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 (37) members and in addition it may have one to three (13) 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.
The Annual General Meeting held on April 19, 2016 decided that the Board of Directors shall comprise five (5) members. Ms. Kirsi Komi, Mr. Seppo Mäkinen, Mr. Juha Putkiranta, Mr. Staffan Simberg and Mr. Erkki Veikkolainen were elected members of the Board of Directors. The members of the Board of Directors were considered independent members of the Board as regards both the Company and its significant shareholders. In the assembly meeting held on April 19, 2016 the Board of Directors elected Erkki Veikkolainen as the Chairman of the Board. Further, the Board of Directors resolved to keep the Audit and Financial Committee, and elected Mr. Staffan Simberg (Chairman of the committee) and Ms. Kirsi Komi as members of the Audit and Financial Committee and authorized public accountant Seppo Laine was invited to the Audit and Financial Committee as external advisor of the Board of Directors. Later in 2016, the Audit and Financial Committee was renamed as Audit Committee.