Principles for related party transactions

Suominen complies with applicable laws, regulations and standards regarding related party transactions and follows the requirements set for monitoring, assessment, decision-making and reporting of related party transactions. The Board of Directors has approved and regularly reviews Suominen’s Related Party Policy which defines the principles for monitoring and assessing related party transactions.

Suominen has defined the members of the Board of Directors, the CEO and other members of the Executive Management Team and their closely associated persons as related parties of the company and maintains a list of such persons. 

The company can carry out transactions with its related parties provided that such transactions are made within the company’s ordinary course of business and on customary, arm’s-length terms. The Board of Directors approves related party transactions that are made either outside the company’s ordinary course of business or on other than customary, arm’s-length terms.

Related party transactions are monitored regularly by the company’s Finance function as part of the company’s normal reporting and monitoring procedures. Members of the Board of Directors and the Executive Management Team are obligated to report any planned or executed related party transactions to the company’s Chief Financial Officer without undue delay.

Updated on March 14, 2024