History of the Research Foundation

The foundation's predecessor, Osuuspankkijärjestön Tutkimussäätiö, was founded by the supervisory council of Osuuspankkien Keskuspankki Oy (OKO) on 17 April 1972. The establishment of the foundation was part of the celebrations of the 70th anniversary of Osuuspankkien Keskuspankki Oy. In 1991, the foundation was renamed OP Bank Group Research Foundation, OP-Pohjola Group Research Foundation in 2008, and OP Research Foundation in 2015.

OKO donated 250,000 Finnish markka as initial capital for the foundation. In the early years, the foundation was mainly funded by annual donations from OKO and its subsidiaries. The importance of donations decreased once income from the foundation's investments began to grow. Since 1987, the foundation has not received donations and has funded its operations solely with income from investments.

When the foundation was established, its stated mission was to support and promote economic research, particularly research related to cooperative banking operations.

The foundation's primary activities include distributing grants, awarding dissertations in the field of finance, awarding possible inducement and lifetime achievement awards and organising theme days on topical issues.

The seventieth birthday of OKO Bank's long-standing Supervisory Board Chair, Professor Kyösti Haataja, was celebrated by the establishment of Kyösti Haataja Foundation. The Kyösti Haataja Foundation was merged into OP  Research Foundation, and this was registered on 31 July 2019.

1. Name

The name of the foundation is OP Ryhmän Tutkimussäätiö sr in Finnish, OP Gruppens Forskningsstiftelse sr in Swedish and OP Research Foundation sr in English.

2. Domicile

The foundation is domiciled in Helsinki.

3. Mission and activities

The foundation's mission is to promote and support economic research, particularly research related to cooperative banking operations.

The foundation aims to fulfil its mission by awarding grants for economic research, rewarding authors of doctoral dissertations in the field of finance, granting recognition and merit awards, arranging topical theme days, and through all other legal forms of activity that further the foundation’s mission.

4. Capital and funds

The foundation has an initial capital and a general purpose fund. Within the scope of its mission, it may also have special funds.

The foundation can accept donations and bequests.

Income from the foundation's initial capital is added to the general purpose fund. Donations and contributions are also added to the fund unless otherwise specified, as is other income.

The foundation must have a plan for managing its assets. The foundation's assets are managed by OP Financial Group's asset and wealth management.

5. Board of Trustees and General Manager

The Board of Trustees represents the foundation and manages its affairs and finances.

The foundation's Board consists of ten (10) members.

The Supervisory Council of OP Cooperative appoints two (2) members to the foundation's Board from the Board of Directors of OP Cooperative, one of whom is the President and Group CEO of OP Cooperative, and two (2) members from the OP Cooperative Committee of Chairs. The term of these members is indefinite.

In addition, the Supervisory Council of OP Cooperative appoints six (6) members from among its members or externally. The term of these members is three calendar years from the start of the next calendar year following the appointment unless otherwise decided by the Supervisory Council.

The Chair and Vice Chair of the Board of Trustees are appointed by the Supervisory Council of OP Cooperative.

The Supervisory Council of OP Cooperative may dismiss Board members during their term of office. A rule change to dismiss members during their term of office does not apply to Board members whose fixed term of office is in progress when the rule change is registered. If a Board member's term is valid indefinitely, the term of office ends when the member resigns or is dismissed by the Supervisory Council.

The foundation's Board of Trustees decides on the remuneration of Board members.

The foundation's Board of Trustees may appoint a general manager for the foundation.

6. Annual meeting of the Board

The annual meeting of the Board takes place no later than in March and covers the following matters:

1. Approving the financial statements and annual report. The financial statements and annual report are delivered to the auditor immediately after the annual meeting. The auditor issues its report no later than in April. If the auditor's report warrants it, the Board must convene no later than in May to decide on the necessary measures.
2. Decide on measures to be taken in respect of the accounts and governance during the previous year;
3. Decide on the amount of meeting fees, daily allowances and compensation for travel expenses paid to Board members, as well as the amount of the auditor's fee;
4. Approve the action plan and budget for the current year;
5. Appoint an auditor and a deputy auditor if necessary;
6. Discuss any other matters mentioned in the notice of the meeting.

Matters listed above in points 3 and 4 may also be decided at the extraordinary meeting of the Board held before the end of the previous year.

7. Right of representation

The foundation is jointly represented by two Board members.

In addition, the Board may authorise another person to represent the foundation alone or with a Board member.

8. Auditors

For the purpose of auditing its governance and accounts, the foundation must have an auditor or audit firm approved by the Finnish Patent and Registration Office's auditor oversight.

If the auditor is not an audit firm approved by auditor oversight, the foundation must have a deputy auditor.

9. Operating year and audit of accounts

The foundation's operating year is one calendar year.

The financial statements, including balance sheet itemisation, and the annual report by the Board must be submitted to the auditors by the end of March following the operating year. The auditor must submit its auditor's report to the Board by 30 April at the latest.

The auditor's report must cover the entire governance and accounts of the foundation.

Copies of the financial statements and balance sheet itemisation, annual report and auditor's report must be submitted to the Finnish Patent and Registration Office and the Supervisory Council of OP Cooperative no later than six months after the end of the operating year.

10. Rule changes and dissolving the foundation

Changes to these rules require a 3/4 majority of the entire Board of Trustees of the foundation. The Board must obtain the consent of the Supervisory Council of OP Cooperative for such changes.

The decision to dissolve the foundation follows the same procedure.

If the foundation is dissolved or disbanded, its assets must be donated to a charitable purpose promoting economic research, as determined by the foundation's Board.