Board of Directors

The Board of Directors is responsible for the iLOQ’s strategic development and for supervising and steering the company’s business and management. Further, in line with the company’s Articles of Association and the Finnish Companies Act, the Board of Directors represents the company and is responsible for defining the company’s strategy, and also for proper arrangement of the control of the company’s accounts and finances.

The Board of Directors comprises five members who are elected at the Annual General Meeting for a one[1]year term of office expiring at the end of the first Annual General Meeting following the election. The Annual General Meeting also elects the Chair of the Board of Directors.

The Board of Directors convenes according to a schedule agreed to discuss specified themes and issues on its charter. The Chair of the Board of Directors prepares the agenda for the Board of Directors’ meetings based on the proposal by the CEO. The members of the Board of Directors have the right to suggest specific matters to be included in the agenda. More than a half of the members must be present at the meeting to constitute a quorum.

The main duties of the Board of Directors include:


• Strategic development and steering of the company’s business and fields of activity

• Confirming the company’s Code of Conduct, operating principles and company policies, including sustainability, and overseeing their implementation

Supervision and oversight

• Ensuring that the administration and operations of the Company are properly organised

• Ensuring that the accounting, financial administration and the risk management are arranged appropriately

Financial matters of significance

• Confirming the company’s business plan on an annual basis

• Setting and following up the annual performance targets, including sustainability and climate-related targets, for the company and its management

• Reviewing the interim reports and approving the consolidated financial statements, the parent company financial statements and the operating and financial review

• Deciding on major investments, divestments and business arrangements

• Decisions having effect on the corporate organization

• Confirming the company’s organizational structure at the top management level, and appointing and dismissing the members of the iLOQ Executive Management

• Appointing and dismissing the President and CEO; deciding on his/her remuneration

• Appointing the Chair and Deputy Chair as well as other members of the company’s committees


• Convening the Annual General Meeting and the Extraordinary General Meeting, when necessary

Members of the Board of Directors

The board consists of three external independent board members and two Nordic Capital dependent board members. The Board consists of Tzachi Wiesenfeld as Chair, Joy Durling, Robert Furuhjelm, Magnus Hammarstöm and Joachim Zetterlund as members.

Tzachi Wiesenfeld

British Citizen. Chairman.

Independent member of iLOQ’s Board of Directors since 2019. Chairman at ACRE, Board Member of Belysse, Board Member of FläktGroup, Senior Industry Expert, Triton Partners. Executive Vice President & CEO EMEA of ASSA ABLOY Group in 2006-2018.

Joy Durling

US Citizen.

Independent member of iLOQ’s Board of Directors since 2022. EVP, Chief Information and Data officer in Procore Technologies. Board member of Observe Point and Domo inc.

Robert Furuhjelm

Finnish Citizen.

Non-independent member of the Board of Directors since 2019. Partner at Nordic Capital.

Magnus Hammarstöm

Swedish Citizen.

Non-independent member of the Board of Directors since 2024. Managing Director at Nordic Capital.

Joachim Zetterlund

Swedish Citizen.

Independent member of iLOQ’s Board of Directors since 2020. Chairman of the Board and of the Remuneration Committee Förlagssystem AB and previously several Chairman or Board of Directors and Remuneration Committee positions in Swedish companies.

Remuneration Committee

The purpose of the committee is to act in an advisory capacity to the Board in matters to review the remuneration and benefit programs applied throughout the Group.

Remuneration Committee consist of Chairman Robert Furuhjelm and member Tzachi Wiesenfeld. In order to ensure the independence in their supervisory function, members of the Board of Directors (BoD) receive a fixed remuneration in the form of cash. The remuneration of the iLOQ Leadership Team consists of fixed and variable elements. Base salary and benefits form the fixed remuneration and are based on prevalent market practice. Variable remuneration drives and rewards best-in-class performance based on ambitious annual financial targets.

The duties and responsibilities  of the committee include:

• To review appointment of senior management in the Group, including all direct reports of the CEO

• To review the remuneration arrangements for the senior management of the Group

• To review any proposed stock option plans, stock purchase plans, bonus plans, retirement plans and any other plans, systems and practices of the Group relating to the compensation of any employees of the Group

• To review and discuss succession planning for senior management in the Group

• Such other matters as the Board may from time to time prescribe

Finance and Audit Committee

The purpose of the Committee is to act in an advisory capacity to the Board in matters to review the adequacy of the group’s financial reporting and internal controls. Finance and Audit Committee consists of Chairman Karl Peterson and member Joachim Zetterlund.

The duties and responsibilities of the committee include:

  • To review the adequacy of the Group’s system of internal controls, including an appropriate risk assessment
  • To review the financial policy of the Group
  • To review annually the independent auditor’s proposed audit scope and approach
  • To conduct a review of financial information – including annual and periodical reports, filings and any other published documents containing financial statements – and auditors’ findings, including their constructive proposals to the management and/or the Board for improvement
  • To review, in advance, proposed changes in accounting principles and adjustments to financial statements materially affecting financial reporting
  • To review the financing situation of the Group
  • To consult with management and independent auditors as to programs being maintained with respect to compliance with laws and regulations relating to financials matters
  • To review annually the compensation of the independent auditors
  • To review the annual planning and budgeting process and to review the draft budget proposal ahead of the Board meeting
  • To perform such other investigatory functions as requested by the full Board
  • To inform the Board and to recommend resolutions to be taken by the Board when and if motivated by the findings of the committee resulting from its exercising the duties and responsibilities as per the above