams are to provide the Board of Directors and the CEO with key information, and to prepare decisions according to their respective policies. 

Committees

euro document

Audit Committee

The Audit Committee reviews the company’s audits. The committee also monitors and reviews the company’s internal controls, the process for the financial statements report and risk management procedures.

The Board of Directors’ Audit Committee comprises Thomas Ekström, Jan Hanses and Malin Skogberg. 

diagram

Solvency and Investment Committee

The Solvency and Investment Committee monitors and reviews the company’s risk appetite, solvency, rating and investments. The Committee also prepares decisions taken by the Board of Directors.

The Solvency and Investment Committee comprises Matts Rosenberg, Eero Holma and Jonny Lilja.                  

global

Compensation and Succession Committee

The Compensations and Successions Committee prepares decisions regarding compensation, the company’s organisation and successions planning. In the case that the Board of Directors has not elected this Committee, these tasks are carried out by the Board of Directors.