The governance of Bittium Corporation (hereinafter ´Company´) is determined by the Company´s Articles of Association, the laws of Finland (such as the Finnish Companies Act and Securities Market Act) and the Company´s Corporate Governance Code. The Company follows with some exceptions the Finnish Corporate Governance Code 2015 prepared by the Finnish Securities Market Association. The Governance Code may be viewed, inter alia, at the Finnish Securities Market Association website at www.cgfinland.fi.
In the assembly meeting held on April 19, 2016, the new Board of Directors elected on the same day considered the continuation of the Audit and Financial 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 19, 2016, the new Board of Directors resolved to re-elect Staffan Simberg (Chairman of the committee) and Kirsi Komi as members of the Audit and Financial Committee and to invite authorized public accountant Seppo Laine external advisor of the Board of Directors. The composition of two members and an external advisor was considered to be in compliance with purpose of the recommendation as authorized public accountant Seppo Laine brings continuity and expertise needed in the committee. Later in 2016, the Audit and Financial Committee was renamed as Audit Committee.
This Statement is made separately from the Report by the Board. The Board´s Audit Committee and the Company´s auditor have reviewed this Statement.
The statutory governing bodies of the Company are the Shareholders´ meeting, Board of Directors, Chief Executive Officer and the Auditor. The Management Group supports the statutory governing bodies of the Company. The Company´s domicile is Oulu.
This Statement may be viewed at the Company´s website at www.bittium.com.