Tasks and duties
The tasks and duties of Tecnomen Corporation’s Board of Directors are defined in the Finnish Companies Act and other applicable legislation, according to which the Board of Directors is responsible for the necessary organisation of business operations and corporate administration. The Board is also responsible for the appropriate organisation of the supervision of the company’s accounting and management of its assets.
Tecnomen's Board of Directors acts as a Corporate Board of Directors. It handles and makes decisions on all of the main issues affecting the Group's operations, irrespective of whether the issues legally call for a decision by the Board, if Board handling is deemed to be appropriate.
The Rules of Procedure for the Board define the tasks of the Board, the procedures for the work of the Board, and the meeting and decision-making procedures. According to the principle written in the Rules of Procedure, it is the task of the Board to promote the interests of the company and all its shareholders and to provide guidelines for the company’s operations so that in the long term they generate the best possible return on the capital invested in the company.
According to the rules of procedure, the responsibilities of Tecnomen Corporation's Board of Directors include:
- making decisions on strategy
- making decisions on Group structure and organisation
- handling and adopting interim reports, consolidated financial
statements and the annual report
- confirming the Group's operating plan, budget and investment plan
- making decisions on strategically or financially important individual
investments, company acquisitions, disposals or other arrangements,
and contingent liabilities
- confirming the Group's risk management,reporting practice and
insurance policy
- making decisions on reward and incentive schemes for
Group management
- establishing a dividend policy and being responsible for the
development of shareholder value
- appointing the company's President and CEO and determining his
remuneration
- other duties determined for the Board of Directors in the Companies
Act or otherwise
Decision-making
The members of the Board have no special duties apart from those designated by law.