Audit Committee

The Audit Committee assists the Board of Directors in its supervisory responsibilities.

The duties of the Audit Committee according to the Finnish Corporate Governance Code are:

  • Monitoring the reporting process of financial statements;
  • Supervising the financial reporting process;
  • Monitoring the efficiency of the Company’s internal control, internal audit, and risk management systems;
  • Reviewing the description of the main features of the internal control and risk management systems pertaining to the financial reporting process, which is included in the Company’s corporate governance statement;
  • Monitoring the statutory audit of the financial statements and consolidated financial statements;
  • Evaluating the independence of the statutory auditor or audit firm, particularly the provision of related services to the Company to be audited;
  • Preparing the proposal for resolution on the election of the auditor; and
  • Assessing the effects of any exceptional or significant business transactions.

The following picture describes the Audit Committee’s operating calendar.

cramo_image_3

Year 2019

Until 28 March 2019, the Audit Committee was chaired by Mr Joakim Rubin, with Ms AnnaCarin Grandin and Ms Caroline Sundewall as committee members.

At the Board’s constitutive meeting on 28 March 2019, Mr Joakim Rubin was appointed as Chairman of the Audit Committee, and Ms AnnaCarin Grandin and Mr Christian Bubenheim were elected as members. Mr Rubin was deemed independent of the Company, but not independent of a major shareholder. Ms AnnaCarin Grandin and Mr Christian Bubenheim were deemed independent of the Company and its major shareholders.

Year 2018

Until 28 March 2018, the Audit Committee was chaired by Mr Joakim Rubin, with Mr Perttu Louhiluoto, Mr Erkki Stenberg and Ms Caroline Sundewall as committee members.

At the Board’s constitutive meeting on 28 March 2018, Mr Joakim Rubin was appointed as Chairman of the Audit Committee, and Ms AnnaCarin Grandin, Mr Perttu Louhiluoto and Ms Caroline Sundewall were elected as members. Mr Louhiluoto and Ms Sundewall were deemed independent of the Company and its major shareholders. Mr Rubin was deemed independent of the Company, but not independent of a major shareholder.

The Audit Committee met eight times in 2018.

Further information on the Committee meetings as well as the attendance of the members at the meetings in 2018 is provided in the Corporate Governance Statement 2018.

Corporate governance statements

Corporate governance

The corporate governance at Cramo is based on Finnish law and the Company’s Articles of Association. The Group complies with the rules of Nasdaq Helsinki Ltd and the Finnish Corporate Governance Code 2015 published by the Securities Market Association. The Corporate Governance Code is available on the Securities Market Association’s website:  http://cgfinland.fi/en/. Cramo does not deviate from the Finnish Corporate Governance Code Recommendations.

The Group’s headquarters are in Vantaa, Finland and the Company is listed on the Nasdaq Helsinki Ltd.

Cramo prepares annual financial statements and interim reports conforming to Finnish law and International Financial Reporting Standards (IFRS). Statements and reports are published in Finnish and English.

Overview of Corporate Governance Components at Cramo Group

The Group’s control and management responsibilities are divided among the General Meeting of Shareholders, the Board of Directors with its two committees, and the President and CEO, the Group management team, managing directors of subsidiaries, and the General Management Meeting. The Board of Directors supervises the performance of the Company, its management and organisation on behalf of shareholders. The Board of Directors and the Group management team are separate bodies, and no one serves as a member of both.