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Board Committees

Kemira Oyj’s Board of Directors has appointed two committees: the Audit Committee and the Compensation Committee.

Audit Committee

The Audit Committee works in accordance with its Charter confirmed by the Board of Directors. It is tasked to assist the Board of Directors in fulfilling its oversight responsibilities for financial reporting process, the system of internal control, the audit process and Kemira’s process for monitoring compliance with laws and regulations and the Kemira Code of Conduct. The Committee reports to the Board on each meeting.

The Audit Committee consists of members independent of the Company, elected by the Board of Directors from amongst its members. In 2012 AGM, the Board elected Audit Committee members which are Elizabeth Armstrong, Juha Laaksonen and 
Jari Paasikivi. The Audit Committee is chaired by Juha Laaksonen.
 
The Audit Committee met 5 times in 2011 with an attendance rate of 100%.

Compensation Committee

The Compensation Committee consists of members independent of the Company, elected by the Board of Directors on March 21, 2012 from amongst its members.

The Board of Directors has approved a Charter for the Committee, according to which the Committee assists the Board of Directors by preparation of matters related to compensation of Managing Director, his deputy and the members of the Group Management Boards, by preparation of matters pertaining to the compensation systems and long-term incentive plans of the Company, by preparation of matters relating to appointment of Managing Director, his deputy and the members of the Group Management Boards. The Committee also monitors succession planning of the senior management and the senior management’s performance evaluation.

 

The Board's Compensation Committee members are Kerttu Tuomas, Jari Paasikivi and Jukka Viinanen. The Compensation Committee is chaired by Jukka Viinanen.

 

In 2011, the Compensation Committee met 4 times. The average attendance rate at the meetings was 100%. The Committee reports to the Board of Directors on each meeting.