Working order

The Board of Directors has approved a working order to govern its work. The main contents of the working order have been summarised as follows:

The duties of the Board of Directors:

  • Responsibility for the administration and the proper organisation of the operations of the company
  • Strategic development and steering of the company’s business and fields of activity
  • Ensuring that the business complies with the relevant rules and regulations, the company’s Articles of Association
  • Ensuring that the accounting and financial administration are arranged appropriately
  • Appointing and dismissing the President and CEO
  • Confirming the Group's organisational structure at the top management level, and appointing and dismissing the members of the Fortum Executive Management Team
  • Reviewing the main risks and providing instructions concerning the risks
  • Confirming the Group's business plan on an annual basis
  • Setting and follow-up of company and management performance targets
  • Discussing and commenting on the interim reports
  • Approving consolidated financial statements, operating and financial review and parent company financial statements

  • Defining the dividend policy

  • Deciding on major investments, divestments and business arrangements
  • Confirming Group policies and principles, such as the Group Risk Policy
  • Confirming the Group's ethical values and operating principles, including sustainability, and overseeing their implementation
  • Reviewing the Group's sustainability performance and report

Annual Self-Assessment:

  • The Board of Directors conducts an annual self-assessment 

Procedures of Board meetings:

  • The Board convenes according to a previously agreed schedule to discuss specified themes and other issues whenever considered necessary
  • The Chairman decides on the agenda based on proposals by the other members of the Board, the President and CEO, and the secretary to the Board
  • The Chairman shall convene a meeting to deal with a specific item, if requested by a member of the Board or the President and CEO
  • The Board deals with the reports of the Board committees and the President and CEO
  • Material shall be delivered to the members five days before meetings