Arctic Strategy approved – Nordea and Osuuspankki to handle the university’s assets

At its meeting on 22 November 2022, the University of Oulu Board of Directors approved the university’s Arctic Strategy. The strategy raised creating new, taking responsibility, ethics and succeeding together as the guiding values of Arctic research and education. The University of Oulu will be leveraging these values to strive for a sustainable Arctic information society with people at its core. Renewable energy solutions, digitalisation, sustainable use of natural resources and retaining natural biodiversity and livelihoods are among the university’s essential strengths in the efforts towards this goal.

The inclusive strategy work was initiated in February with an open survey carried out through Patio. In September, comments for the draft strategy were collected from the university community. The draft has been presented to various work groups and operators of the university. During September–October, feedback was also collected from a variety of cooperating parties, such as the Saami Parliament, University of Lapland and University of Helsinki.

The Arctic Strategy was prepared over the course of 2022 by a work group authorised by the rector. The chairs of the work group are Professor and Director of Thule Institute Arja Rautio and Research Coordinator Kirsi Latola. The strategy will be presented to the university community and stakeholders in more detail at the beginning of the year.

Based on a competitive bidding process, the University of Oulu Board of Directors has selected two asset managers with full power of attorney: Nordea and Osuuspankki. The Board authorised the rector and chief financial officer to make the necessary changes and specifications to the asset management contracts, sign the contracts and terminate any existing asset management contracts. This time, seven asset management providers took part in the competitive bidding.

The University of Oulu aims to be a financially sound university with the financial resources to fund projects that align with its strategy. Solid investment assets increase the financial stability and independence of the university. Investment assets can also secure the continuation of profitable high-quality operations, despite any changes to the central government’s funding frameworks. The university’s investment assets are intended for investment over a period of several decades. However, at least part of the annual returns shall be available quickly when the Board of Directors decides on the allocation of the annual returns.

Board member Riku Hietaniemi announced that he will resign as a member of the board as of January 1, 2023, as he will no longer work at the the university.

Furthermore, the Board of Directors

• heard the Faculty of Medicine’s action plan and will continue processing the matter in its meeting in December 2022 in the context of approving the university’s action plan, financial plan, budget and investment plan for the coming year,
• recorded the vice rector for education’s decision on exceeding the admission quota in a few fields related to technology and well-being,
• discussed the performance bonus programme.