Board of Directors

The composition and tasks of the Board as well as description of its activities are, among other things, explained on this page.

Composition of the Board

The Chair of the Board of Directors is Catharina Stackelberg-Hammarén and the Deputy Chair is Eero Broman. The other members of the Board of Directors are Heikki Herlin, Peter Immonen, Esa Lager, Alexander Lindholm, Kaisa Salakka and Ari Kaperi.

It is the duty of the members of the Board of Directors to provide the Board of Directors with sufficient information for the assessment of their competence and independence. The Board of Directors has assessed that, with the exception of Heikki Herlin, Peter Immonen, Esa Lager, Alexander Lindholm and Eero Broman, the members of the Board are independent of the company and its significant shareholders. The members mentioned hereinabove are assessed to be independent of the company, but they are not independent of its significant shareholders. Heikki Herlin is the Chair of Board of Mariatorp Oy, Peter Immonen as a member of the Board of Mariatorp Oy, Esa Lager as a member of the Board of Ilkka-Yhtymä Oyj, Alexander Lindholm as CEO of Otava Group and Eero Broman has been a member of the Board of Otava Ltd. for ten consecutive years in 2024 (a relationship with a significant shareholder pursuant to subsection j) of Recommendation 10 of the Corporate Governance Code).

Alma Media Corporation’s Board of Directors is elected by a General Meeting of Shareholders. The Board comprises three to nine members. The President and CEO of the company may not act as the Chair of the Board. There is no specific order of appointment of directors.

Tasks and responsibilities of the Board of Directors

The Board of Directors is responsible for the company’s administration and the due organisation of its operations. The tasks and responsibilities of the Board of Directors are determined by the Finnish Limited Liability Companies Act and the Articles of Association.

The detailed working of the Board of Directors is set out in the Board’s Charter. Principal tasks of the Board of Directors include confirming the Group’s strategy and objectives as well as deciding on significant investments and acquisitions. The Board of Directors monitors the Group’s performance through monthly reports and other information provided by the Group’s management.

The duties of the Board of Directors include:

• confirming the Group’s strategy and objectives, monitoring their implementation, and, if required, initiating corrective action;
• considering and approving the interim reports, the financial statements and sustainability report; 
• approving strategically significant corporate and real estate acquisitions and disposals as well as investments according to separate investment instructions;
• deciding on Alma Media Corporation’s capital financing programmes and operations according to a separate treasury policy; 
• approving the dividend policy of Alma Media Corporation and submitting a dividend proposal to the Annual General Meeting; 
• annually reviewing the main risks associated with the company’s operations and their management, if necessary, giving the President and CEO instructions  on how to deal with them, and, if required, initiating corrective action;
• approving the principles for the advance approval of non‐audit services provided by the auditor;
• appointing and, if required, dismissing the President and CEO;
• deciding on the terms of employment of the President and CEO and the members of the Group Executive Team
  based on the proposal by the Nomination and Compensation Committee;
• approving the remuneration policy and report;
• confirming the company’s organisation based on the CEO’s proposal; 
• confirming the terms of employment of the CEO’s direct subordinates based on the CEO’s proposal; 
• based on the President and CEO’s proposal, confirm the appointment and dismissal of the Editors‐in-Chief of newspapers and magazines with significant revenue and circulation;
• holding a meeting with the company’s auditors at least once a year; 
• deciding on matters that are exceptional and have wide-ranging consequences;
• makes decisions on related parties and their transactions that are not part of the company’s regular activities or which diverge from normal commercial conditions,  
• considering other matters that the chair of the Board and President and CEO have agreed to be included in the agenda for the Board’s meeting. Other Board members are also entitled to put a matter before the Board by notifying the chair of such a matter; 
• representing the company and entitling individuals to represent the company, as well as deciding on procurations; 
• approving the principles underlying the donation of sums to good causes.  

The Board convenes approximately 12 times a year according to a pre-confirmed timetable, and in addition whenever necessary. Most meetings are connected with the publication of the company’s financial statements and interim reports. In addition to these meetings, the Board also holds one or two Strategy Meetings at which it considers the Group’s future scenarios and confirms the company’s strategy for each strategy period.

Board Diversity Policy

The Board Diversity Policy sets out the approach to diversity on the Board of Directors of Alma Media Corporation.

Permanent committees

The Board of Directors has established two permanent committees: the Audit Committee and the Nomination and Compensation Committee. At its constitutive meeting after the Annual General Meeting, the Board of Directors elects the members of these committees from among the Board members.

The Board of Directors confirms the written charters of the committees. The committees report to the Board of Directors.

Audit Committee

The Board of Directors has appointed an Audit Committee to monitor the company’s internal control systems. The Audit Committee is responsible for monitoring, among other things, the company’s financial condition, financial situation and tax status, compliance with accounting standards in the financial reporting process, and the statutory audit of the financial statements and consolidated financial statements, as well as the implementation of sustainability reporting. In addition, it monitors and evaluates the efficiency of the company’s internal control and risk management systems as well as financial and sustainability reporting processes. Further, it inspects quarterly with financial management and auditors the correctness of the company’s financial performance before approving the Board of Directors and discusses the company’s key approval and operating guidelines, e.g. in terms of investments and financing.

The Audit Committee consists of at least three Board members. The Audit Committee meets at least four times a year. The Committee’s meetings are attended by the company’s Auditor, the Group’s Chief Financial Officer and General Counsel. Matters to the Committee are presented by the CFO.

Audit Committee 2024

Chair Esa Lager, members Eero Broman and Ari Kaperi.

Audit Committee 2023

Chair Esa Lager, members Eero Broman, Kaisa Salakka and Heikki Herlin.

Audit Committee 2022

Chair Esa Lager, members Eero Broman, Kaisa Salakka and Heikki Herlin.

Audit Committee 2021

Chair Esa Lager, members Alexander Lindholm and Petri Niemisvirta.

Audit Committee 2020

Chair Esa Lager, members Alexander Lindholm, Petri Niemisvirta and Päivi Rekonen.

Audit Committee 2019

Chair Esa Lager, members Alexander Lindholm, Petri Niemisvirta and Päivi Rekonen.

Audit Committee 2018

Chair Esa Lager, members Alexander Lindholm, Päivi Rekonen and Heike Tyler.

Audit Committee 2017

Chair Esa Lager, members Matti Korkiatupa and Catharina Stackelberg-Hammarén.

Audit Committee 2016

Chair Esa Lager, members Matti Korkiatupa (since 17 March 2016) and Catharina Stackelberg-Hammarén. Perttu Rinta was a member of the Audit Committee until 17 March 2016.

Audit Committee 2015

Chair Esa Lager, members Perttu Rinta and Catharina Stackelberg-Hammarén. 

Nomination and Compensation Committee

The Nomination and Compensation Committee comprises three members, who elect a Chair for the Committee.

The Nomination and Compensation Committee prepares issues concerning appointments, employment, compensation, self-evaluation of the Board, and the development of good corporate governance for the Board. In the Nomination and Compensation Committee, the matters concerning compensation are presented by the President and CEO.

Nomination and Compensation Committee 2024

Chair Peter Immonen, members Catharina Stackelberg-Hammarén and Alexander Lindholm.

Nomination and Compensation Committee 2023

Chair Peter Immonen, members Catharina Stackelberg-Hammarén and Alexander Lindholm.

Nomination and Compensation Committee 2022

Chair Peter Immonen, members Catharina Stackelberg-Hammarén and Alexander Lindholm.

Nomination and Compensation Committee 2021

Chair Peter Immonen, members Jorma Ollila and Catharina Stackelberg-Hammarén.

Nomination and Compensation Committee 2020

Chair Peter Immonen, members Jorma Ollila and Catharina Stackelberg-Hammarén.

Nomination and Compensation Committee 2019

Chair Peter Immonen, members Jorma Ollila and Catharina Stackelberg-Hammarén.

Nomination and Compensation Committee 2018

Chair Peter Immonen, members Petri Niemisvirta, Matti Korkiatupa and Catharina Stackelberg-Hammarén.

Nomination and Compensation Committee 2017

Chair Petri Niemisvirta, members Niklas Herlin (until October 2017), Harri Suutari and Mitti Storckovius.

Nomination and Compensation Committee 2016

Chair Petri Niemisvirta, members Niklas Herlin, Harri Suutari (since 17 March 2016) and Mitti Storckovius (since 17 March 2016). Esa Lager and Erkki Solja were members of the Nomination and Compensation Committee until 17 March 2016.

Nomination and Compensation Committee 2015

Chair Petri Niemisvirta, members Esa Lager, Niklas Herlin and Erkki Solja.

Remuneration

The remuneration of the Board of Directors of Alma Media is presented in the Remuneration Report for 2023.

Self-assessment

The Board of Directors evaluates its performance and working methods through self-assessment.

Personnel representation

Personnel representation in the administration of the company is organised so that the representatives of the company’s various personnel groups meet the chairman of Alma Media Corporation’s Board of Directors and the President and CEO at least every three months and in each case before the respective Board meeting.