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Committees

The Board of Directors has three Committees: Audit Committee,  Personnel Committee as well as Investment and Project Committee.

All Committees have written standing orders ratified by the Board of Directors.

Investment and Project Committee

As of January 1, 2019 established Investement and Project committee reviews and prepares for the Board of Directors’ decision, inter alia, significant tenders, projects and investments as well as monitors portfolio development, reporting and risk management.

Members of the Investment and Project Committee are Eero Heliövaara (chairman), Harri-Pekka Kaukonen and Kristina Pentti-von Walzel. The members are nominated after the establishment of the committee, and thereafter the election will take place at the Board meeting following the General Meeting. 

Audit Committee

YIT Corporation's Board of Directors held its organizational meeting on March 16, 2018. From among its number, the Board elected Erkki Järvinen as chairman and Eero HeliövaaraOlli-Petteri Lehtinen and Kristina Pentti-von Walzel as members of the Audit Committee.

The Audit Committee assists the Board of Directors in the supervision of the Group's reporting and accounting processes. Its tasks include overseeing the financial reporting process of the company, the effectiveness of internal control, internal audit and risk management systems, as well as monitoring and assessing the audit. The Committee participates in the reparation of the Group's financing policy, financing plan and financing arrangements. The Committee reviews the company's financial statements and interim reports and monitors auditing. It evaluates compliance with laws and regulations and follows the Group's financial position.

The Committee convenes at least four times per year and more often if necessary. It comprises three to five members, the majority of whom must be independent of the company, and at least one of the members must be independent of major shareholders. Persons who have extensive knowledge of the Group’s business operations and business segments and sufficient knowledge of accounting and accounting principles are elected as members. The Corporate General Counsel acts as the secretary of the Audit Committee.

Personnel Committee

YIT Corporation's Board of Directors held its organizational meeting on March 16, 2018. From among its number, the Board elected Harri-Pekka Kaukonen as chairman and Inka Mero and Tiina Tuomela as members of the Personnel Committee.

The task of the Personnel Committee is to assist the Board in matters related to appointing and rewarding key personnel. Among other things, the Personnel Committee prepares proposals for the development of the Group's corporate culture and HR policy, remuneration and incentive schemes, the rules for performance-based bonuses and the proposals for performance-based bonuses paid to the management. In addition, identifying talents, the development of key personnel and planning for management successors fall under the preparation responsibility of the Committee. 

The Committee convenes as necessary and as summoned by the Chairman. It has a minimum of 3 and a maximum of 5 members who all have knowledge of Group's business operations and business segments as well as HR and reward-related matters. The majority of the members of the Personnel Committee must be independent of the company. The President and CEO and other members of the company’s executive management cannot be members of the Personnel Committee. The Senior Vice President, Human Resources, serves as the Committee’s secretary. 

 

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