The President and CEO attends to the day-to-day administration of the company in accordance with the instructions and orders given by the Board of Directors. The CEO ensures that the company’s accounting is lawful and asset management is organised reliably. The CEO serves as the chairman of the Group’s Management Board and as the chairman of the Boards of the Group’s business segment parent companies.
The President and CEO reports to the Board of Directors, who appoints and discharges the CEO. The Annual General Meeting discharges the CEO from liability.
The President and CEO and other members appointed by the Board of Directors make up the Group’s Management Board. It assists the President and CEO with operational planning and management and prepares matters that are to be processed by the Board of Directors. Among other duties, the Management Board prepares the Group’s strategic and annual planning, supervises the implementation of plans and financial reporting, prepares major investments and acquisitions. Developing cooperation within the Group and promoting common development projects are also among the Management Board’s key duties.
Management Board meets on a regular basis, approximately once a month. The President and CEO appoints the Management Board’s secretary. The President and CEO is responsible for decisions made by the Management Board, whereas the Management Board members implement the decisions in their own areas of responsibility.