According to the Finnish Corporate Governance Code, the Board of Directors is responsible for defining the operating principles of internal control and for monitoring the functioning of the process to ensure the Group’s profitable operations.
Cramo has specified internal control as a process that is affected by the Board of Directors, management and every level of Cramo’s personnel. The objective of internal control is to give management reasonable assurance that
- operations are effective, efficient and in line with strategy and targets;
- financial reporting and management information are reliable, complete and timely; and
- the Group is in compliance with applicable laws and regulations as well as Cramo internal policies.