The Board of Directors has three permanent Committees: The Audit Committee, the Personnel Committee and the Investment and Project Committee.
The Board of Directors elects the members and Chairmen of the committees from among its members at its constitutional meeting following the Annual General Meeting. The committees have written standing orders ratified by the Board of Directors. The committees report to the Board of Directors on the matters they deal with and the required actions on a regular basis at the Board meeting following each committee meeting.
In addition to Audit, Personnel and Investment and Project committees, the Board may appoint other permanent or temporary committees to focus on certain duties assigned by the Board
YIT Corporation's Board of Directors held its organizational meeting on 16 March 2023. From among its number, the Board elected Jyri Luomakoski as chairman and Sami Laine and Kerttu Tuomas 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 Interim Reports and Half-Year Reports monitors auditing. It also 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.
YIT Corporation's Board of Directors held its organizational meeting on 16 March 2023. From among its number, the Board elected Kerttu Tuomas as chairman and Harri-Pekka Kaukonen, Jyri Luomakoski ja Keith Silverang as members of the Personnel Committee.
The task of the Personnel Committee is to assist the Board of Directors in issues related to appointing and rewarding key personnel. Among other things, the Personnel Committee prepares the proposals for the Group’s corporate culture and HR policy development, remuneration and incentive schemes, the rules for performance-based bonuses and 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 when 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 remuneration-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.
Investment and Project Committee
YIT Corporation's Board of Directors held its organizational meeting on 16 March 2023. From among its number, the Board elected Casimir Lindholm as chairman and Harri-Pekka Kaukonen, Sami Laine and Barbara Topolska as members of the Investment and Project Committee.
The Investment 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
The main function of the Investment and Project Committee is to assist the Board of Directors of YIT Corporation by discussing and preparing, in accordance with the internal decision-making authorizations approved by the Board of Directors, significant contract tenders, property development projects, plot and area development project investments and divestments, acquisitions, disposals and equity investments, and to monitor the development, financial reporting and risk management of the respective portfolios.