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Suominen Corporation’s Board of Directors has established audit and remuneration committees for the Board

Suominen Corporation’s Board of Directors has established audit and remuneration committees for the Board.
The main tasks of the Audit Committee relate to ensuring the company’s good governance, accounting and financial reporting, internal control systems and monitoring of third-party auditing. The Audit Committee will prepare for the Board matters that fall under its areas of responsibilities, but it does not have independent decision-making powers unless the Board resolves otherwise on certain matters.

Suominen Corporation’s Board of Directors elected Hannu Kasurinen as Chairman and Suvi Hintsanen and Heikki Mairinoja as members of the Audit Committee from among the Board’s members. In future, the Chairman and members of the committee will be elected annually at the Board’s constitutive meeting. At least three members will be elected to the committee. The members of the Audit Committee must be independent of the company, and at least one member must be independent of the company’s significant shareholders.

The Remuneration Committee of Suominen Corporation’s Board of Directors will prepare the remuneration and appointment matters concerning the company’s President and CEO and other members of senior management, as well as principles and procedures related to remuneration of the company’s employees. The Remuneration Committee will prepare for the Board matters that fall under its areas of responsibilities, but it does not have independent decision-making powers unless the Board resolves otherwise on individual matters.

Suominen Corporation’s Board of Directors elected Jorma Eloranta as Chairman and Risto Anttonen as member of the Remuneration Committee from among the Board’s members. In future, the Chairman and members of the committee will be elected annually at the Board’s constitutive meeting. The minimum number of committee members is two, which deviates from recommendation 22 of the Finnish Corporate Governance Code, which states that Board committees must have at least three members. Suominen Corporation’s Board of Directors states that, taking into consideration the number of members of the Board and the scope and nature of the company’s business operations, the Remuneration Committee is able to effectively handle the matters assigned to it with only two members. The majority of the members of the Remuneration Committee must be independent of the company. The President and CEO or a member of the company’s or Group’s management may not be a member of the Remuneration Committee.

SUOMINEN CORPORATION Board of Directors

For more information, please contact: Tapio Engström, CFO of Suominen Corporation and Secretary to the Board of Directors, tel. +358 10 214 300