The Board has a Financial and Audit Committee to support the Board in maintaining the integrity of the Company’s financial reporting and the Board’s control functions. It regularly reviews the system of internal control, management and reporting of financial risks, the audit process and the annual corporate governance statement. It makes recommendations regarding the appointment of external auditors for the parent company and the main subsidiaries.
The Committee comprises 3–5 Board members, who are independent and not affiliated with the Company. At least one Committee member must be a financial expert, who has significant knowledge and experience in accounting and accounting principles applicable to Stora Enso.
The Financial and Audit Committee meets regularly, at least four times a year. The Committee meets the external and internal auditors regularly without Stora Enso management being present. The Chairman of the Committee present a report on each Financial and Audit Committee meeting to the Board. The tasks and responsibilities of the Financial and Audit Committee are defined in its charter, which is approved by the Board. Financial and Audit Committee members may receive remuneration solely based on their role as directors. The compensation is decided upon by the shareholders at an AGM.
Richard Nilsson (Chairman), Gunnar Brock and Mikael Mäkinen were elected as members of the Financial and Audit Committee on 28 April 2016.
Remuneration: chairman EUR 20 000 per annum and member EUR 14 000 per annum as decided by the AGM 2016.
The Financial and Audit Committee comprised four members in 2015: Juha Rantanen (Chairman), Gunnar Brock, Mikael Mäkinen and Richard Nilsson1). The Committee convened 6 times.
The main task of the Committee is to support the Board in maintaining the integrity of Stora Enso’s financial reporting and the Board’s control functions. To fulfil its task the Committee reviewed the system of internal control, management and reporting of financial and enterprise risks as well as the audit process during 2015. Further the Committee reviewed all the compliance related cases that has been reported to internal audit and Ethics and Compliance during the year. It also reviewed the new financial targets published in May 2015.
1) Richard Nilsson member since 22 April 2015, Juha Rantanen Chairman since 22 April, Birgitta Kantola member and Chairman of the Committee 1 January 2015 to 22 April 2015.