The Board of Directors can have three committees that assist in its work; the Audit committee, the Remuneration committee and the Nomination Comittee. The Board of Directors elects among its members comittee members and Chairman of the comittees. External members can be also members of the Nomination Committee.
The committees' working orders set out the duties and operating principles for each committee. The committees report their work to the Board of Directors on a regular basis.
In its first meeting after the Extraordinary General Meeting on January 31, 2017 it was resolved that the Board of Directors will not establish any separate committees of the Board of Directors and that the duties of the Audit Committee are discharged by the company’s entire Board of Directors.
The main duties of the Audit Committee are to examine the company's finances; oversee compliance with the law and the relevant standards; monitor the reporting process of financial statements, supervise the financial reporting process, evaluate the company's internal supervision and risk management; monitor the statutory audit of the financial statements and consolidated financial statements, evaluate the independence of the statutory auditor or audit firm, particularly the provision of related services to the company to be audited.
In its first meeting after the Extraordinary General Meeting on January 31, 2017 the Board of Directors resolved that the duties of the Audit Committee are discharged by the company’s entire Board of Directors.
The main duties of the Remuneration Committee includes preparing matters related to the remuneration of the CEO and other executives of the company as well as preparing proposals related to Group remuneration systems.
The Board did not establish remuneration committees in its first meeting held after the Extraordinary General Meeting on January 31, 2017.