External auditing

Finnvera has a minimum of one and a maximum of two auditors, depending on the decision made by the General Meeting of Shareholders. The auditors must be authorised public accountants or accounting firms.

In competitive bidding arranged in 2007, the Finnvera Group selected KPMG Oy Ab to serve as its auditor. The Board of Directors receives annual reports of the audits conducted. In addition, the auditors’ report is submitted to the Supervisory Board. To supplement these reports, the auditor draws up memoranda for the company; these concern the audits conducted during the financial period.

The Financial Supervisory Authority monitors Finnvera’s bond issues. In other respects, Finnvera’s finances are supervised by the Auditing Unit of the Ministry of Employment and the Economy, applying the standards of the Financial Supervisory Authority.

Realisation of the industrial policy goals set by the Ministry of Employment and the Economy for Finnvera is monitored by the Ministry’s Enterprise and Innovation Department, which receives reports from Finnvera twice a year.

The auditors’ term ends at the next Annual General Meeting following their election. The auditor with the main responsibility is Raija-Leena Hankonen, Authorised Public Accountant.

The fees paid to the group’s auditors in 2011 totalled EUR 126,000. In addition, the auditing company was paid EUR 41,500 for advisory services during the year.