Independence of the Board of Directors

Under the Finnish Corporate Governance Code 2015, the majority of directors shall be independent of the Company. In addition, at least two directors of this majority shall be independent of the Company’s major shareholders. The Board shall evaluate the independence of directors and report which directors it determines to be independent of the Company and which directors it determines to be independent of major shareholders.

All Board members are deemed to be independent of the company and its significant shareholders.*

More detailed criteria for independence are listed in Recommendation 10 of the Finnish Corporate Governance Code 2015, which can be consulted online at www.cgfinland.fi.

 

*until May 3, 2019 Ole Johansson was deemed to be dependent of a significant shareholder of the Company.