The Board elects members to an Audit Committee, a Remuneration Committee and/or a Nomination Committee from amongst its members each year after the AGM when needed. The committees assist the Board of Directors by preparing matters falling within the competence of the Board. The Board remains responsible for the duties assigned to the committees. The committees have no decision-making authority of their own, and the decisions within its competence are taken collectively by the Board. Committees will not be established if the extent of the company’s business does not require it and then the Board itself performs the tasks of the respective committees.
Audit Committee
In its organization meeting held after the Annual General Meeting on April 18, 2024, the Board of Directors did not establish an Audit Committee; the Board itself performs the duties of the Audit Committee.
The Board has set rules and procedures for the Audit Committee.
Remuneration Committee
In its organization meeting held after the Annual General Meeting 2024, the Board of Directors established a Remuneration Committee.
Ms. Kaarina Muurinen was elected as the Chairman of the Remuneration Committee. Mr. Jukka Huuskonen and Mr. Ville Vuori were elected as members of the Remuneration Committee.
The Board of Directors has at its meeting evaluated the independence of the Board members in compliance with the recommendations of the Finnish Corporate Governance Code. It is the view of the Board of Directors that all Board members are independent of the company’s major shareholders. The Board of Directors has also assessed that all the Board members are independent of the company.