Internal control

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.

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: 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.