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Contents

1 Introduction

.......................................................................4

Goals of the Recommendation ..........................................................4 Structure of the Recommendation ....................................................4 Implementation of the Recommendation ..........................................4

2 General meeting Recommendation 1 Recommendation 2 Recommendation 3

Recommendation 4

.......................................................................5 Advance information to shareholders ..........5 Organisation of the general meeting ............5 Attendance of directors and the managing director in the general meeting.....................5 Attendance of a prospective director in a general meeting..........................................5

3 Supervisory board .......................................................................6

Recommendation 5

Limitation of the powers of the supervisory

Recommendation 6

board .............................................................6 Information on the supervisory board..........6

4 Board

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.......................................................................6 Charter of the board......................................6 Meetings of the board...................................6 Performance evaluation of the board...........6 Election of the directors................................6 Number of the directors................................7 Term of the directors.....................................7 Notification of proposed director candidates to shareholders .............................................7 Special order of appointment of the directors ..............................................7 Qualifications of the directors.......................7 Right of directors to receive information......7 Independence of directors............................7 Evaluation of independence .........................8 Biographical details and holdings of directors ....................................................9 Obligation to provide information to directors ....................................................9

5 Board committees Recommendation 21 Recommendation 22 Recommendation 23 Recommendation 24 Recommendation 25 Recommendation 26

.......................................................................9 Establishment of a committee......................9 Reporting by the committees to the board ..9 Charter of the committee..............................9 Committee meetings...................................10 Election of members to the committees ....10 Composition of the committees .................10

Audit committee Recommendation 27

..................................................................... 10 Establishment of the audit committee .......10

Recommendation 28 Appointment of the members of

the audit committee ....................................10 Recommendation 29 Independence of the members of

the audit committee ....................................10 Recommendation 30 Duties of the audit committee ....................10

Nomination committee ..................................................................... 10 Recommendation 31 Establishment of the nomination

committee.................................................... 10 Recommendation 32 Members of the nomination committee ..... 11 Recommendation 33 Duties of the nomination committee .......... 11

3

Compensation committee................................................................ 11 Recommendation 34 Establishment of the compensation

committee.................................................... 11 Recommendation 35 Members of the compensation committee 11 Recommendation 36 Duties of the compensation committee ..... 11

6 Managing director .....................................................................12 Recommendation 37 Appointment of the managing director ......12 Recommendation 38 Managing director’s service contract.........12 Recommendation 39 Information on the managing director........12 Recommendation 40 Managing director and chairman

of the board .................................................12

7 Other management .....................................................................13 Recommendation 41 Management organisation..........................13 Recommendation 42 Information on the management team .......13

8 Compensation

.....................................................................13

Compensation of the directors ........................................................13

Recommendation 43 Recommendation 44

Fees and other benefits of the directors ....13 Payment of the fees of the directors

in shares ......................................................13 Recommendation 45 Participation of the directors in

a share-related compensation system ......13 Recommendation 46 Information on shares and share-related

rights granted to the directors .................... 14

Compensation of the managing director and other executives...... 14 Recommendation 47 Compensation system and the relating

decision-making procedure ....................... 14 Recommendation 48 Information on service contracts................ 14

9 Internal control, risk management and internal audit ...........15 Recommendation 49 Operating principles of internal control......15 Recommendation 50 Organisation of risk management ..............15 Recommendation 51 Internal audit................................................15

10 Insider administration ..............................................................16 Recommendation 52 Compliance with the Guidelines for Insiders issued by Helsinki Exchanges ....................16

11 External audit

.....................................................................16

Recommendation 53 Notification of prospective external

auditors........................................................ 16 Recommendation 54 External auditor’s fees; fees for non-audit

services ....................................................... 16

12 Communication and disclosure ..............................................17 Recommendation 55 Presentation of information on

corporate governance (Corporate Governance Statement) ........... 17 Recommendation 56 Electronic investor information................... 17 Recommendation 57 Publication of information on

Internet website........................................... 17

13 Effective date

..................................................................... 17

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