The Board of Directors has set up two permanent committees consisting of Board members and has confirmed the rules of procedure for these committees. Both committees report to the Board of Directors.
Board committees
Board committees
Audit Committee
The Audit Committee consists of a minimum of three Board
members. The rules of procedure for and responsibilities of the
Audit Committee have been established in the Charter of the
Audit Committee approved by the Board of Directors.
The task
of the Audit Committee is, in greater detail than is possible for
the Board as a whole, to deal with matters relating to financial
reports and statements, the company’s financial position, auditing work, fees paid to the auditors, internal controls and
compliance matters, the scope of internal and external audits,
the Group’s tax position, the Group’s financial policies and
other procedures for managing Group risks. In addition, the
Audit Committee prepares a recommendation to the Board of
Directors concerning the election of an external auditor and
auditing fees at a General Meeting.
The Audit Committee met five times during 2018, and the average attendance rate was 100%.
Remuneration Committee
The Remuneration Committee consists of the Chairman of the
Board and a minimum of two additional Board members. The
rules of procedure for and responsibilities of the Remuneration
Committee have been established in the Remuneration
Committee Charter approved by the Board of Directors.
The
tasks of the Remuneration Committee are to discuss and
prepare recommendations to the Board regarding new nominations
in and compensation principles applicable to the Group’s
executive and senior management. The Board of Directors
has authorized the Remuneration Committee to determine the terms of service and benefits enjoyed by the Outokumpu
Leadership Team members other than the company’s CEO.
The
Remuneration Committee met four times during 2018, and the
average attendance rate was 100%.
Temporary working groups
To handle specific tasks, the Board of Directors can also set up temporary working groups consisting of Board members. These working groups report to the Board of Directors.No temporary working groups were set up in 2018.
Meet the members of the Board of Directors
Apr 16, 2019