The Audit Committee assists the Board by preparing certain matters relating to financial reporting and control. Audit Committee’s duties include for example monitoring and evaluating the Company’s financial reporting process, the effectiveness of internal control, internal audit and risk management systems, evaluating the independence of the statutory auditor and in particular the provision of non-audit services as well as monitoring the statutory audit of the annual and consolidated financial statements. The Audit Committee also prepares and makes proposals to the AGM for the election of the statutory auditor and reviews the financial statements and various other reports to be published by the Company.
The Audit Committee members shall have the expertise and experience required for the performance of the responsibilities of the Committee and at least one member shall have competence in accounting and/or auditing. The Audit Committee members shall not be involved in the day-to-day management of the Group. The majority of the members shall be independent of the Company and at least one member shall be independent of the Company’s significant shareholders. In addition to the members of the Audit Committee, the CFO of the Company and when considered necessary also other members of the Company’s management participate in the Committee’s meetings. The Auditor participates in the meeting deliberating the financial statements and also other meetings, if considered necessary.
The Audit Committee shall meet in accordance with the schedule determined by the Committee but at least four times a year. The following individuals have comprised the Audit Committee from the date of the AGM in 2017: Jukka Suominen (Chairman), Eija Ailasmaa, Kerttu Tuomas and Sandra Turner. In 2017, the Audit Committee held seven meetings.
For members in 2017 and the average attendance at the Audit Committee meetings see the table below.