The Audit Committee
The Board of Directors appoints an Audit Committee to assist it in the performance of its supervisory duties. The Board appoints from among its members at least three members to the Committee. These members shall have the qualifications necessary to perform the responsibilities of the Audit Committee. The members of the Audit Committee shall be independent of the company and at least one member shall be independent of the company’s significant shareholders.
The Board defines the duties of the Audit Committee in the charter confirmed for the Committee. The Audit Committee monitors among other things the reporting process of financial statements and interim reports, supervises the financial reporting process, and monitors and evaluates the efficiency of the internal control, internal audit and risk management systems. Furthermore, the Committee manages the descriptions of the main features of the internal control and risk management systems pertaining to the financial reporting process, monitors the statutory audit of the financial statements and consolidated financial statements, evaluates the independence and resources of the statutory audit firm, and prepares the proposal for resolution on the election of the auditor. Moreover, other duties of the Audit Committee include e.g. reviewing the financial position and procurement processes of the company, evaluating the compliance with laws, regulations and ethical principles and monitoring the company’s credit position and taxation. The Audit Committee also reviews the company’s Corporate Governance Statements and reviews and resolves any special issues raised by the Board of Directors that fall within the competence of the Audit Committee.
The Chairman of the Audit Committee convenes the Committee four times a year. The Audit Committee reports its measures resolved upon on the Committee’s meetings regularly to the Board.
Audit Committee in 2018
Chairman Harri Sivula, members Reija Laaksonen and Vesa Uotila. All members are independent of the company and Harri Sivula and Reija Laaksonen are additionally independent of significant shareholders.