The task of the Audit Committee is to prepare, direct and evaluate financial reporting as well as auditing, internal audits, risk management, judicial risks and internal auditing systems. The Audit Committee assesses the independence of the auditor and prepares the proposal of the Board of Directors to the Annual General Meeting regarding the appointment of the auditors. The Committee is not vested with independent decision-making powers, but it prepares proposals to the Board of Directors.
The Audit Committee is comprised of a Chairman and three members appointed annually by the Board of Directors from among its members. The members shall have appropriate expertise pertaining to accounting and financial statements. The members of the Audit Committee shall be independent of the company and at least one member shall be independent of the company’s significant shareholders. The Audit Committee meets whenever necessary but at least three times per year led by the Chairman of the Committee. The Committee’s charter is attached (Appendix 3).
The Audit Committee members are
- Eeva-Lisa Virkkunen, Chair
- Tuomas Hyyryläinen
- Panu Routila
- Markus Tykkyläinen
FY 2021 The Audit Committee convened five times during the financial year 2021. The members’ attendance in the committee meetings is shown in the table listing the members of the Board of Directors.
In its meetings, the Audit Committee dealt with its regular topics as well as audit tendering, the EU Finance Taxonomy proposal, declining fuel peat demand, sustainability and corporate responsibility, valuation of peat assets, impairment tests and internal audit reports. The Audit Committee also dealt with the company’s financing strategy, risk management, investments and operational efficiency.