Board of Directors

Fingrid's annual general meeting elects a Board once per year. A proposal on the Board composition is prepared by significant shareholders. The recommendations of the corporate governance code are applied in the preparation of the proposal on the composition of the board of directors. Individuals who are Board members in a company which practices the sale or production of electricity or natural gas, or in a body which represents such a company, may not be elected as a member of the Board. The general meeting elects one Board member to serve as the Chair of the Board and one member to serve as the Deputy Chair of the Board. The Board of Directors is convened by the Chair or the Deputy Chair.

In accordance with the articles of association, the Board of Directors consists of five (5) members. The Board constitutes a quorum when more than half of its members are present and one of them is the Chair or the Deputy Chairman. The decisions of the Board of Directors are made through a simple majority on the basis of the Board members present in the meeting. New Board members are inducted into the operations of the company.

A Board member's period of office expires at the closing of the next annual general meeting following his or her election.

The Board of Directors is responsible for the administration of the company. The Board makes decisions of significant strategic policies and approves the general guidelines regarding the management system. 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.

Operations of the Board of Directors

The Board of Directors assembled 8 times in 2016.

The Board of Directors has two committees: an audit committee and a remuneration committee. The Board of Directors elects of its members the committee members and confirms the working orders of the committees.

More information on Board meetings can be found in Corporate Governance Statement.

 

Updated 3 May 2017