Board committees

Audit Committee

Audit Committee is annually appointed by the Board of Directors in its constituent meeting following the Annual General Meeting.

The current Audit Committee consists of four members: Riitta Palomäki (Chairman), Roland Sundén, Joakim Olsson and Erja Sankari. The present members of the Audit Committee are considered independent in relation to the company and its senior management.

The main responsibilities of the Audit Committee are to:

• Monitor the Company’s financial reporting
• Monitor the effectiveness of the company’s internal control, internal audit, and risk management 
• Keep itself informed regarding the audit of the Annual Report and Group accounts
• Review and monitor the impartiality and independence of the auditor, paying particular attention to whether the auditor provides the Company with services other than auditing services
• Assist in the preparation of proposals to the resolutions to the General Meeting regarding the election of an auditor
• Advise and perform tasks that are specifically delegated from the Board of Directors, if any.

As part of the tasks described above, the Chairman of the Audit Committee shall support senior management with matters related to financial reporting and information disclosure and have ongoing contact with the auditor on these topics.

The Audit Committee Chairman shall also support the CEO, the CFO and Group Communications in matters relating to information disclosure, financial reporting, and media contacts, particularly in the event of a crisis.

Remuneration Committee

The main responsibilities of the Remuneration Committee are to:

• Prepare the Board of Directors’ resolutions on issues concerning remuneration principles, remunerations, and other terms of employment for the senior management
• Monitor and evaluate programs for the variable remuneration of senior management, both ongoing and terminated during the year
• Monitor and evaluate the application of the guidelines for the remuneration of senior management upon which the Annual General Meeting is legally obliged to decide, as well as the current remuneration structures and levels in the Company
• Assess and plan the succession of senior management at Eltel.