Board Committees

Audit Committee of the Board of Directors

The Board of Directors has elected an Audit Committee from among its members. The Chairman of the Committee was Niko Simula and the members of the Committee are Antti Korpiniemi and Jari Laaninen.

The purpose of the Committee is forexample to review the financial statements and the consolidated financial statements, as well as the financial statements release, and to discuss them with the Company’s management prior to their consideration by the Board of Directors; to monitor and oversee the Group’s financial reporting process; to review the Company’s Report by the Board of Directors and the Company’s Corporate Governance Statement prior to their consideration by the Board of Directors, and to assess their consistency with the financial statements; to familiarise itself with the applicable accounting principles, management estimates applied in the preparation of the financial statements, and the auditor’s audit findings, as well as with any changes in the accounting principles and their impacts on the Company’s financial statements and consolidated financial statements and on the Group’s financial position

Further information on the activities of the Audit Committee of the Board of Directors is provided in the Company’s Corporate Governance Statement.

Personnel and Remuneration Committee of the Board of Directors

The Board of Directors has elected a Personnel and Remuneration Committee from among its members. The Chairman of the Committee is Nora hortling. Other members of the Committee are Lenita Ingelin and Kai Seikku.

The Committee’s duties include, among other things, preparing personnel strategy guidelines for the Board of Directors and overseeing their implementation, monitoring key personnel metrics and the achievement of targets, assisting the Board of Directors in matters relating to the appointment and remuneration of the Company’s CEO and other management as well as succession planning, evaluating the achievement of objectives set for the CEO and other management and their overall performance, and recommending for approval by the Board of Directors any incentive bonuses that may be payable.

Further information on the activities of the Human Resources and Remuneration Committee of the Board of Directors is provided in the Company’s Corporate Governance Statement.