Changes in the Supervisory Board of LHV Varahaldus, LHV Kindlustus, and LHV Finance
The shareholders of AS LHV Varahaldus, AS LHV Kindlustus, and AS LHV Finance, belonging to the consolidation group of AS LHV Group, intend to elect, starting from 22 July 2025, Mihkel Torim as a new Member of the Supervisory Board, who will also assume the position of the Chairman of the Management Board of AS LHV Group on the same date. The Member of the Supervisory Board is elected for up to five years. The decision on the compliance of the new Member of the Supervisory Board with the suitability requirements will also be made by the Financial Supervision Authority.
Mihkel Torim joined LHV at the beginning of 2023, when he assumed responsibility for managing and developing the investment banking operations of LHV Pank. Prior to that, he held senior positions at Swedbank, including the Head of Baltic Investment Banking, and also led the corresponding unit in Finland.
Mihkel Torim is a Member of the Management Board of Fortima OÜ. Although Mihkel Torim does not currently hold any shares in LHV Group, he has the opportunity to acquire a total of 199,575 LHV Group shares in 2024 and 2025 through options granted to him.
With the resignation of Madis Toomsalu from his position as Chairman of the Management Board of LHV Group, effective 22 July 2025, his mandates as a Member of the Supervisory Board of AS LHV Kindlustus, AS LHV Varahaldus, and AS LHV Finance will also terminate as of that date.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,150 people. As at the end of May, LHV’s banking services are being used by 471,000 clients, the pension funds managed by LHV have 111,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank offers retail banking services to private clients in the United Kingdom, loans to small and medium-sized enterprises, and banking services to international fintech companies.
Paul Pihlak
Head of Investment Communications
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