Neova Group is managed by the General Meeting of Neova Oy, the Supervisory Board, the Board of Directors, the Chief Executive Officer and the directors of its divisions and business functions. Neova Oy’s Board of Directors appoints the members of the Boards of Directors of its main subsidiaries, ensuring that the work of the statutory executive bodies supports the operative business.
The operational management of Neova Group’s divisions and functions is the responsibility of the director of each division and function. The directors report to Neova Oy’s CEO. The management of subsidiaries also takes place through Neova Group’s divisions and business functions.
Apart from the Neova Group subsidiaries in which Neova Oy’s CEO is Chairman of the Board (or Board member), the Chairman of the Board of Directors is, where possible, the Business Area Director for the Neova Group division or function to whose business the company’s operations are most closely associated.
The Chairman of the senior governing body of the Group’s subsidiaries and the managing director of the company in question are responsible for ensuring that the subsidiary’s Board of Directors confirms the decisions of the company’s management team to implement the decisions made by Neova Oy’s Board of Directors, Neova Oy’s CEO and Neova Oy’s director for the division or function in question, or by the Board of the parent company of the company concerned to the extent that the applicable legislation requires a decision by a senior governing body. The decisions made by the governing bodies are recorded in the minutes.
The Boards of Directors and Managing Directors of Neova Group’s subsidiaries are tasked with:
- Ensuring that the Group management has enough information at its disposal to carry out its tasks.
- Ensuring that the company operates in accordance with approved business principles and set targets.
- Ensuring that the company complies with the Articles of Association and any possible instructions given in company-specific Corporate Governance policies and by Group management.
- Ensuring that the company complies with local laws and regulations applicable to its business.
- Monitoring legislation and informing Group management, Neova Oy’s CEO and/or the responsible business area or function director of relevant changes to legislation.
- Ensuring that all decisions by Neova Oy’s Board of Directors and CEO are implemented.
- Ensuring that the company operates in accordance with its ethical principles and carries out corporate responsibility reporting where applicable.
Companies with minority shareholders external to the Group comply, for the most part, with the procedures described above, nevertheless taking into account the rights of the minority shareholders, and the rules detailed in the Articles of Association and any possible shareholders’ agreement.