Oversight and Control

Operations overseen by the Ministry of Finance

The operations of the State Pension Fund (VER) are overseen by the Finnish Ministry of Finance and governed by the State Pension Fund Act. Under said Act, the Ministry of Finance is authorised to issue instructions and general guidelines for the Fund.

VER’s Board of Directors is appointed by the Ministry of Finance to oversee the Fund’s investment activities. All investment decisions are made by VER in accordance with the investment plans adopted by the Board of Directors within the framework of the applicable investment limits and authorisations.

Internal and external controls

VER’s operations are overseen by the Ministry of Finance. VER’s investment activities are overseen by the Financial Supervisory Authority (FSA). Additionally, VER is audited by the National Audit Office of Finland (NAO).

VER’s internal controls consist of continuous monitoring by the executive management, annual risk analyses and internal auditing. Executive monitoring is designed to ensure that the operations are efficient and appropriate, the operational reporting is reliable, and the activities are carried out in compliance with the law, guidelines and authorisations. Internal auditing is conducted by an independent third-party service provider.