Corporate Governance
Shareholders and Finnfund Act
Finnfund is owned by the State of Finland 91.5 %, Finnvera 8.4 % and Confederation of Finnish Industries EK 0.1 %. Finnfund is operating under the auspices of the Ministry for Foreign Affairs.
Finnfund operates in accordance with the Act on a Limited Liability Company Named Teollisen yhteistyön rahasto Oy (291/79 amended).
Governing bodies
The Company is governed by the Annual General Meeting, the Supervisory Board, the Board of Directors and the Managing Director.
Annual General Meeting
The Annual General Meeting is to be held each year within six months from the end of the financial year. An extraordinary meeting of shareholders is to be held whenever the Board of Directors or Supervisory Board deem it necessary or when it must be held according to law.
The Annual General Meeting will handle all the matters designated to it in the Articles of Association and the Companies Act.
Supervisory Board
The Supervisory Board is comprised of 12 members whom the Annual General Meeting shall elect for three years at a time. Four members shall resign annually.
The Supervisory Board shall elect a Chairman and Vice Chairman from among its members for one year at a time.
The task of the Supervisory Board is to supervise the administration of the Company as seen to by the Board of Directors and the Managing Director and to give its statement to the Annual General Meeting regarding the financial statements and the audit.
In addition, the Supervisory Board can give the Board of Directors instructions in matters that are of broad import or significant in principle.
Board of Directors
The Board of Directors is comprised of at least six members or eight at the most.
The members, Chairman and Vice Chairman of the Board of Directors will be elected by the Annual General Meeting for one year at a time.
Managing Director
The Company has a Managing Director whose task is to see to the Company’s day-to-day administration in accordance with the instructions and regulations issued by the Board of Directors.
Remuneration
The remuneration of the members of the Supervisory Board and the Board of Directors is approved by the Annual General Meeting. The remuneration of the Managing Director is approved by the Board of Directors. More information about the remuneration is reported yearly in the Annual Report.
Audit
The Company has one auditor, a firm of authorized public accountants, the PricewaterhouseCoopers Oy. The principal Auditor is Mr Juha Wahlroos, APA.
More information about the corporate governance in the Annual Report.
