President and CEO

Cramo Plc’s Managing Director, who also acts as the President and CEO, is in charge of the Company’s day-to-day management in accordance with the Finnish Companies Act and related legislation as well as instructions and orders given by the Board of Directors.

The areas of responsibility of the President and CEO, in addition to meeting the legal requirements mentioned above and implementing the Board’s decisions, specifically include achieving objectives of the business; increasing shareholder value, the Company’s profitability and the efficiency of the Company’s operations; and making investments within the limits defined by the Board. Cramo has an internal document concerning authorisations granted and approval limits for work divided between the Board of Directors, the President and CEO and other management.

The President and CEO is appointed by the Board of Directors. His or her service contract is approved by the Board. The performance of the President and CEO is evaluated annually by the Board of Directors. In addition to a monthly salary and fringe benefits, the President and CEO is eligible for a performance-based bonus on an annual basis and long-term incentives.

Information regarding President and CEO’s service contract and remuneration is described in the Remuneration Statement.

The President and CEO shall not be elected Chairman of the Board. Furthermore, neither the President and CEO nor other executives of the Company shall be appointed as formal members of the Remuneration Committee.

The President and CEO is assisted by the Group management team.

Further information on the President and CEO’s biographical details can be found here.

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.