Chief Executive Officer (CEO)

The CEO is in charge of the operative management of the Company in accordance with the Finnish Companies Act, the Articles of Association as well as the instructions and orders given by the Board of Directors. The CEO is responsible for the preparation of the Board meetings and implementation of any decisions made therein. Further, the CEO is responsible for ensuring that the Company´s accounting methods comply with the applicable law and that the financial matters are being handled in a reliable manner. The CEO prepares strategy, long-term planning, investments, mergers and acquisitions, financing and makes decisions thereof to the extent that such decisions are not tasks of the Board of the Directors. The CEO is responsible for financial planning, the Company´s communications and investor relations.

The Board of Directors defines and approves the essential terms of the service of the CEO, including the CEO´s remuneration, in the form of a written agreement. The CEO´s service contract is effective until further notice and can be terminated by the Company with twelve (12) and the CEO with six (6) months´ written notice.

The CEO is entitled to a work pension under the Contracts of Employment Act and other legislation pertaining to pensions and he does not have supplementary pension. The Finnish employee pension system (TyEL) entitles to work pension that is based on such income during the career that entitles to work pension. Persons born in 1954 and before it can retire to old age pension at the age of 63 at the earliest. The pension age of persons born in 1955 or thereafter rises evenly three months in a year until the pension age of 65 is reached. The lower limit of the pension age for persons born in 1962–1964 is 65 years. The pension age of persons born in 1965 or thereafter is bound to the expectancy of lifetime.