Audit
According to the Articles of Association, the company has one ordinary auditor and one deputy auditor. Should an audit firm authorised by the Central Chamber of Commerce be elected as ordinary auditor, no deputy auditor needs to be elected. The term of office of the auditor ends at the end of the first Annual General Meeting following the election.
The Annual General Meeting on 7 May 2009 elected the Accountant Firm Ernst & Young Oy as the company’s Authorised Public ordinary auditor and Authorised Public Accountant Tomi Englund will act as the principal auditor. Before that, and as of 7 June 2005, the company auditors were Reino Tikkanen (Authorised Public Accountant) and KPMG Oy Ab (Authorised Public Accountants) with Antti Kääriäinen (Authorised Public Accountant) being the auditor with main responsibility.
In 2009, the company paid some EUR 88 thousand audit fees to Ernst & Young (2008: EUR 0) and EUR 129 thousand to KPMG (2008: EUR 75 thousand). For non-audit services, a sum of approximately EUR 217 thousand (EUR 0) was paid to Ernst & Young and EUR 86 thousand to KPMG (EUR 73 thousand).
Corporate Governance Code recommendations:
Recommendation 49:
The proposal for the auditor by the audit committee or board shall be included in the notice of the general meeting. The same applies to a proposal made by shareholders with at least 10% of the votes carried by the company shares, provided that the candidate has given his or her consent to the election and the company has received information on the proposal sufficiently in advance so that it may be included in the notice of the general meeting. If the board is not aware of a prospective auditor when the notice is published, a candidate proposed in corresponding order shall be disclosed separately.
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Complied
The audit committee's proposal for the auditor is included in the notice of the General Meeting.
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Recommendation 50:
The company shall report the fees of the auditor for the financial period. If the auditor has received fees for non-audit services, such fees shall be reported separately.
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Complied
The auditor fees, for both audit and non-audit services, are published on an annual basis.
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