The Board has a Financial and Audit Committee to support the Board
in maintaining the integrity of the Company’s financial reporting
and the Board’s control functions. It regularly reviews the system of
internal control, management and reporting of financial risks, the audit
process and the annual corporate governance statement. It makes
recommendations regarding the appointment of external auditor for
the parent company and the main subsidiaries.
The Committee comprises three to five Board members, who
are independent and not affiliated with the Company. At least one
Committee member must be a financial expert who has significant
knowledge and experience in accounting and accounting principles
applicable to the Company, book-keeping or auditing. The Financial
and Audit Committee meets regularly, at least four times a year.
The Committee members meet the external and internal auditors
regularly without the management being present. The Chairman of the
Committee presents a report on each Financial and Audit Committee
meeting to the Board. The tasks and responsibilities of the Financial
and Audit Committee are defined in its charter, which is approved
by the Board. Financial and Audit Committee members may receive
remuneration solely based on their role as directors. The remuneration
is decided upon by the shareholders at the AGM
Richard Nilsson (chairman), Jorma Eloranta, Antti Mäkinen and Christiane Kuehne were elected as members of the Financial and Audit Committee on 28 March 2018.
Remuneration: chairman EUR 20 600 per annum and member EUR 14 400 per annum as decided by the AGM 2018.
The Committee prior to the AGM on 28 March 2018 comprised four members: Richard Nilsson (Chairman), Jorma Eloranta, Christiane Kuehne and Mikael Mäkinen.
The main task of the Committee is to support the Board in
maintaining the integrity of Stora Enso’s financial reporting and
the Board’s control functions. To fulfil its task the Committee
regularly reviews the Company’s system of internal control,
management and reporting of financial and enterprise risks
as well as the audit process. The Committee further reviews
relevant compliance related cases that have been reported to
Internal Audit and Ethics and Compliance during the year. In
addition, the Committee has in 2017 conducted a statutory audit
tender process resulting in a recommendation to the Board on
the auditor candidate to be proposed to the AGM 2018.