Annual Report 2022
Corporate Governance Statement
Reporting Period Jan. 1–Dec. 31, 2022
Home   >  Corporate Governance Statement  >  The Board of Directors  >  Description of Activities

Description of Activities

The Board of Directors has defined a working order and evaluates its performance annually. The Board of Directors shall implement the decisions of the General Meeting. The Board of Directors supervises the operations and management. The Board of Directors makes decisions on the Company´s guiding principles for operation, strategy, and budget. The Board of Directors decides on mergers and acquisitions and other strategic alliances as well as significant investments and significant matters regarding organization and finance. The Board of Directors supervises that the control of the Group companies´ accounting and financial affairs is duly organized. The Board of Directors appoints the CEO and possible Deputy for him or her as well as approves the Company´s organizational structure.

The CEO, CFO, and CLO (who acts as secretary of the Board of Directors) attend the meetings of the Board of Directors. Other management attends the meetings when necessary or upon invitation by the Board of Directors. The Chairman of the Board approves the agendas of the meetings of the Board of Directors. The agendas are prepared by the CEO and the CLO.

An annual clock, according to which the regular subjects to be handled are determined, is applied in the Board´s work. In addition to the regular subjects of the annual clock, the most important subjects of the Board during the year were the corporate structure changes, ensuring growth and profitability, and the change of CEO.

Annual Clock 2022

The Annual General Meeting decides on the compensation of the members of the Board of Directors and the compensations can be publicly reviewed on the Company´s website at

In 2022, the Board convened 13 times.
The Board members attended to the meetings as follows:

January 1–December 31, 2022 Board Audit committee
Erkki Veikkolainen 13/13  
Veli-Pekka Paloranta 12/13 6/6
Riitta Tiuraniemi 12/13 6/6
Pekka Kemppainen 13/13  
Petri Toljamo 13/13  6/6