Board of Directors

According to the Articles of Association, the company’s Board of Directors is comprised of a minimum of six members and a maximum of nine members plus two deputy members. Two Board members are elected among candidates named by the Ministry of Employment and the Economy, one among candidates named by the Ministry of Finance, and one among candidates named by the Ministry for Foreign Affairs. Of the two deputy members, the first is elected among candidates named by the Ministry of Employment and the Economy and the second among candidates named by the Ministry of Finance. The Board members and deputy members are elected for a term of one year.

The Board of Directors confirms the company’s strategy, approves the financial statements and the interim report, advances the company’s development and ensures that the operations conform to law and meet the goals set by the owner. The Board also decides other matters of principle and important individual cases of financing.

The Board of Directors is responsible for the company’s administration and for the proper organisation of operations, including the supervision of accounting and funding. Separate agreement has been made on the division of operational duties and business related decision-making between the Board of Directors, the Managing Director and other management.

The Board appoints and dismisses the company’s Managing Director, Executive Vice Presidents and other members of the upper management.

In general, the Board meets every fourth week. In 2011, the Board had eight members and met 18 times (21). The regular members’ average attendance rate at Board meetings was 85 per cent (83).