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. The leadership of the University of Helsinki Group includes the director of administration and the chief financial officer.
De­cision-mak­ing chart

The adjacent graph describes the parties active in decisions on University finances. Below are detailed descriptions of the various parties and their compositions.

The Board and its com­mit­tees

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.

Composition of the Audit Committee 2024–2025

  • Ilona Herlin, chair
  • Aku Houttu
  • Marja Mikkola
  • Risto Renkonen
  • Ilona Riipinen

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.

Composition of the Incentive Committee 2022–2025

  • Niklas Bruun, chair 
  • Ilona Herlin
  • Mari Pantsar

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.

Composition of the Investment Committee 1.1.2024–31.12.2025

  • Heikki Venho, chair
  • Anna Hyrske
  • Mika Vaihekoski
  • Jyri Suonpää
  • Juhana Aunesluoma

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

Composition of the Properties Committee 1.1.2024–31.12.2025

  • Jaakko Hietala, puheenjohtaja
  • Heli Pennanen
  • Anders Stenbäck
  • Björn Teir
  • Hannu Vartiainen
Group lead­er­ship and audit

Group man­age­ment

The leadership of the University of Helsinki Group includes the University Board, Rector Sari Lindblom, 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.

Composition of the Commercialisation Advisory Board 2023-

  • Jouni Hirvonen, Chair, Vice-Rector, University of Helsinki
  • Meri Helleranta, Courage Ventures
  • Milla Koistinaho, Innovestor Life Science Fund
  • Reima Linnanvirta, Trind Ventures
  • Pauliina Martikainen, Maki.vc
  • Pontus Stråhlman, Voima Ventures

Audit

Tomi Moisio (KHT, JHT authorised public accountant) and the audit firm PricewaterhouseCoopers Oy, with Sauli Salmi (KHT authorised public accountant) as the chief auditor, acted as the auditors of the University of Helsinki and its Group.

The University Col­legium

The University Collegium shall approve the University’s financial statement and annual report and discharge the Board members and rector from liability for the accounts. Read more about the duties and composition of the University Collegium.

Fin­an­cial guidelines

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