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Etteplan Oyj — Governance Information 2012
Feb 14, 2012
3264_rns_2012-02-14_a5bff8e9-4735-4d48-bd3e-a251cbf064f9.pdf
Governance Information
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1 (13)
Etteplan
CORPORATE GOVERNANCE STATEMENT
This corporate governance statement has been prepared in accordance with recommendation 54 of the Finnish Corporate Governance Code. The corporate governance statement has been prepared as a part of annual report and it is also available separately on the company's web pages www.etteplan.com. Etteplan's Board of Directors' has reviewed this corporate governance statement. Etteplan Oyj's external auditor, PricewaterhouseCoopers Oy, has checked that this statement has been issued and that the description of the main features of the internal control and risk management systems pertaining to the financial reporting process is consistent with Etteplan Oyj's financial statements.
General governance principles
Etteplan Oyj is a Finnish public limited company that in its decision-making and governance complies with the Finnish Companies Act, other legislation concerning publicly listed companies, and the Articles of Association of Etteplan Oyj.
The Company is a publicly listed company that abides by the regulations of NASDAQ OMX Helsinki Ltd. Etteplan complies with the Finnish Corporate Governance Code 2010 published by the Securities Market Association, with the exception of recommendations 24 (Establishment of the audit committee), 25 (Members of the audit committee), 26 (Independence of the members of the audit committee) and 27 (Duties of the audit committee), because the Company does not have an Audit Committee. The Finnish Corporate Governance code is available on the Securities Market Association's website at www.cgfinland.fi.
Supervision and management of the Company is divided among the General Meeting of Shareholders, the Board of Directors, and the CEO.
GENERAL MEETING
The shareholders exercise their decision-making power at the General Meeting. The Company must hold one Annual General Meeting for shareholders annually, by the end of June. If necessary, an Extraordinary Meeting of Shareholders is held. A shareholder may exercise his/her right to speak, ask questions and vote at the General Meeting. The matters to be considered at the Annual General Meeting (AGM) are specified in section 8 of Etteplan's Articles of Association and in Chapter 5, Section 3 of the Companies Act.
Decisions by the General Meeting are published without delay after the meeting by a stock exchange release and on the Company's website at www.etteplan.com.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
2 (13)
Etteplan
Information on General Meetings to Shareholders
The Board shall convene the Annual General Meeting or an Extraordinary General Meeting with a summons to be published on the Company's website at www.etteplan.com. The summons must list the agenda for the meeting. The Board may also decide to publish the invitation to the General Meeting in a one Finnish national newspaper, determined by the Board. The summons to a meeting and the Board's proposals for the meeting are also published as a stock exchange release.
The notice of the General Meeting includes a proposal for the agenda of the meeting. The notice of the General Meeting, documents to be submitted to the General Meeting and draft resolutions to the General Meeting will be available on the Company website at least three weeks before the General Meeting.
The Company will disclose on its website the date by which a shareholder shall notify the Board of Directors of the Company of an issue that he or she demands to be included in the agenda of the Annual General Meeting.
The minutes of the General Meeting shall be posted on the Company website within two weeks of the General Meeting. The documents related to the General Meeting shall be available on the Company website at least for three months after the General Meeting.
Organization of the General Meeting
According to Company's Articles of Association the General Meeting shall be held in the Company's domicile or in Lahti, Vantaa or in Helsinki as decided by the Board of Directors of the Company.
To be able to participate in General Meeting, a shareholder must be registered on the record date in the Etteplan Oyj's shareholder register, maintained by Euroclear Finland Ltd. A nominee-registered shareholder who intends to take part in General Meeting is advised to request the necessary instructions regarding entry in the company's shareholder register and the issuing of proxy documents from their account holder. A notification by a holder of nominee-registered shares for temporary inclusion in the Company's shareholders' register is perceived as prior notice of participation in the General Meeting.
Shareholders must register for a General Meeting in advance, within the time prescribed in the summons. A shareholder may participate in a General Meeting personally or through a duly authorized proxy. The proxy must present a power-of-attorney form for such authorization. Upon registration for a General Meeting, the shareholder must report to the Company any powers of attorney issued. The shareholder and proxy may have an assistant present at the meeting.
Attendance of the Board of Directors, Managing Director and Auditor at the General Meeting
The Chairman of the Board of Directors and a sufficient number of members of the Board and its Committees as well as the CEO shall attend the General Meeting. In addition, the Auditor shall be present at the Annual General Meeting.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
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Etteplan
Attendance of a prospective Director at a General Meeting
A person proposed for the first time as Director shall participate in the General Meeting that decides on his or her election unless there are well-founded reasons for absence.
Shareholder agreements
A shareholder agreement is an agreement among the shareholders of a company on the company's governance and management. A shareholder agreement can be made when a company is established or during the time of its operation. A shareholder agreement is binding between the shareholders. A shareholder agreement does not bind the company itself unless the company is included in the agreement. In general the Board of Directors approves a shareholder agreement on behalf of the company.
Etteplan has not made a shareholder agreement nor is the Company aware of possible shareholder agreements.
BOARD
The Board of Directors is responsible for the Company's management and for the due organization of the Company's operations in accordance with the relevant legislation and the Company's Articles of Association. The Board of Directors controls and monitors the Company's operational management; appoints and dismisses the CEO; and approves the major decisions affecting the Company's strategy, capital expenditures, organization, remuneration and bonus systems covering the management, and finances.
Charter of the Board
As part of the Company's corporate governance, the Etteplan Oyj Board of Directors has approved written rules of procedure to control Board work. The Board's rules of procedure complement the stipulations of the Finnish Companies Act and the Articles of Association of the Company.
Meetings of the Board
The Board meets as often as appropriate fulfilment of its obligations requires. The Etteplan Board of Directors met 13 times in 2011. In addition to the members of the Board, the Company's CEO attended Board meetings as the Secretary to the Board. The average attendance percentage of the Board members at the meetings was 94.9%.
Performance evaluation of the Board
On an annual basis, the Board of Directors assesses its activities and work practices. The Board specifies the criteria to be used in the assessment, which is carried out as internal self-evaluation. The results of these activities are handled by the Board.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
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Etteplan
Composition of the Directors
The Annual General Meeting elects the members of the Board of Directors. The Nomination and Remuneration Committee of the Board of Directors of Etteplan Oyj prepares a list of proposed members of the Board of Directors for consideration by the Annual General Meeting. The Board-proposed candidates are reported upon in the summons to the meeting and on the Company's website.
According to the Articles of Association, the Board of Directors shall have a minimum of three and a maximum of seven members. The Board of Directors shall be elected for a term of one year at the Annual General Meeting.
In accordance with the proposal of the Board of Directors' Nomination and Remuneration Committee the Annual General Meeting held on 31 March 2011 re-elected Tapio Hakakari, Heikki Hornborg, Robert Ingman, Pertti Nupponen, Satu Rautavalta and Teuvo Rintamäki as members of the Board of Directors.
The Board of Directors of Etteplan Oyj has in its meeting on March 31, 2011 elected Heikki Hornborg as Chairman of the Board and Robert Ingman as Vice Chairman of the Board.
Independence of Directors
The majority of the Directors shall be independent of the Company. In addition, at least two of the Directors representing this majority shall be independent of significant shareholders of the Company.
The Board shall evaluate the independence of the Directors and report which of them are independent of the Company and which are independent of significant shareholders.
Tapio Hakakari, Robert Ingman, Pertti Nupponen, Satu Rautavalta and Teuvo Rintamäki are independent of the Company.
Tapio Hakakari, Heikki Hornborg, Pertti Nupponen, Satu Rautavalta and Teuvo Rintamäki are independent of significant shareholders.
Information reported on Directors
Biographical details and information on the holdings of the Board of Directors are presented on the Company's website at www.etteplan.com and in Annual Report 2011.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
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Etteplan
BOARD COMMITTEES
Nomination and Remuneration Committee
The Board of Directors of Etteplan Oyj has appointed a Nomination and Remuneration Committee among the Directors. The Board has confirmed the central duties and operating principles of the committee in a written chapter. The Nomination and Remuneration Committee reports regularly on its work to the Board.
The task of the Nomination and Remuneration Committee is to assist the Board of Directors in matters related to the appointment and compensation of the Company's CEO, the deputy CEO and other executives. In addition, the committee prepares for the Annual General Meeting a proposal on the number of Board members, Board composition and Board member compensation. The committee also recommends, prepares and proposes to the Board the CEO's and the deputy CEO's nomination, salary and compensation, and further evaluates and provides the Board and the CEO with recommendations concerning management and employees rewards and compensation systems.
The committee consists of three members of the Board of Directors. It convenes on a regular basis at least once a year. The Committee Chairman provides the Board with the proposals made by the committee.
Since the Annual General Meeting of 2011, Tapio Hakakari has been Chairman of the Nomination and Remuneration Committee and Heikki Hornborg and Robert Ingman as members of the Committee. Tapio Hakakari and Robert Ingman are independent of the Company.
The Nomination and Remuneration Committee met 7 times during 2011. All members of the Nomination and Remuneration Committee attended all the meetings.
CEO
The Board of Directors appoints the CEO and terminates this employment, as well as monitors the CEO's activities. The parent Company's CEO furthermore acts as the Group's Chief Executive Officer. The CEO is responsible for managing the Group's day-to-day operations in accordance with the rules and instructions issued by the Board of Directors. The CEO may take measures that are unusual and far-reaching with regard to the scope and nature of the Company's operations, but only with authorization from the Board of Directors. The CEO is responsible for ensuring that the Company's accounting complies with the applicable legislation and that its asset management is arranged in a reliable manner.
A written CEO agreement, which has been approved by the Board, has been drawn up for the CEO.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
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Etteplan
Matti Hyytiäinen has been the Company's president and CEO from the beginning of 2008 until the end of 2011. He has not been a member of the Board of Directors, but he has attended Board meetings as the Secretary to the Board. In October 2011 Matti Hyytiäinen resigned from Etteplan to join another company.
In December 2011 Etteplan Oyj's Board of Directors appointed M. Sc. (Eng) Juha Näkki as the new President and CEO of Etteplan Oyj as of January 1, 2012. Juha Näkki's biographical details and information on the holdings are presented on the Company's Web site at www.etteplan.com and in Annual Report 2011.
OTHER EXECUTIVES
The CEO appoints members to the Management Group who are appropriate from the standpoint of line operations. The Management Group assists the CEO and also develops and monitors all matters entrusted to the Company's management, including those connected with the Group and business unit strategies, acquisitions and major capital expenditures, divestments, the Company's image, monthly reporting, interim reports, investor relations, and the main principles of the human resource policy. The Board of Directors approves the appointment of the Management Group members.
In 2011 Etteplan Oyj's Management Group has consisted of Matti Hyytiäinen, President and CEO; Niclas Gräns, Vice President, Partner Network; Per-Anders Gådin, Chief Financial Officer; Peter Jahn, Vice President, Etteplan Enterprise Solutions; Outi-Maria Liedes, Vice President, HR & Communications and Juha Näkki, Vice President, Etteplan Operations.
As of January 1, 2012 Etteplan Oyj's Management Group consists of Juha Näkki, President and CEO; Niclas Gräns, Vice President, Partner Network; Per-Anders Gådin, Chief Financial Officer; Peter Jahn, Vice President, Etteplan Enterprise Solutions and Outi-Maria Liedes, Vice President, HR & Communications.
Biographical details and information on the holdings of the members of the Management Group are presented on the Company's Web site at www.etteplan.com and in Annual Report 2011.
REMUNERATION
Principles applied to remuneration schemes
The goal of remuneration schemes is to promote competitiveness and long-term financial success of the Company and to contribute to the favourable development of shareholder value. Remuneration schemes are based on predetermined and measurable performance and result criteria.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
7 (13)
Etteplan
The task of Board's Nomination and Remuneration Committee is to assist the Board of Directors in matters related to the remuneration of the Company's CEO, the deputy CEO and other executives and to prepare matters related to the reward schemes for employees.
Decision-making process
The General Meeting shall decide on the remuneration payable for Board and Committee work as well as the basis for its determination. The Nomination and Remuneration Committee has been assigned the duty of preparing the remuneration of the Board. The Board of Directors shall decide on the remuneration of the CEO as well as other compensation payable to him or her. The compensation principles for the Management Group are determined by the CEO in cooperation with the Board of Directors.
Remuneration of the Board of Directors
According to the resolution passed by the Annual General Meeting of 2011, the remuneration for each member of the Board of Directors is 600 euros per meeting and for the Chairman of the Board of Directors 1,200 euros per meeting. In addition, each member of the Board receives 1,700 euros per month and the Chairman of the Board of Directors 3,400 euros per month. Daily allowances and travel expenses are paid to the Board members according to the Company's travel policy.
According to the resolution passed by the Annual General Meeting of 2011, the remuneration for each member of the Nomination and Remuneration Committee is 600 euros per meeting and for the Chairman of the Nomination and Remuneration Committee 1,200 euros per meeting. In addition daily allowances and travel expenses are paid for the meetings to the committee members according to the Company's travel policy.
Remuneration for Board and Committee work is not paid in the form of Company shares and the Board members are not in the target group of Company's share-based incentive plan.
Remuneration of the CEO and other executives
The CEO's compensation consists of a basic salary and a yearly bonus decided annually by the Board on the basis of the corporation's financial result and other key targets. The maximum amount of yearly bonus is decided annually. In addition the CEO has car and phone benefits. The CEO belongs to the target group of a share-based incentive plan for the key employees of Etteplan Group. Statutory retirement age applies to the CEO. In the event of dismissal, the CEO is at the most entitled to receive compensation equivalent to 18 months' salary which includes the salary for a six-month term of notice.
No changes have occurred in the CEO's compensation principles in connection with the CEO change on January 1, 2012.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
8 (13)
Etteplan
The system of compensation for the members of the Management Group includes a base salary and a performance based bonus. The principles for performance based bonus are decided annually. In 2011 the bonus was based on Company's operative cash flow. The maximum of the yearly bonus is 25-100 percent of the recipient's annual salary depending on the member's duties. Members of the Management Group are included in the share-based incentive plan for the Company's key personnel. No separate agreement has been made regarding early retirement for members of the Management Group. In the event of dismissal, a Management Group member is at the most entitled to receive compensation equivalent to 10 months' salary which includes the salary for a four-month term of notice.
Information on the service contract of the CEO
In 2011, President and CEO Matti Hyytiäinen's basic salary was EUR 307,502. In 2011, his car and phone benefits totaled to EUR 14,283. In addition, EUR 161,064 performance based bonus accrued from year 2010 was paid to President and CEO in 2011.
President and CEO Matti Hyytiäinen's employment at Etteplan ended on December 31, 2011. Basic salary was paid to him until December 31, 2011. In addition EUR 38,000 performance based bonus accrued from year 2011 will be paid to Matti Hyytiäinen in 2012.
According to the resolution made by the Board of Directors of Etteplan Oyj no company-held shares were disposed for the 2011 earnings period of the share-based incentive plan.
In 2011 no additional accrual basis pension insurance policy was paid for the President and CEO Matti Hyytiäinen.
Share-based incentive plan
The Board of Directors of Etteplan Oyj decided on a new share-based incentive plan for the Group key personnel in March 2011. The share-based incentive plan offers the target group the opportunity to receive Etteplan Oyj shares as remuneration for achieving the set targets.
The plan includes three earning periods: calendar years 2011, 2012 and 2013. The amount of remunerations paid is tied to the objectives that are set annually. The Board is authorized to make decisions related to the share-based incentive plan by earnings period. At the beginning of each earnings period, the Board of Directors reviews the target group and specifies the maximum number of shares per person that can be earned. Remunerations paid out from the incentive plan are paid in three instalments, partly as company shares and partly in cash. The part paid in cash covers the taxes and tax-like fees paid for the remuneration. An earnings period is followed by a mandatory two-year ownership period. The rewards to be paid on the basis of the plan from all earning periods 2011, 2012 and 2013 will correspond to the value of an approximate maximum total of 810,000 Etteplan Oyj shares (including also the proportion to be paid in cash).
If employment is terminated during the earnings or ownership period, the shares must be returned to the Company without compensation.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
9 (13)
Etteplan
In 2011 16 people belonged to the target group of the plan. The earnings criteria of the earning period 2011 were the Etteplan Group's operating profit (EBIT) and revenue. The Company did not dispose company-held shares for the 2011 earnings period to the employees who were part of share-based incentive plan.
Remuneration Statement
A remuneration statement is available on Company's webpage at www.etteplan.com. The statement is updated regularly.
INTERNAL CONTROL, RISK MANAGEMENT AND INTERNAL AUDIT
The objective of Etteplan Oyj's internal control and risk management is to ensure that the Company's operations are efficient and profitable, its information is reliable, and it complies with appropriate regulations and operating principles. The objectives also include identification, assessment, and monitoring of risks related to business operations. Internal audit helps to improve the efficient fulfilment of the Board's supervision obligation.
Operating principles of internal control
The Board ensures that the Company has defined the operating principles of internal control and monitors the function of such control.
Organization of risk management
Management and mitigation of the impact of risks is one of the Group's main principles of operation. The Board of Directors and the Management Group monitor the development of risks and concentrations of risk. The Group's financial administration operations monitor and assess operational and financial risks and take measures to avert them in cooperation with the Board of Directors, the Management Group, and the management personnel responsible for design work.
Etteplan Group implemented a large risk survey in 2011. Risks and risk management are presented on Company's webpage at www.etteplan.com and in Annual report 2011.
Reviews concerning financing risks are presented in the notes to the consolidated financial statements in the Annual Report 2011.
Internal audit
Etteplan Group does not have separate internal audit function. The Board can engage external advisors to perform evaluations relating to control environment or other activities.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
10 (13)
Etteplan
Description of the main features of the internal control and risk management systems pertaining to the financial reporting process
Etteplan prepares consolidated financial statements and interim reports in accordance with the International Financial Reporting Standards, as adopted by EU, the Securities Markets Acts as well as the appropriate Financial Supervision Authority Standards and NASDAQ OMX Helsinki Ltd's rules. The Report of the Board of Directors of Etteplan and parent company financial statements are prepared in accordance with Finnish Accounting Act and the opinions and guidelines of the Finnish Accounting Board.
Etteplan Group has a group level accounting policies and instructions that are applicable for all group companies and according to which group financial reporting is prepared. Together with reporting calendar and schedules, accounting policies and instructions form the framework for timely and correct group reporting. Etteplan's business operations are in all material respects located in Finland, Sweden and China and all countries have local accounting and financial reporting organisations, systems and reporting to the Group. Internal control and risk management systems and practices as described below are designed to ensure that the financial reports as disclosed by the Company give essentially correct information about the Company finances.
Etteplan has a common group consolidation system. Accounting data is transferred from the local accounting systems either automatically or manually and correctness is controlled by the group accounting team. Common chart of accounts forms the basis of group reporting. Group accounting, consolidation and published financial reports are prepared by the centralised team.
Internal control over financial reporting
Proper arrangement and monitoring of internal control is the responsibility of the local management in accordance with the group framework. Etteplan Board of Directors has approved operating principles of internal control, which have been prepared in accordance with the Code recommendation 48. Operating principles include the main features of risk management process, summary of risks, control objectives and common control points for financial reporting as well as roles and responsibilities in executing and monitoring internal control in Etteplan.
Internal controls over financial reporting process at the country and group level was a focus area in 2009. Since then the processes have been reviewed and updated annually. Etteplan finance organisation has analysed process risks and defined control objectives for external financial reporting process. Existing control points in the process have been documented. These control points include for example reconciliations, authorisations, analysis, and segregation of key accounting duties. The work has been led by the Group CFO.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
11 (13)
According to its annual clock, Management Group has monthly meetings where also financial performance and financial reporting are analysed. Prior to these meetings, financial reports have been analysed in the division level to detect any irregularities or errors. Group level financial reports are prepared to the Etteplan Board on a monthly basis. The Board also reviews and approves interim financial reports, annual results report and financial statements.
Etteplan does not have separate internal audit function. The Board can engage external advisors to perform evaluations relating to control environment or other activities.
INSIDER ADMINISTRATION
The Etteplan Oyj Board of Directors has approved insider regulations for the Company. The regulations are based on the Finnish Securities Markets Act, and they comply with the standards of Financial Supervision and the Guidelines issued by the NASDAQ OMX Helsinki Ltd, which took effect on October 9, 2009. In accordance with the Finnish Securities Markets Act, Etteplan Oyj's insiders are defined to consist of insiders with the duty to declare their interests, permanent company-specific insiders, and project-specific insiders.
Because of the nature of their position, also among Etteplan's statutory insiders are the members of the Board of Directors, the CEO, and the Chief Auditor from the chosen auditing firm (a company of independent public accountants). Moreover, the members of the Management Group are entered in the public insider register.
The Company maintains a permanent company-specific insider register, which includes front-line managers for business operations, financial administration personnel, and those working for the Company on the basis of an employment or other contract who receive insider information.
A project-specific insider register is created by decision of the Board of Directors, the CEO, or the Management Group.
The Company's insider guidelines direct insiders to restrict their trading in the Company's shares to times when the markets have as precise information as possible on the factors influencing the value of shares in the Company. Consequently, persons included in Etteplan's insider registers are always prohibited from trading with company securities during 28 days before the publication of interim reports and financial statement release, including the day of publication (the closed window). During other times i.e. as of the day following the publication of interim reports and financial statement release there is an open window during which permanent insiders are allowed to trade. Even then it is provided that they do not possess insider information.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
12 (13)
Etteplan
Maintenance of the public insider register of Etteplan Oyj is the responsibility of the Chief Financial Officer, who is responsible for compliance with insider regulations and fulfilment of duties to report. Etteplan Oyj's insider registers are maintained by the Company's head office, which updates the information that, as required by law, is entered in the public insider register for Euroclear Finland Ltd pertaining to insiders with the duty to declare.
Information on insider holdings
Information about the holdings of Etteplan Oyj insiders with the duty to declare is retained at the company's web sites at www.etteplan.com. The insider registers of issuers are on public display at Euroclear Finland Ltd (previously Finnish Central Securities Depository), Urho Kekkosen katu 5 C, FI-00100 Helsinki, Finland.
AUDIT
The primary duty of statutory auditing is to verify that the financial statements give correct and sufficient information about the Group's profit and financial situation for the financial year. Etteplan Oyj's financial year is the calendar year. The auditor is responsible for auditing the Company's accounts and the correctness of its financial statements during the financial year, and for issuing an auditor's report to the Annual General Meeting.
A summary of the Group's audit report is compiled for the Board of Directors. Also, the auditors of all Group companies report separately to the management of each company within the Group. The auditor attends at least one meeting of the Board of Directors in the relevant financial year.
The Annual General Meeting elects one regular auditor to audit corporate governance and accounts. The auditor must be a firm of independent public accountants so authorized by the Central Chamber of Commerce. In 2011, the Annual General Meeting elected PricewaterhouseCoopers Oy, a firm of authorized public accountants, with Mika Kaarisalo, APA, acting as Chief Auditor. The auditor's term ends at the conclusion of the first Annual General Meeting after the election.
Auditing was opened for competitive bidding at the beginning of 2009.
Audit fees and services not related to auditing
According to the resolution made by the Annual General Meeting 2011 the fees for the auditor are paid according to invoice by the principles approved by the Board of Directors.
The audit fees paid in 2011 totalled 58,975 euros (in 2010: 67,032 euros). In addition, 74,996 euros was paid to the firm for services not related to auditing (in 2010: 74,527 euros).
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012
13 (13)
Etteplan
COMMUNICATIONS
It is Etteplan Oyj's principle to be open, truthful and quick in all communications. The primary objective of the Company's investor information is to provide the market with information about the Group's operations and financial standing. The goal is to give all stakeholder groups correct and uniform information in a regular and balanced manner.
Silent period
Etteplan Oyj follows a so-called silent period before publication of interim reports and financial statement releases. The duration of the silent period is 28 days.
Distribution of investor information
Etteplan publishes all of its investor information on the Company's Web site at www.etteplan.com. Financial releases will be made available immediately after publication. They will be published in Finnish and English.
Terveystie 18
FIN-15860 HOLLOLA
E-mail [email protected]
www.etteplan.com
Company ID: 0545456-2
Domicile: Hollola
Tel +358 10 307 1010
Fax +358 10 307 1012