Ethical principles

Veritas Pension Insurance is one of the oldest insurance companies in Finland still operating today. We are responsible for the pension security of some 100 000 employees, entrepreneurs, and pensioners. Our task is to invest the pension assets confided to us in a profitable and safe way. We also have to make sure that the pension security of our customers is sufficient.

Our operations are guided by our values and our ethical principles, i.e. the Code of Conduct. Each employee at Veritas must comply with these principles in his or her work.

Our values:

  • We are boldly and sincerely ourselves
  • We are constantly improving
  • We are committed to the entrepreneurial spirit.

Statutory pension insurance is a strictly regulated and controlled field of operation. In its activities, Veritas follows national and international laws, regulations, and regulatory requirements as well as internal instructions and principles. In these ethical principles we have defined how Veritas works in accordance with statutes and company values. These operational principles are completed and made concrete by the company’s internal operating principles, instructions, and other outlines, and they guide the employees to act correctly.

Veritas does not participate in political activities.

The ethical principles have been approved by the Veritas board of directors on 22 January 2019 and they have last been updated on 20 September 2022.

Responsibility is included in all our activities

At Veritas, responsibility is included in everything we do.

Corporate responsibility at Veritas

For further information on responsibility, see

We observe good insurance practices in our business operations

Veritas observes the law and good insurance practices in its business operations and contractual relations with its policyholders. The business transactions between Veritas and the policyholders must be market-based what comes to price and other conditions. When working with our customers, we follow the ethical principles and we treat our customers equally.

We make our pension and insurance decisions in accordance with legislation, legal usage and the application directives provided by the Finnish Centre for Pensions. It is important for us that our decisions are fair and in line with the common praxis of decision. We endeavour to explain our decisions in an understandable way, and we readily answer any questions related to them. We aim to serve our customers swiftly but thoroughly.

All our customers are identified

The obligation of an insurance company to know its customers and their businesses is central in both the Finnish pensions legislation (Employees Pensions Act, TyEL, and Self-Employed Persons’ Pensions Act, YEL) and the Anti-Money Laundering Act (AML Act). Veritas identifies and knows its customers and the quality and extent of their businesses. In earnings-related pension insurance, a customer must be identified in order to fulfil the insurance conditions.

Customers referred to in the Anti-Money Laundering Act are our policyholders, borrowers, and tenants.

We do not accept bribery

Veritas condemns any form of direct or indirect bribery. Gifts given or received must not endanger the company’s independence. When offering or receiving gifts or hospitality, one must always consider the requirements of legislation and the internal principles of the company. Veritas has set its internal anti-bribery principles and they have been approved by the board of directors.

Conflicts of interests must be prevented

Situations involving conflict of interests must be recognised and the emergence thereof must be prevented. An employee of Veritas cannot participate in the processing of an agreement between him/herself and Veritas. Personal advantage must not influence the decision making. If an employee encounters an assignment that involves a relative or an acquaintance of him or her, the employee must transfer the handling of the case in its entirety to a colleague. An employee must neither participate in the processing of a matter that involves Veritas and, for example, a service provider or customer company with which the person is associated, e.g. through employment or by being a member of its governing body, and where the interests of the person in question conflicts with the interests of Veritas.

An employee at Veritas must notify the company of his or her membership in a governing body before accepting the membership. Memberships in boards in housing co-operatives or in non-profit associations need not be notified.

The principles of corporate governance are followed when the membership in a governing body concerns a corporation where Veritas is one of the owners. In such a case, the proceedings are as follows:

  • The board of directors makes the decision when the CEO or the deputy managing director is to become a member in a governing body or a committee in another company or corporation.
  • The CEO makes the decision when a member of the executive team or any other employee at Veritas is to become a member in a governing body or a committee in another company or corporation, with the exception of such property corporations that are partly or entirely owned by Veritas, for which the decision is made by the investment director.

If a situation of conflict of interests arises, one’s manager must immediately be notified.

The members of the board at Veritas are obliged by the disqualification regulations that are established in the Employee Pension Insurance Companies Act. A member of the board at Veritas is disqualified to participate when the board discusses a matter that involves an interested party that the member is employed by or if he or she is a member in a governing body of the interested party.

Significant business transactions with insider members are dealt with by the board of directors and are published

Significant business transactions that a pension insurance company performs with its insider members must be dealt with by the company’s board of directors and they must be published. By this, the aim is to secure that the transactions between the company and its management are in accordance with the company’s interests.

Insider transactions include all legal acts that Veritas performs with insiders, regardless of their objects or designations.

At Veritas, insider transactions are to be dealt with by the board of directors when the company’s interest exceeds 5 000 euros or when the transaction is considered significant for other reasons. The significance of a transaction is assessed separately for each case.

We handle information confidentially and we follow data protection obligations

The information handled within the earnings-related pension system is virtually always confidential. This information can be given to others than the person concerned only by the person’s consent or in a situation where a specific legal provision thereof applies. All information is to be handled in accordance with rules and regulations and the company’s internal directions.

In all stages of handling personal details, the principles for data protection and information security approved by Veritas must be followed. The data protection and information security knowledge of the staff is maintained by regular training and up-to-date instructions.

Further information about how we handle personal data can be found in the privacy statements at

Our insider guidelines promote reliability

At Veritas, we follow the insider guidelines validated by the company’s board of directors. The guidelines have been drawn up to advance the public reliability of our investment activities and the staff’s knowledge of the insider rules, to avoid offending against them even unintentionally.

Veritas maintains a register of the permanent insider members. The public information of the register can be viewed on the web service provided by Euroclear Finland Oy.

Everyone is allowed to be boldly oneself

We believe that the basic elements of a responsible workplace are cooperation, renewal, honesty, transparency, flexibility and fair treatment. At Veritas, everyone is doing a meaningful job as a part of the Finnish pensions system.

At Veritas, we obey laws and agreements regarding working life, as well as fair employment practices.

We treat our employees equally and we emphasize the meaning of good and responsible leadership. We take care of the well-being and know-how of our staff and we support developing their skills to better meet the demands of the changing operational environment.

Appropriate workplace behaviour is expected from all employees. Should any inappropriate behaviour occur, it will be dealt with immediately. Veritas follows a policy of absolute zero tolerance for harassment, discrimination, and bullying.

Observance of the code of conduct

Every new employee at Veritas is familiarized to the company’s ethical principles. All members of staff are obliged to regularly complete the online compliance course that includes a presentation of the code of conduct.

Each employee at Veritas is responsible for his or her own part that the company follows laws, regulations, and directives. The heads of department are responsible for securing that the roles and responsibilities as well as the reporting obligations are clearly defined within the organisation.

Whenever one observes a lack of compliance with regulations or operational principles and there are risks involved in the situation, one is obliged to make a notification to the company’s compliance function. Veritas has also a channel for reporting malpractice. Through this channel, the employees can anonymously report suspected cases of offending laws or other regulations.

Quick test for ethical actions