​The Audit and Risk Management Committee’s duty is to supervise the financial reporting executed by the management, and to monitor the financial statement and interim reporting process. The Committee supervises the adequacy and appropriateness of the company’s internal control, internal audit and risk management in accordance with its charter, and handles internal audit plans and reports. Furthermore, the Committee prepares a proposal to the AGM regarding the election and fees of the external auditor, defines and monitors the nonaudit services performed by the auditing firm to ensure the auditor’s independence, and supervises the statutory audit of financial statements and consolidated financial statements. The Committee also reviews the Corporate governance statement.

The directors of finance, treasury, internal audit and risk management report to the committee on a regular basis. Representatives of the auditing firm also attend meetings. If the matters to be dealt with so require, the committee convenes without the presence of the company’s management. The committee conducts annual internal self assessments to review its own performance.

The Committee consists of a minimum of three Board members. In its organising meeting on 20 March 2013 the Board elected Teuvo Salminen as chairman of the Committee, while Ilkka Herlin and Anja Silvennoinen were elected as members of the Committee. Committee members are independent of the company and, with the exception of Ilkka Herlin, independent of major shareholders. It is the Board of Directors’ opinion that Ilkka Herlin’s committee membership as a major shareholder is justified.