RAUTE board sets up Audit and People Committees

 Friday, May 3, 2024

Raute Corporation’s Board of Directors has decided to establish an Audit Committee and a People Committee to support the work of the Board of Directors. In appointing the members of the committees, the Board of Directors has considered the expertise and experience required for the task.

During its inaugural meeting, the Board of Directors appointed Mikko Kettunen as Chair of the Audit Committee, with Jenni Virnes, Joni Bask, and Julius Manni serving as members. Additionally, Laura Raitio was elected Chair of the People Committee, alongside members Ari Harmaala and Ari Piik.

The Board of Directors has also assessed the independence of its members. Joni Bask is assessed to be dependent on the company after more than 10 years on the Board of Directors, but he is independent of the company’s significant shareholders. All other members of the Board of Directors are independent of the company and of the company’s significant shareholders.

The Audit Committee is responsible for, among other things:

• Monitor and evaluate the company’s financial reporting system
• Monitor and evaluate the effectiveness of the company’s internal control and audit and risk management systems
• Monitor and assess how contracts, agreements and other legal transactions concluded between the company and its related parties meet the requirements of ordinary course of business and market conditions
• To monitor and evaluate the independence of the auditor and, in particular the provision of non-audit services by the auditor
• Assess compliance with laws, regulations and company policies, and
• Carry out other tasks for which the Board of Directors has granted the Committee authority.

The People Committee is responsible for, among other things:

• Preparation of the remuneration policy and remuneration report
• Preparation of matters related to the appointment, dismissal, remuneration pension, benefits and other material terms and conditions of employment of the CEO and other members of the Executive Board
• Preparation of matters concerning Raute’s long- and short-term incentive plans.
• Assessing the remuneration of the CEO and the Executive Board and ensuring the appropriateness of the total remuneration packages
• Monitor the succession planning of the Executive Board

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