OP Cooperative’s Board of Directors

The Board of Directors of OP Financial Group’s central cooperative (OP Cooperative) controls and supervises the operations of the central cooperative, the central cooperative consolidated and OP Financial Group.

In the Bylaws, the Board’s duty is to control the operations of the central cooperative, the central cooperative consolidated, the amalgamation and the entire OP Financial Group according to the Supervisory Council’s guidelines and to manage the governance of the central cooperative and to organise its operations appropriately in compliance with legislation and the regulations and decisions issued by relevant authorities. The Board of Directors must ensure that the supervision of accounting and treasury is duly organised at the central cooperative (administrative duty). The Board of Directors also supervises the central cooperative, the central cooperative consolidated, the amalgamation and the entire OP Financial Group that they are managed reliably, efficiently and in compliance with prudent business principles, and that the central cooperative, its subsidiaries and the companies within the amalgamation act on the laws applied to them, on orders and decisions issued by the relevant authorities, on their bylaws or articles of association and on the principles and instructions confirmed by the Supervisory Council and the Board of Directors (supervisory duty). 

In addition, the Board of Directors’ duty is to appoint the central cooperative’s Chief Audit Executive, Chief Risk Officer, Chief Compliance Officer and other executives reporting directly to the President and Group Chief Executive Officer. The Board of Directors confirms a Charter for itself and each of its committees and other preparatory bodies it may set up, as well as appoints a chair, a vice chair and members to them. 

The Board of Directors decides on convening the Cooperative Meeting and submitting proposals to the Cooperative Meeting on matters within its remit.

The Charter of the Board of Directors defines the Board duties in more detail.