Board committees
Audit Committee
At its meeting on 3 April 2012, Aspo Plc's Board of Directors appointed Roberto Lencioni to chair the audit committee, with Mammu Kaario and Kristina Pentti-von Walzel as members.
No other committees have been established by the Aspo Board.
Working order of the Audit Committee
1. General
Aspo Plc's Board of Directors has established an audit committee which is charged with acting as an assisting body to the Board and preparing matters related to the company's financial reporting and monitoring, among other tasks. The audit committee does not have independent decision-making authority, but the Board makes the decisions on the basis of preparations by the committee.
2. Tasks
The audit committee's tasks include the following:
- monitoring the company's financial statements reporting process
- monitoring the company's financial reporting process
- monitoring the efficiency of the company's internal supervision, internal auditing, and risk management systems
- processing the company's internal auditing plans and reports
- processing the description (included in the report given by the company on its administration and steering system) of the main aspects of internal supervision and risk management systems related to the financial reporting process
- monitoring the statutory auditing of the financial statements and of the consolidated financial statements
- assessing the independence of the auditing firm
- assessing the auxiliary services provided by the company's auditing firm
- preparing the decision proposal concerning the appointment of the auditor
3. Composition
The audit committee consists of the chairperson and at least two members, who the Board appoints from among the Board members for one year at a time.
4. Meetings and reporting to the Board
The audit committee will convene regularly at least twice a year.
In its first meeting after the company's Annual Shareholders' Meeting, the audit committee will prepare an agenda that includes the year's meeting schedule and the matters to be addressed at audit committee meetings.
Upon consideration, the audit committee may invite company executives and the auditor to its meetings. The CEO of the company will present issues to the audit committee. The Group's lawyer will act as the secretary to the audit committee. The minutes of audit committee meetings will be supplied to the Board for information. Moreover, the committee will report the committee's observations to the Board.