Board committees and working groups

The Board appoints the members and chairmen of the committees from among its number. The committee members’ term of office is one year, ending at the conclusion of the Annual General Meeting following their election. Both committees have at least three (3) members. A committee meeting has quorum when the chairman and at least one other member are present.

The Audit Committee comprises at least three Board members who are independent of the company and its subsidiaries and have sufficient knowledge of accounting and financial statement practice. The main duties of the Audit Committee are to evaluate financial reporting and risk management and to examine financial reviews. In 2015, the Audit Committee comprised Arja Talma as Chair, Raimo Valo as Deputy Chair, and Paul Hartwall and Juha Laaksonen as ordinary members. The Chief Financial Officer of Sponda acted as secretary to the Audit Committee until May 2015, followed by the President and CEO of Sponda starting from June 2015. In 2015, the Audit Committee held a total of four (4) meetings with an average attendance rate of 100%.

The Structure and Remuneration Committee comprises at least three Board members who are independent of the company. In 2015, the Structure and Remuneration Committee comprises Kaj-Gustaf Bergh as Chair, Christian Elfving as Deputy Chair and Leena Laitinen as an ordinary member. Sponda’s President and CEO also attended meetings of the Structure and Remuneration Committee. The Chief Financial Officer of Sponda acted as secretary to the Structure and Remuneration Committee until May 2015, followed by the President and CEO of Sponda starting from June 2015. The main duties of the Structure and Remuneration Committee are to prepare matters relating to the nomination of senior management and their remuneration as well as matters relating to strategy and corporate structure. The Structure and Remuneration Committee met four (4) times in 2015 and the average attendance rate was 100%.