Board of Directors

Fingrid’s shareholders have the supreme power of decision in the general meeting which elects the Board of Directors. A Board member’s period of office expires at the closing of the next annual general meeting following his or her election. A person who is 68 years of age or older cannot be elected on the Board. The general meeting elects one Board member to serve as the chairman of the Board and one member to serve as the deputy chairman of the Board. The Board of Directors is summoned by the Chairman or a Vice Chairman.

In accordance with the articles of association, the Board of Directors consists of five (5) members. Moreover, a personal deputy member is appointed for each member of the Board of Directors. The Board constitutes a quorum when more than half of its members are present. Decisions are taken by simple majority vote. New Board members are inducted into the operations of the company.

Fingrid’s Board of Directors takes care of corporate administration. The Board of Directors decides on significant strategic policy decisions and approves the principles and values related to the management system of the company. The Board approves annually the action plan and budget and reviews the risks relating to the company’s operations and the management of such risks. Moreover, the Board appoints the President of the company and approves its basic organisation and composition of the executive management group. The primary duties and principles of Fingrid’s Board of Directors are specified in a written working order. The Board of Directors assesses its work once a year.

Meeting practice and supply of information

The Board of Directors has a continuously maintained annual schedule, which is defined by the meeting dates and meeting topics. The material concerning topics handled in a meeting of the Board of Directors is delivered to the Board members no later than three working days before the meeting. All material delivered to the Board members and the handling of matters in the Board are confidential. The Board annually evaluates its operations.

Duties of Chairman 

  • The Chairman heads the work of the Board of Directors so that the duties are carried out.
  • The Chairman accepts the agendas prepared by the President, summons the meetings of the Board of Directors and decides on summoning other persons to a meeting.
  • The Chairman together with the scrutinizers rotating in alphabetical order signs the minutes of the meeting.
  • The Chairman is responsible for planning and assessing the operations of the Board of Directors, keeps contacts with the President and monitors the operations of the company.

Further information on the work of the Board of Directors and its committees in 2010 together with the above meetings is provided in the corporate governance statement.