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Cargotec’s governance and management are based on the Finnish Limited Liability Companies Act and Securities Markets Act, as well as the company’s Articles of Association and Code of Conduct. Cargotec class B share is listed at Nasdaq Helsinki and the company complies with the rules and guidelines of Helsinki Exchange and the Finnish Financial Supervision Authority. Cargotec complies with all the recommendations of the Finnish Corporate Governance Code 2020, published by the Securities Markets Association (

The statutory external audit for the financial period includes auditing of accounting records, financial statements, and administration. In addition to the auditor’s report issued annually, the auditors report to the Board on their audit findings on a regular basis. Cargotec’s financial period is the calendar year.

According to the Articles of Association, the company has at least one and a maximum of three auditors. The auditors must be public accountants authorised by the Central Chamber of Commerce. They are elected annually by the AGM and their assignment expires at the end of the first AGM following the election. 

The AGM of 27 May 2020 elected PricewaterhouseCoopers Oy as Cargotec’s auditor, in accordance with a proposal by the Board, on the recommendation of the Audit and Risk Management Committee. PricewaterhouseCoopers nominated Authorised Public Accountant Markku Katajisto as its principal auditor. Auditors’ fees are compensated against an invoice approved by the company.

PricewaterhouseCoopers Oy has acted as Cargotec’s auditor since the beginning of the company’s first financial period, 1 June 2005. A competitive bidding round for corporate audit services was arranged by the Board Audit and Risk Management Committee in 2020, and the Board of Directors proposes to the AGM in March 2021, on the recommendation of the Audit and Risk Management Committee, that accounting firm Ernst & Young Oy be elected as the company’s auditor.

Auditors' fees

MEUR​ 2020 ​2019
​Audit fees 3.0 2.9
Services under the Finnish
Auditing Act, chapter 1,
section 1(1), point 2
0.5 -
Tax advice 0.6 0.6
Other services 1.0 0.6

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