The Board of Directors is responsible for the Company´s governance and proper organization of the operations. The Board of Directors comprises three to seven (3–7) members and in addition it may have one to three (1–3) deputy members. The Annual General Meeting shall elect the members of the Board of Directors for a term which expires at the end of the following Annual General Meeting. The number of terms for the members of the Board of Directors is not limited. The Board of Directors selects a Chairman among its members.
The Board conducts an annual evaluation of the independence of its members in accordance with recommendation 10. A member of the Board is required to submit to the Company the information necessary to conduct the evaluation of independence. A Board member is also required to notify the Company of any changes in information relating to independence.
In the assembly meeting held on April 12, 2017, the new Board of Directors elected on the same day considered the continuation of the Audit Committee and concluded that the extent of the Company´s business still requires that a group with a more compact composition than the Board of Directors deals with the preparation of matters pertaining to financial reporting and control. The Governance Code recommends that a Committee shall have at least three members. In the assembly meeting held on April 12, 2017, the new Board of Directors resolved to re-elect Staffan Simberg (Chairman of the Committee) and Kirsi Komi as members of the Audit Committee and to invite authorized public accountant Seppo Laine as external advisor of the Board of Directors. The composition of two members and an external advisor was considered to be in compliance with the recommendation as authorized public accountant Seppo Laine brings continuity and expertise needed in the Committee.
