Annual Report 2021
Corporate Governance Statement
Reporting Period Jan. 1–Dec. 31, 2021
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Description of Activities

The Board of Directors has defined a working order and evaluates its performance annually. The Board of Directors shall implement the decisions of the General Meeting. The Board of Directors supervises the operations and management. The Board of Directors makes decisions on the Company´s guiding principles for operation, strategy, and budget. The Board of Directors decides on mergers and acquisitions and other strategic alliances as well as significant investments and significant matters regarding organization and finance. The Board of Directors supervises that the control of the Group companies´ accounting and financial affairs are duly organized. The Board of Directors appoints the CEO and possible Deputy for him or her as well as approves the Company´s organizational structure.

The CEO, CFO, and CLO (who acts as secretary of the Board of Directors) attend the meetings of the Board of Directors. Other management attends the meetings when necessary or upon invitation by the Board of Directors. The Chairman of the Board approves the agendas of the meetings of the Board of Directors. The agendas are prepared by the CEO and the CLO.

An annual clock, according to which the regular subjects to be handled are determined, is applied in the Board´s work. In addition to the regular subjects of the annual clock, the most important subjects of the Board during the year were the business challenges posed by the global component shortage and prolongation of  the Covid-19 pandemic (SARS-CoV-2).

Board of Directors´Annual Clock 2021

The Annual General Meeting decides on the compensation of the members of the Board of Directors and the compensations can be publicly reviewed on the Company´s website at

In 2021, the Board convened 13 times.
The Board members attended to the meetings as follows:

January 1–December 31, 2021 Board Audit committee
Erkki Veikkolainen 13/13  
Veli-Pekka Paloranta 13/13 6/6
Seppo Mäkinen 3/13  
Riitta Tiuraniemi 13/13 6/6
Juha Putkiranta 3/13 2/6
Pekka Kemppainen 13/13  
Petri Toljamo 10/13  4/6