Raute Oyj: The Board of Directors of Raute Corporation has decided to establish an Audit Committee and a People Committee
RAUTE CORPORATION, INSIDER INFORMATION, 3.5.2024 AT 9:15 A.M.
The Board of Directors of Raute Corporation has decided to establish an Audit Committee and a People Committee.
Raute Corporation's Board of Directors has decided to establish an Audit Committee and a People Committee to support the work of the Board of Directors. In appointing the members of the committees, the Board of Directors has considered the expertise and experience required for the task.
At its constitutive meeting, the Board of Directors elected Mikko Kettunen as the Chair of the Audit Committee and Jenni Virnes, Joni Bask and Julius Manni were elected as members of the Audit Committee.
Laura Raitio was elected as a Chair of the People Committee and Ari Harmaala and Ari Piik as members of the People Committee.
The Board of Directors has also assessed the independence of its members. Joni Bask is assessed to be dependent on the company after more than 10 years on the Board of Directors, but he is independent of the company's significant shareholders. All other members of the Board of Directors are independent of the company and of the company's significant shareholders.
The Audit Committee is responsible for, among other things:- monitor and evaluate the company's financial reporting system,
- monitor and evaluate the effectiveness of the company's internal control and audit and risk management systems,
- monitor and assess how contracts, agreements and other legal transactions concluded between the company and its related parties meet the requirements of ordinary course of business and market conditions,
- to monitor and evaluate the independence of the auditor and, in particular, the provision of non-audit services by the auditor,
- assess compliance with laws, regulations and company policies, and
- carry out other tasks for which the Board of Directors has granted the Committee authority.
- Preparation of the remuneration policy and remuneration report,
- Preparation of matters related to the appointment, dismissal, remuneration, pension, benefits and other material terms and conditions of employment of the CEO and other members of the Executive Board,
- Preparation of matters concerning Raute's long- and short-term incentive plans.
- Assessing the remuneration of the CEO and the Executive Board and ensuring the appropriateness of the total remuneration packages,
- Monitor the succession planning of the Executive Board
FURTHER INFORMATION:
Laura Raitio, Chair of Board of Directors tel. +358 50 386 0004
DISTRIBUTION:
Nasdaq Helsinki Ltd, Main media, www.raute.com
RAUTE IN BRIEF - Making Wood Matter
Raute is the partner to future-proof the wood industry. Our technologies cover different production processes with supporting digital and analytics solutions for engineered wood products. Additionally, we offer full-scale service concept ranging from spare parts to regular maintenance and modernizations. Our innovative hardware and software solutions are designed to support our customers' efficient consumption of natural resources. In mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Raute's head office and main production plant are located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, Changzhou, China, and in Pullman, WA, USA. Raute's net sales in 2023 were EUR 145.4 million. The Group's headcount at the end of 2023 was 754. More information about the company can be found at www.raute.com.