According to the Articles of Association, the Supervisory Board consists of a minimum of eight and a maximum of eighteen members. The General Meeting of Shareholders elects the members of the Supervisory Board for a term of one year. The Supervisory Board supervises the company’s administration by the Board of Directors and the Managing Director. It gives the Annual General Meeting its opinion on the financial statements and the auditors’ report, and decides on issues that concern considerable reduction or expansion of the company’s operations or substantial reorganisation of the company. The Supervisory Board’s duty is to provide the Board of Directors with guidelines in matters that have far-reaching consequences or are otherwise important as questions of principle.
In 2011, the Supervisory Board had eighteen (18) members and met eight (8) times. The average attendance rate at the Supervisory Board meetings was 79 per cent (83).