Valmet's Board of Directors has two permanent committees: Audit Committee and Remuneration and HR Committee. The Board of Directors elects the members of the committees from among its members at its annual assembly meeting and monitors the activities.
Audit Committee's tasks
The Audit Committee monitors the Company’s financial reporting and prepares issues for the Board of Directors related to the monitoring of Valmet’s financial situation, financial reporting, auditing, and risk management. The Audit Committee convenes at least four times a year, consisting of members elected by the Board of Directors from among its members independent of the company. The majority of the members must be independent of the Company and at least one member shall be independent of the Company’s significant shareholders. The members of the Audit Committee must have the qualifications necessary to perform the responsibilities of the committee and at least one member must have expertise specifically in accounting, bookkeeping or auditing.
Among other things, the Audit Committee:
The members of the Audit Committee are Eriikka Söderström (Chairman), Anu Hämäläinen and Pekka Kemppainen.
The members of the Audit Committee are Eriikka Söderström (Chairman), Pekka Kemppainen and, until the Effective Date, Mikael Mäkinen, after which Anu Hämäläinen will replace Mikael Mäkinen as a member of the Audit Committee.
The members of the Audit Committee comprides of Eriikka Söderström (Chairman), Tarja Tyni and Pekka Kemppainen.
The Audit Committee held six meetings in 2021 and the total attendance rate was 100 percent.
In 2021, the Audit Committee’s special focus was on the execution and progress of the new Enterprise Resource Planning (ERP) system, risk management, information security,
critical project management and Finance Transformation project. The Audit Committee also followed the progress of Neles acquisition.
Remuneration and HR Committee's tasks
The committee convenes at least twice a year and consists of the committee chairman and at least two members. All the members are independent of the Company. The President and CEO participates in the meetings, excluding those situations, in which the agenda item relates to him. Among other things, the Remuneration and HR Committee:
The members of the Remuneration and HR Committee are Mikael Mäkinen (Chairman), Aaro Cantell, Jaakko Eskola and Monika Maurer.
The members of the Remuneration and HR Committee are Mikael Mäkinen (Chairman), Aaro Cantell and Monika Maurer.
The Remuneration and HR Committee comprised of Mikael Mäkinen (Chairman), Aaro Cantell and Monika Maurer.
The committee had four meetings in 2021 with a total attendance rate of 100 percent.
In 2021, the Remuneration and HR Committee’s main focus was on the continued implementation of the new longterm incentive plan as well as the establishment of ESG-related target setting within the plan. The Committee developed remuneration reporting and succession planning further.