Financial decision-making

According to the Universities Act, the University Board and rector are responsible for the operations and finances of the University of Helsinki and the University of Helsinki Group. The University Board is also the Board of the University of Helsinki Funds. In addition to the Board and rector, the leadership of the University of Helsinki Group includes the director of administration and the chief financial officer. Guidelines relating to investments, procurement and good governance have been drafted to aid in leadership.

 

Decision making

The Board

According to the Universities Act, the University Board and rector are responsible for the operations and finances of the University of Helsinki and the University of Helsinki Group. The University Board is also the Board of the University of Helsinki Funds.

Board committees

The Audit Committee and the Incentive Committee function under the Board of the University. In addition to these, the Investment Committee and Properties Committee support the Board and the rector. These committees consist of Board members and are part of the work of the Board. All affiliated and associated companies have their own boards.

Audit Committee

The duties of the Audit Committee include overseeing the arrangements of audits for affiliates as well as approving the plan for arranging an audit for the organisations and funds included in the University of Helsinki Group.

The Committee convened six times in 2018. The participation rate at the meetings was 100% (2017: 93%).

Composition from 1 January 2018

Teija Tiilikainen, chair
Ilona Herlin
Elisa Hyytiäinen
Antti Kähkönen

Kalle Saksela (from 1 October 2018)

Pirjo Hiidenmaa (1 January - 30 September 2018)

Incentive Committee

The University Board decides on the salaries, incentives and evaluation criteria for the chancellor, rector, vice-rectors and director of administration.  The duties of the Incentive Committee include making proposals on these salaries, incentives and evaluation criteria to the Board.

The University of Helsinki Board will appoint the Incentive Committee from among its members. The Incentive Committee has three members, and members are appointed for the duration of the term of the Board.

The Incentive Committee convened once during 2018. All members were present.

Composition from 1 January 2018

Tarja Halonen, chair
Teija Tiilikainen
Jussi Pajunen

Investment Committee

The Investment Committee helps the Board and the rector attend to the securities investments of the University of Helsinki and the University of Helsinki Funds. The Investment Committee comprises a chair and at least three members, appointed by the Board for a two-year term. The Investment Committee reports to the Audit Committee.

The Investment Committee discusses matters relating to:

1. The securities investment principles at the University and the University of Helsinki Funds

2. Basic allocations of securities investments

3. Other reports and plans relating to the University’s securities portfolio and its management, as requested by the Board or the rector

The Investment Committee monitors the investment revenue of the University and the University of Helsinki Funds in all meetings and drafts any necessary amendment proposals to the investment principles.

The Committee convened six times in 2018. The participation rate at the meetings was 96% (2017: 100%).

Composition 1 November 2018 – 31 December 2020

Erkki Helaniemi, chair
Juhana Aunesluoma
Ira van Gilse van der Pals
Sari Lounasmeri
Jyri Viskari 

Properties Committee

The Properties Committee supports the University’s Board and rector in considering matters relating to the real property held by the University of Helsinki Group from an owner’s perspective. The Properties Committee comprises a chair and at least three members, appointed by the Board for a two-year term. The Properties Committee reports to the Audit Committee.

The Properties Committee considers the following matters as they relate to the real property held by the University of Helsinki Group:

1. Ownership policy of the University of Helsinki Group’s real property (as part of the University’s overall ownership policy)

2. The University of Helsinki Group’s long-term renovation and repair investment plan

3. The University of Helsinki Group’s investment plan, including its budget and forecast as well as annual reviews

4. The University of Helsinki Group funding plan (loans, interests, interest rate swaps)

5. Results from the University of Helsinki Group’s rental activities

6. Other matters relating to the management of the University of Helsinki Group’s real property as well as related reports and plans as requested by the Board or the rector

The Committee convened eight times in 2018. The participation rate at the meetings was 97% (2017: 100%).

Composition 1 January 2019 – 31 December 2020

Jaakko Hietala, chair
Erkki Hakala
Niina Rajakoski
Pasi Suutari
Hannu Vartiainen

Group management

The leadership of the University of Helsinki Group includes the University Board, Rector Jari Niemelä, Director of Administration Esa Hämäläinen and Chief Financial Officer Marjo Berglund.

Commercialisation Advisory Board

The Commercialisation Advisory Board (CAB) handles affairs relating to the University’s commercialisation activities and to participation in the funding of business activities emerging from University research. CAB reports to the rector.

The Commercialisation Advisory Board reviews all commercialisation projects and decides whether to recommend the establishment of new spin-out companies, as well as investments from the University of Helsinki Funds to newly established spin-out companies or established companies. CAB provides consultation on the funding and internationalisation efforts of projects and spin-outs about to be established.

The rector appoints the Commercialisation Advisory Board. The rector appoints the chair of board and confirms the fees paid to Committee members.

The Board convened three times in 2018. The participation rate at the meetings was 83% (2017:100%).

Composition 1 January 2019 -

Paula Eerola, Chair, Vice-Rector, University of Helsinki
Timo Ahopelto, CEO, Lifeline Ventures Oy
Patrick Ennis, Global Head of Technology, Intellectual Ventures
Kirsty Hewitson Vice President of Innovation at National Nuclear Laboratory, UK

Audit

The auditors for the University of Helsinki are PricewaterhouseCoopers Ltd, with the chief auditor Chartered Public Finance Auditor, Authorised Public Accountant Tomi Moisio, and PwC Julkistarkastus Ltd, with the chief auditor Chartered Public Finance Auditor, Authorised Public Accountant Juha Huuskonen.

In addition to acts, decrees and instructions from the authorities, the University’s financial administration complies with internal guidelines, including:

  • The Regulations of the University of Helsinki
  • The Regulations of the University of Helsinki Funds
  • The Board’s decision on the approval of agreements relating to the University of Helsinki’s procurement, investment and research
  • Group policy and the Group’s leadership and administrative basis
  • Ownership policy (confidential)
  • Funding policy (confidential)
  • Investment policy (confidential)