The insider rules are made available to all Fortum employees and they are updated on a regular basis. Fortum arranges trainings on insider rules for the persons concerned. The coordination and control of the insider affairs are among the responsibilities of the General Counsel.
Persons discharging managerial responsibilities at Fortum and persons closely associated with them are under a duty to disclose their transactions made with Fortum’s financial instruments and emission allowances in accordance with MAR to the Finnish Financial Supervisory Authority and Fortum. The transactions have to be notified to the Finnish Financial Supervisory Authority within three business days from the conduct of the transaction in question. Fortum publishes these transactions through stock exchange releases. Fortum has defined the members of the Board of Directors and the Fortum Executive Management as persons discharging managerial responsibilities.
Fortum’s persons discharging managerial responsibilities and the persons closely associated with them may not trade in Fortum’s financial instruments on their own account or for the account of a third party, directly or indirectly for a closed period of 30 days prior to the publication of any interim reports and financial statements (Closed Window). Under the restriction, it is also not allowed to disclose the financial information, or to advise anyone in trading with Fortum’s financial instruments. The trading restriction also applies to certain other separately designated members of Fortum personnel who participate in the preparation, drawing-up and disclosure of Fortum’s interim reports and financial statements, or who in connection with their specific duties have regular access to sensitive unpublished financial information of Fortum. All of these persons have been personally informed about the trading restriction and the related obligations.
Event-based insider lists are established on a case-by-case basis separately for specific projects, and they are administered strictly in accordance with MAR. Any event-based insiders are under the trading restriction described above until termination of the project and/or disclosure of the inside information.
Any suspected violations against Fortum’s insider rules or the securities regulations, such as MAR and REMIT, can be reported directly to the General Counsel or the Group Compliance Officer, or by using the “SpeakUp” channel.
Related party transactions
Related party transactions are regulated by the Finnish Companies Act, the Finnish Securities Markets Act and the Corporate Governance Code 2020, as well as in the IAS 24 Related Party Disclosures. Fortum has a specific framework in place for identification, assessment, approval, monitoring and reporting of the company’s related party transactions. In accordance with the Finnish Companies Act, the Board of Directors is responsible for monitoring and assessment of the related party transactions. The Audit and Risk Committee of the Board of Directors assists the Board in its task by preparing the matters. As part of its duties, the Audit and Risk Committee monitors the related party transactions concluded by Fortum in accordance with the company’s established reporting practices.
Fortum discloses information regarding related party transactions on an annual basis as part of the notes to the company’s consolidated financial statements. In addition, as required by law, Fortum discloses the details of any related party transactions that are material to the shareholders by issuing a stock exchange release.