Puuilo is committed to good corporate governance through compliance with laws and regulations in all of its operations and to implement recommendations for good corporate governance. The governance of the company complies with the company’s Articles of Association, Finnish legislation and other decrees and regulations relevant to the governance of a public limited liability company.
Furthermore, the company’s operations are guided by values and internal operating principles ratified by the company.
In its governance, the company also complies with the Finnish Corporate Governance Code for listed companies issued by the Securities Market Association entered into force on in 2020. The company does not deviate from any Corporate Governance Code recommendation. The Code is available on the Internet at www.cgfinland.fi.
Under the Finnish Companies Act and the company’s Articles of Association, the company’s governance and management are distributed between the shareholders, the Board of Directors and the CEO. The management team supports the CEO in the daily management of the company’s operations.
The shareholders take part in the supervision and governance of the company through the resolutions of General Meetings of Shareholders. A General Meeting of Shareholders is generally convened by the Board of Directors. In addition to this, a General Meeting of Shareholders shall be held if the company’s auditor or shareholders representing a minimum of one-tenth of all outstanding shares in the company demand in writing that a General Meeting be convened.
The task of the Board of Directors is to see to the governance of the company and ensure the appropriate organisation of the company’s operations. According to the company’s Articles of Association, the Board of Directors consists of a minimum of four (4) and a maximum of seven (7) ordinary members.
The term of office for members of the Board of Directors expires at the end of the first Annual General Meeting of Shareholders following the election. The company’s Board of Directors appoints the CEO and decides on the terms and conditions of his/her executive contract in writing.