The Board of Directors has appointed an Audit Committee to improve the efficiency of the Board’s work. The Board has not deemed necessary to establish other committees since taking into account the scope and nature of the Company’s operations as well as the Board’s working methods, the Board is able to handle matters effectively without such committees. The Board of Directors have confirmed the written Charter.
The Audit committee is tasked with preparing matters relating to the Company’s financial reporting and control. The Company’s Board of Directors nominates the Chairman and the members of the Audit committee. The Audit committee consists of at a minimum three members of the Board of Directors. At least one of them must have special expertise especially in accounting or auditing. Board members to be nominated as members of the Audit committee must have good knowledge of Lehto’s business operations and its business segments and sufficient knowledge of accounting and financial statements policies.
The Audit committee convenes at least twice a year. In addition to the committee members, the meetings shall be attended by the Company’s CEO and CFO and optionally the Company’s auditors. Further, the committee members may meet the external auditors without the operative management being present in such meetings.
The main duties of the Audit committee are:
Chairman: Eero Sihvonen
Members: Jani Nokkanen and Hannu Lehto