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Shares and shareholders

In accordance with the articles of association, the shares of the company are divided into series A shares and series B shares. In accordance with the articles of association, a series A share confers three (3) votes each in a general meeting; except when electing members of the Board of Directors, a series A share confers ten (10) votes each in a general meeting and series B share confers one (1) vote each.
 
The owners of series A shares signed a mutual shareholder agreement in 2011, and the mutual shareholder agreement between the owners of series A and B shares was signed in 1997. The shareholder agreement for series A and B shares was amended in 2006. The shareholder agreement between the owners of series A shares provides a more accurate specification of the objectives of the A shareholders concerning the operations of the company than that in the articles of association.
 
The shareholder agreement between the owners of series A and B shares secures the position of the investor shareholders. The agreement contains stipulations which require that the amendment of certain articles in the articles of association calls for the acceptance of the investor shareholders.
 
The minimum share capital of the company is 55,900,000 euros and the maximum share capital is 223,600,000 euros, within which limits the share capital may be increased or lowered without amending the articles of association. At present, the share capital is 55,900,000 euros. The maximum number of shares is 13,300. A share has no nominal value.
  
The share capital is divided as follows Number of shares​ ​% of shares ​% of votes
​Series A shares 2078​ ​62.49 ​83.32
Series B shares​ ​1247 ​37.51 16.68​
TOTAL​ ​3325 ​100.00 100.00​

 

 

Shareholders by different categories ​Number of shares ​% of shares % of votes
Public organisations​ ​1767 53.14​ 70.86​
Financial and insurance institutions​ 1558​ ​46.86 29.14​
TOTAL​ 3325​ ​100.00 100.00​
 

 

​Shareholders Number of shares​ % of shares​ % of votes​
Republic of Finland ​1767 41.56 ​55.42
Mutual Pension Insurance Company Ilmarinen​ ​661 ​ 19.88 ​17.15
Varma Mutual Pension Insurance Company​ 405​ ​12.18  5.4​1
​National Emergency Supply Agency ​385 ​11.58 15.44​
LocalTapiola Mutual Pension Insurance Company 150​ ​ 4.51 2.0​1
Suomi Mutual Life Assurance Company​ ​75 ​2.26  1.0​0
Pohjola Insurance Ltd​ 75​ 2.26 1.0​0
​Mandatum Life Insurance Company Limited ​54 1.6​2 ​0.72
LocalTapiola General Mutual Insurance Company 50​  1.5​0 0.67
LocalTapiola Mutual Life Insurance Company ​ 47 ​1.41 0.6​3
​If P&C Insurance Company Ltd 25​  0.7​5  0.3​3
​Imatran Seudun Sähkö Oy 10​ 0.3​0  0.1​3
​Fennia Life Insurance Company ​6 ​0.18 ​0.08
​TOTAL 3325 100.0​0 100.00​