The Board of Directors has three permanent Committees: The Audit Committee, the Personnel Committee and the Investment and Project Committee.
The Board of Directors elects the members and chairpersons of the committees from among its members at its constitutional meeting following the Annual General Meeting. The committees have written standing orders ratified by the Board of Directors. The committees report to the Board of Directors on the matters discussed by them and the required actions on a regular basis at the Board meeting following each committee meeting.
In addition to the aforementioned permanent committees, the Board may appoint other permanent or temporary committees to focus on certain duties assigned by the Board.
Audit Committee
YIT Corporation's Board of Directors held its organizational meeting on 14 March 2024. From among its number, the Board elected Jyri Luomakoski as chairperson and Sami Laine, Anders Dahlblom and Leena Vainiomäki as members of the Audit Committee.
The Audit Committee assists the Board of Directors in the supervision of the Group’s reporting and accounting processes. Its tasks include overseeing the company’s financial reporting process and the effectiveness of internal control, internal audit and risk management systems, as well as monitoring and assessing audits. The committee participates in the preparation of the Group’s financing policy, financing plan and financing arrangements. The committee reviews the company’s financial statements, interim reports and half-year reports, as well as monitoring audits. It evaluates compliance with laws and regulations and follows the Group’s financial position.
The committee convenes at least four times per year and more often if necessary. The committee comprises 3–5 members, the majority of whom must be independent of the company, and at least one of whom must be independent of major shareholders. Persons with extensive knowledge of the Group’s business operations and business segments who possess the qualifications required by the committee’s sphere of duties are elected as committee members. The Corporate General Counsel acts as the secretary of the Audit Committee.
Personnel Committee
YIT Corporation's Board of Directors held its organizational meeting on 14 March 2024. From among its number, the Board elected Kerttu Tuomas as chairman and Jyri Luomakoski and Leena Vainiomäki as members of the Personnel Committee.
The duty of the Personnel Committee is to assist the Board of Directors in matters related to the appointment and remuneration of Group’s key personnel. Among other things, the Personnel Committee prepares proposals for the development of the Group’s corporate culture and HR policy, remuneration and incentive schemes, the rules for performance-based bonuses, and the performance-based bonuses paid to the management. The identification of talents, the development of key personnel and planning for management successors also fall under the preparation responsibility of the committee. In addition, the committee prepares the remuneration policy and remuneration report for the company’s governing bodies.
The committee convenes as necessary and when summoned by the chairperson. It has 3–5 members, all of whom have knowledge of the Group’s business operations and business segments, as well as HR- and remuneration-related matters. The majority of the members of the Personnel Committee must be independent of the company. The President and CEO and other members of the company’s executive management cannot be members of the Personnel Committee. The Executive Vice President, Human Resources acts as the secretary to the committee.
Investment and Project Committee
YIT Corporation's Board of Directors held its organizational meeting on 14 March 2024. From among its number, the Board elected Casimir Lindholm as chairperson and Sami Laine and Anders Dahlblom as members of the Investment and Project Committee.
The Investment and Project Committee discusses and prepares for the Board of Directors significant contract tenders, property development projects, plot and area project investments and divestments, acquisitions, disposals and equity investments. It also monitors the related portfolios, financial reporting and risk management.
The committee convenes at least twice a year, and more frequently by separate invitation from the chairperson if deemed necessary in view of the matters discussed by the committee. The committee comprises 3–5 members, the majority of whom must be independent of the company, and at least one of whom must be independent of significant shareholders. Persons with extensive knowledge of the Group’s business operations and business segments who possess the qualifications required by the committee’s sphere of duties are elected as committee members. Corporate General Counsel acts as the secretary of the Investment and Project Committee.
