The Board annually appoints an Audit Committee, Human Resources Committee (previously called as Remuneration Committee) and Strategy Committee, and may also appoint other permanent committees if considered necessary at its organisation meeting following the Annual General Meeting. The composition, duties and working procedures of the committees shall be defined by the Board in the charters confirmed for the committees. The committees regularly report on their work to the Board.
The Audit Committee consists of at least three (3) members, all of which shall be Board members who are independent of the company and shall have the qualifications necessary to perform the responsibilities of the committee. At least one member shall be independent of the significant shareholders and at least one member shall have expertise specifically in accounting, bookkeeping or auditing. All members of the committee shall be versed in financial matters.
According to its charter, the Audit Committee assists the Board in fulfilling its supervisory responsibilities and also prepares certain accounting and auditing matters to be handled by the Board. In addition, the Audit Committee makes recommendations for the election and removal of the external auditors and for their compensation and approves the external auditors' audit plan based on the auditors' proposal. Among its other duties, the Audit Committee reviews and monitors the financial reporting process, the efficiency of the system of internal control and risk management, and the audit process.
Human Resources Committee (previously Remuneration Committee)
The Human Resources Committee consists of at least three (3) members, all of which shall be Board members who are independent of the company. Representatives of the company's senior management may not be members of the committee.
According to its Charter, the Human Resources Committee assists the Board in the efficient preparation and handling of the matters pertaining to the appointment and dismissal of the CEO and other executives and their remuneration.
The strategy committee consists of at least three (3) members and it was established for the first time on May 16, 2017.
According to its charter, the strategy committee shall support the board of directors in fulfilling its oversight responsibilities in relation to long-term strategy for the company, risks and opportunities relating to such strategy, and strategic decisions regarding investments, acquisitions and divestitures by the company.
Stock exchange releases with information on members of the Board Committees:
May 16, 2017: Decisions taken by the AGM and the organisation meeting of the BoD
April 6, 2017: Permanent committees of the Board of Directors
April 6, 2016: Decisions taken by the AGM and the organisation meeting of the BoD
April 15, 2015: Decisions taken by the AGM and the organisation meeting of the BoD
April 2, 2014: Decisions taken by the AGM and the organisation meeting of the BoD
June 25, 2013: Board Committees elected and Nomination Board appointed