Board of Directors’ Committees
The Board of Directors has two permanent committees, the Audit Committee as well as the Nomination and Compensation Committee, which support the Board’s work. The committees always report their actions to the Board in the Board meeting following the committee meeting.
Audit Committee
The Audit Committee comprises a minimum of three members of the Board.
At least one of the committee members must have solid knowledge and experience in accounting and accounting principles applied by the company.
The committee convenes regularly a minimum of four times a year.
The working order of the Audit Committee approved by the Board defines the duties, responsibilities and procedures of the committee. The main duties include review of the financial statements, auditor’s report and audit plan, consideration of internal audit plans and observations, risk management, financing and budget, as well as assessment of the scope and due form of financial and audit instructions.
Nomination and Compensation Committee
The Nomination and Compensation Committee comprises the Chairman of the Board and two other Board members. The committee’s task is to prepare recommendations to the Board regarding nominations and compensation principles applicable to the senior management of Altia as well as remuneration principles of Altia Group’s personnel.
The committee holds an adequate number of meetings per year.
The duties of the committee are defined in more detail in the Nomination and Compensation Committee’s working order approved by the Board.