Board of Directors
According to the Articles of Association, the Board of Directors of Aspo Plc is to comprise not fewer than five and not more than eight members. The members of the Board of Directors are elected for one-year terms.
The number of members of the Board is determined at the Annual Shareholders' Meeting, where its members are also elected. The members of the Board of Directors elect a chairman and a vice-chairman from amongst themselves. The Aspo Plc Board comprises six members.
The duties and responsibilities of the Board of Directors are set out in the Company's Articles of Association, the Finnish Companies Act and other applicable legislation. Aspo Plc's Board of Directors has confirmed a written agenda, which states that the matters handled by the Board include:
- Group strategic policies and divisional strategies
- Group structure
- Group financial reports and financial statements
- Group business plans, budgets and investments
- expansions and reductions of operations, acquisitions/divestitures of companies or operations
- Group risk management, insurance and financial policies
- Group environmental policy
- management remuneration and incentive systems
- appointment of the CEO
In keeping with its responsibility to oversee the Group's operations and financial performance, the Board will receive and examine financial reports for its meetings. The CEO of the Parent company will present the Group report at Board meetings. The Board will perform an annual self-assessment of its activity and working methods.
Fees and other Board member benefits
The Annual Shareholders' Meeting approves Board membership fees and reimbursement guidelines annually. Board membership fees are paid in cash.
In 2009, the Aspo Plc Board held 13 meetings, four of which were teleconferences. Average attendance was 99%.
The 2009 Annual Shareholders' Meeting approved the following Board member fees:
- Board chairman is paid EUR 15,500 including fringe benefits as monthly remuneration. To the extent that the chairman during the present term of office receives salary or remuneration based on the previous CEO agreement, no remuneration shall be paid for the duties of the chairman.
- The vice-chairman is paid a monthly remuneration of EUR 3,000.
- Other Board members are paid a monthly fee of EUR 2,000.
Travel expenses will be reimbursed in accordance with Aspo's general travel guidelines.
In 2008, Aspo Plc Board members were paid a total of EUR 130,500 in fees.
« Back