Varma, Ilmarinen and Pension Fennia oppose Novator´s Proposals at Elisa EGM
(Helsinki, Finland) The largest private sector pension insurers in Finland, Varma, Ilmarinen and Pension Fennia, do not support Novator Finland Oy’s proposals for Elisa Corporation’s EGM on January 21, 2008.
The proposal would have an adverse effect on the quality and procedures of future corporate governance at Elisa. The proposed amendment could shift significant decision-making power from Elisa’s shareholders to the Board. As a result, a 10% minority shareholder could in practice gain control over Elisa’s decision making, which is not in the best interests of the other shareholders.