Evaluation and diversity

Board evaluation

In 2021, after most of its meetings, the Board assessed the preparations of the meetings, the course of the meetings, and its own operations, in line with the principle of continuous development. The Board of Directors conducted an annual evaluation of its operation and working methods during financial year 2021. The assessment was conducted internally. The results of the assessment were discussed confidentially also with the members of the Nomination Board to whom the report was provided.

Diversity principles of the Board of Directors

At Suominen, diversity has been recognized as an essential success factor in the long term. When considering the Board’s composition, diversity is assessed from a number of viewpoints. Diversity in the Board’s competencies, experience and opinions promotes openness to new ideas and helps the Board support and challenge the Company’s management. Furthermore, diversity promotes open discussion, integrity in decision making, good corporate governance, and effective supervision of both the Board and the management, and it also supports succession planning.

The Nomination Board of Suominen’s shareholders evaluates the number of members on the Board, its composition and the competence requirements of the Board in light of the present and future needs of the Company. When assessing the composition of the Board, the Nomination Board considers, among other things, whether the Board possesses a broad range of business knowledge and members represent both genders and various ages. It is Suominen’s objective to have both men and women on its Board.

It is fundamental that the Nomination Board’s final proposal to the Annual General Meeting is based on the qualifications and competencies of each candidate. In addition, candidates must also have the possibility to devote sufficient amount of time to the Board work.