YIT Corporation's Board of Directors held its organizational meeting on March 18, 2014. In the meeting the Board decided on the composition of the Personnel Committee and the Audit Committee.
From among its number, the Board elected Reino Hanhinen as chairman and Kim Gran and Erkki Järvinen as members of the Personnel Committee. The task of the Personnel Committee is to assist the Board of Directors in issues related to the nomination and remuneration of key personnel within YIT Group. Among other things, the Personnel Committee participates in the development of the Group’s corporate culture and HR policy and the preparation of the remuneration and incentive schemes, the rules for performance-based bonuses and the proposals for performance-based bonuses paid to the management. The Committee’s tasks furthermore include the identification of talent, the development of key personnel and management’s succession planning.
From among its number, the Board elected Satu Huber as chairman and Teuvo Salminen and Juhani Pitkäkoski as members of the Audit Committee. The Audit Committee assists the Board of Directors in the supervision of the Group’s accounting and reporting processes. It is tasked with, for instance, overseeing the company’s financial reporting process, the effectiveness of internal control, internal auditing and risk management systems, and with evaluating the audit. Among other things, the Committee reviews the company’s financial statements and interim reports, and monitors auditing.
Recommendation 26 (Independence of the members of the audit committee) of the Finnish Corporate Governance Code was deviated from in the election of the members of the company’s Audit Committee, when Juhani Pitkäkoski, who is not independent of the company, was elected as a member of the Audit Committee. Pitkäkoski was elected as a member of the Audit Committee due to his extensive knowledge of the company’s business and finances as well as management, supervision and control systems as the company’s former CEO.
For additional information, please contact:
Kari Kauniskangas, President and CEO, YIT Corporation, +358 40 570 1313, firstname.lastname@example.org
Vice President, Investor Relations