Annual report 2016

The Board’s Committees

The Board has appointed two Committees to assist in its work in its constitutive meeting on 31 March 2016; the Audit Committee and the Personnel Committee. The tasks of the Committees are laid out in their respective written charters.

The Committees prepare matters entrusted to them for the Board of Directors’ decision. The Chair of the Committee convenes the Committee as required. He/She also reports to the Board on the Committee’s work.

The Audit Committee

The Board of Directors elects a minimum of three and a maximum of four of its members to the Audit Committee. The members have the qualifications necessary to perform the responsibilities assumed by Committee, the duties of which include:

  • the preparation, control, review, and assessment of risk management policies, internal control systems and internal audit
  • organizing financial reporting and auditing
  • examining financial statements with the auditors before submitting them for review to the Board of Directors
  • submitting a proposal concerning the appointment of the auditor
  • assessing the independence of the auditor and the additional services offered by the auditor
  • steering and monitoring the activities of the Compliance Officer

In its meeting of March 31, 2016, the Board of Directors resolved that the members of the Audit Committee are: Arja Talma (Chair), Jussi Kuutsa, Marja Pokela and Suvi-Anne Siimes.

Audit Committee meeting participation in 2016

 

Member Attendance at
Audit Committee meetings
Arja Talma (Chair)* 7/7
Päivi Pesola (Chair)** 1/1
Jussi Kuutsa*** 8/8
Marja Pokela 8/8
Suvi-Anne Siimes 6/8

*) as of March 23, 2016
**) Until March 23 2016
***) Until December 31, 2016

The average attendance rate in Audit Committees’ meetings in 2016 was 93.8%.

The Personnel Committee

The Board of Directors elects a minimum of three and a maximum of four of its members to the Personnel Committee. The members have the qualifications necessary to perform the responsibilities assumed by the Committee, the duties of which include:

  • preparation of decisions concerning the appointments and remuneration of executive management;
  • preparation of the outlines for the remuneration, bonus, and incentive schemes and ensuring that they are fair and competitive
  • preparation of the outlines of the group’s remuneration, bonus and incentive schemes
  • follow up of the group’s people strategy
  • discusses the competences required by the Board in its work and assists in preparing nomination suggestions for Board of Directors’ members

In its meeting of March 31, 2016, the Board of Directors decided that the members of the Remuneration and Nomination Committee are: Arto Hiltunen (Chair), Petri Järvinen, Petri Kokko and Kirsi Nuotto.

Personnel Committee meeting participation in 2016

 

Member Attendance at
Personnel Committee meetings
Arto Hiltunen, Chair 7/7
Petri Järvinen 7/7
Petri Kokko 7/7
Kirsi Nuotto 7/7

 

The average attendance rate in Personnel Committees’ meetings in 2016 was 100%.