Board Committees

The Board of Directors of Spinnova has an Audit Committee, assisting the Board of Directors in preparing and handling its tasks and obligations. The Board of Directors annually elects the members and the chair of the committee from among its members and approves the written charters of the committee. The Committee reports on its performance to the Board of Directors.

Audit Committee

The duties of the Audit Committee with respect to the Company’s financial reporting and auditing include particularly monitoring and evaluating the effectiveness of the Company’s financial reporting system, internal control and audit, and risk management systems.

Furthermore, the Audit Committee’s duties include monitoring and evaluating the independence of the auditor and in particular the provision of non-audit services by the auditor. The Audit Committee must monitor the Company’s audit and prepare the election of the Company’s auditor.

The committee meets at least four times a year. The committee does not have an independent decision-making power, but it acts as a preparatory body on the issues of which are submitted to the Board of Directors for decision.

The Audit Committee comprises of at least three members of the Board of Directors. The majority of the members of the Audit Committee must be independent of the Company and at least one member must be independent of the Company’s significant shareholders. The Committee must have sufficient expertise in accounting, bookkeeping, auditing, internal audit or practices related to financial statements, as the Committee deals with matters relating to the financial reporting and internal control of the Company. At least one member of the audit committee must have accounting or auditing expertise.

From among its number, the Board elected on 7 May 2024, Vesa Silaskivi as Chair and Hanna Liiri and Petri Kalliokoski as members of the Audit Committee.