Finlands monopoly gambling operator, Veikkaus has taken steps to improve oversight of its operations against a backdrop of concern over problem gambling.
Earlier in 2019, the operator announced that Regina Sippel had been appointed as its new Chief Financial Officer (CFO), with the task of heading up the risk and financial management of the Veikkaus betting group, which had come under pressure both from politicians and health organisations in Finland for a perceived failure to meet its social responsibility obligations.
Under the new arrangement, Veikkaus will add 13 new appointees to its supervisory board who will be charged with helping to raise its standards in the areas of safer gambling and money laundering.
The supervisory board will be headed by chairperson Jukka Gustafsson and the company’s vice chair Jani Mäkelä, and will have responsibility to perform oversight on Veikkaus’ strategy for corporate governance, as well as the implementation of more effective social responsibility policies.
Speaking about the appointments, the Chief Executive of the operator, Olli Sarekoski, said that the measures would enable them to create a new ‘holistic ecosystem’ to promote safe gambling while taking steps to prevent the risk of money laundering.
The 13 new members of the board will include several Finnish politicians, along with a member of the Finnish Olympic Committee, Ilmari Nalbantoglu. In total, there will be 28 members on the board, which will include 13 representatives drawn from Finland’s political parties, 13 stakeholders’ representatives and two employee representatives.
In addition to overseeing the company’s corporate strategy, the board will also have a role in keeping the Finnish Prime Minister informed on the operator’s gambling activities and its work on combatting problem gambling, through the provision of a regular report.