Committees

The committees assist the Board of Directors by preparing matters falling within the Board of Directors’ decision-making power. The Board of Directors has appointed an Audit Committee and a Remuneration Committee from among its members.

Each committee consists of at least three (3) members. The members must have the expertise and experience necessary for the performance of the committee’s duties. The committees regularly report to the Board on their operations. The Board has approved written rules of procedure for the committees.

Audit Committee

The purpose of the Audit Committee is to assist the Board in its supervisory duties related to the Enersense Group’s financial reporting, internal control system, risk management and internal audit and the auditor’s work.

The committee’s specific task is to assist the Board in the following:

  • Monitoring and assessing financial reporting systems and processes
  • Assessing compliance with laws and regulations and the guidelines approved by the Enersense Group
  • Monitoring the effectiveness, adequacy and appropriateness of internal control, internal audit and risk management systems and supervising internal audit
  • Monitoring the statutory audit of the financial statements and consolidated financial statements
  • Monitoring and assessing the auditor’s competence and independence and particularly their provision of non-audit services
  • Preparing a proposal on the auditor’s selection and fees for the Annual General Meeting of Enersense International Plc to decide on
  • Processing the content of the Enersense Group’s financial statements and business reviews
  • Communicating with the auditor and reviewing the auditor’s reports

The committee consists of at least three (3) members, and at least one of them must have expertise in the fields of accounting or auditing in particular. Board members elected to the Audit Committee must have a good knowledge of the Enersense Group’s business operations and industries.

The members of the Audit Committee must be independent of the company, and at least one of them must be independent of its significant shareholders.

Composition of the Audit Committee in 2021

 

  • Sari Helander, Chair
  • Petri Suokas, member
  • Päivi Jokinen, member

The members of the Audit Committee are independent of the company, and Sari Helander and Päivi Jokinen are independent of its significant shareholders.

Remuneration Committee

The main purpose of the Board of Directors’ Remuneration Committee is to assist the Board in matters related to the preparation of the company’s remuneration principles and practices and remuneration schemes and programmes, as well as matters related to the performance and remuneration of senior management members reporting directly to the President & CEO. The Remuneration Committee also processes succession planning methods appropriate to senior management, and assesses, monitors and directs the status and development of the corporate culture and strategically significant remuneration matters.

The committee’s specific tasks include the following:

  • Preparing remuneration systems and programmes for approval by the Board of Directors
  • Preparing the appointment of the President & CEO and their direct reports
  • Preparing the remuneration and other financial benefits of the President & CEO and their direct reports
  • Assessing the annual performance of the President & CEO and their direct reports
  • Successor planning concerning the President & CEO and their direct reports
  • Ensuring the relevance and competitiveness of the company’s remuneration systems and competitiveness and monitoring compliance with regulations
  • Preparing remuneration statements and answering questions related to them at the Annual General Meeting.

The committee consists of at least three (3) members. Board members elected to the Remuneration Committee must have a good understanding of the Enersense Group’s business operations and industries and of matters related to remuneration and its development.

The majority of the members of the Remuneration Committee must be independent of the company.

Composition of the Remuneration Committee in 2021

 

  • Herkko Plit, Chair
  • Sirpa-Helena Sormunen, member
  • Jaakko Eskola, member

The members are independent of the company, and Herkko Plit and Sirpa-Helena Sormunen are independent its significant shareholders.