Committees of the Board of Directors
At its organizing meeting the Board of Directors appoints an Audit Committee and if deemed appropriate, other committees, as well as nominates the members and chairmen of each committee. The purpose of committees is to prepare matters for the Board of Directors. The committees do not have independent decision-making authority.
Duties of the Audit Committee include but are not limited to:
- to review interim reports, financial statements including Group financial statement and the stock exhange releases concerning the outlook of the company
- to follow the financial statement reporting process, the efficiency of internal control and the internal auditing and the statutory auditing of the Group financial statement
- to oversee the financial reporting process
- to discuss the Corporate Governance statement given by the company, to assess the independence of the authorised auditor or auditing company and especially to assess the additional services the auditor offers to the company
- to prepare a draft resolution conserning the election of the auditor.
The Audit Committee convenes at the invitation of the Chairman on regularly basis. The Audit Committee regurlarly reports of its work to the Board of Directors.
In 2012, the Audit Committee consists of two members: Tero Kivisaari (Chairman) (since 23 April 2012) and Jukka Nurminen. The Audit Committee met three times at an average attendance rate of 83,33%.