Board Committees

The Board of Directors can have three committees that assist in its work; the Audit committee and  the Remuneration committee.  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

Audit Committee

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 Annual General Meeting on April 5, 2017 the Board of Directors resolved that the duties of the Audit Committee are discharged by the company’s entire Board of Directors.

Remuneration Committee

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 Annual General Meeting on April 5, 2017.

Updated 5.4.2017