Audit Committee

The Board shall appoint the members and the Chairman of the Audit Committee from among its members. The Audit Committee shall have at least three (3) non-executive Board members that are independent of and not affiliated with the Company. At least one member must be independent of significant shareholders.

The Audit Committee assists the Board in its responsibilities relating to the appropriate arrangement of the control of Company accounts and finances pursuant to the Companies Act. The tasks and responsibilities of the Committee are defined in its Charter, which is based on a Board resolution.

Under its charter, the Audit Committee shall meet at least four times a year. The Chairman shall present a report on each Audit Committee meeting to the Board.

As of March 22, 2012, the Board’s Audit Committee comprised the following four (4) members:


Mr. Svante Adde (Chairman),
Mr. Tapani Järvinen (member),
Ms. Malin Persson (member) and
Mr. Mikael Silvennoinen (member).

All the members of the Audit Committee are deemed to be independent of the Company and its significant shareholders. All members have sufficient corporate management expertise. In addition, Mr. Svante Adde and Mr. Mikael Silvennoinen have a degree in business administration and/or economics.

The Audit Committee convened four (4) times in 2011, and the average attendance of members at meetings was 75.0 percent. The attendance of members at meetings is shown in the table on Board meetings.