External auditing

External auditors play an important role as controlling body elected by the General Meeting of Shareholders. Their term of office expires at the end of the first Annual General Meeting following their election. Notice of the Annual General Meeting shall reveal the Board’s proposal for the election of an external auditor.

The Company has a minimum of one and a maximum of two authorised public accountants (APA) or firms of authorised public accountants, chartered by the Central Chamber of Commerce of Finland. Their term of office expires at the end of the next Annual General Meeting following their election. If the AGM elects only one auditor, which is not a firm of authorised public accountants chartered by the Central Chamber of Commerce, it must elect one deputy auditor.

At the Annual General Meeting on 28 March 2019, the audit firm KPMG Oy Ab was appointed as Cramo Plc’s auditor for the term ending at the end of the next Annual General Meeting, with APA Mr Toni Aaltonen as the auditor responsible. The audit firm KPMG Oy Ab has served as auditor, with APA Mr Toni Aaltonen as the responsible auditor, since 2014.

TOTAL COMPENSATION FOR EXTERNAL AUDITING, EUR 1,000 2019 2018 Change, %
Audit fees 943 686 37.4
Certificates and statements 146 26 461.5
Tax consultation 10 24 -58.3
Other services 86 281 -69.4
TOTAL 1,185 1,018 16.4

 

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 from 1 January 2020 onwards the Finnish Corporate Governance Code 2020 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 three committees, Shareholders’ Nomination Committee, the President and CEO, the Group Management team and Managing Directors of subsidiaries. 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.