In accordance with the Finnish Companies Act, the Board of Directors appoints the President and Chief Executive Officer.
The President and Chief Executive Officer is responsible for managing and developing the company's operations as defined in the Finnish Companies Act and in the guidelines and instructions issued by the Board of Direcors. The President and CEO may undertake actions that are unusual or far-reaching in view of the scope and quality of the company's operations only if authorised by the Board of Directors.
The President and CEO ensures that the company's accounting complies with legislation and that its assets are managed reliably. The President and CEO is also responsible for investor relations, corporate communication, long-term strategic and financial planning, as well as major operative decisions and the supervision of their implementation. The President and CEO prepares matters to be handled at Board meetings and reports to the Board.
The term of notice of the employment contract for the CEO is six (6) months when the CEO hands in his or her resignation and six (6) months when the company serves the notice of termination on the employment contract. The notice of termination shall be provided in writing. If the contract is terminated by the company, the CEO is entitled to a compensation that equals to six (6) months salary, not including the salary paid during the period of notice. The compensation, hereby agreed upon, will also become effective if the contract is terminated due to a merge to another company as a result of which the CEO cannot be offered a corresponding task in the receiving company.
A written contract of employment has been drawn up for the President and CEO. It has been approved by the Board.