Corporate Governance

Administration

The administration of Bilot is divided between shareholders’ meetings, the Board of Directors and the CEO in accordance with the Finnish Limited Liability Companies Act and the Articles of Association. 

Shareholders participate in the administration and supervision of the company through decisions taken at general meetings. Shareholders’ meetings are convened by the Board of Directors. Additionally, shareholders’ meetings shall be held if the company’s auditor or shareholders whose combined shares comprise at least one-tenth of all the shares in the company require it in writing for a specific case.

Shareholders’ meetings decide on matters stipulated to be under their authority by the Limited Liability Companies Act. In addition, the company’s activities are regulated by the Articles of Association and the Board of Directors’ working order.

The company does not follow the Corporate Governance Code published by the Securities Market Association, as it has been established to have no basis when considering the size of the company and the extent of its business activities.

Board of Directors

The Board of Directors has overall responsibility for adequately arranging the management and activities of the company. The board directs and supervises the company’s senior management, appoints and removes the CEO and approves significant decisions regarding company strategy, investment, organisational changes, management bonus schemes and financing.

Bilot’s Articles of Association stipulate that the Board of Directors shall consist of no less than three and no more than eight permanent members. The terms of office of board members end when the next Annual General Meeting following their appointment closes.

The CEO and the Group’s Management Team

The company has a CEO who is appointed and removed by the board of directors. The CEO is responsible for implementing the company’s strategy and managing the operational matters of the company in accordance with the instructions and orders given by the board of directors.

In addition to the CEO, the group’s management team consists of the CFO, the Sales and Marketing Director, the Head of Culture and People Operations and the Business Managers. The group’s Management Team is responsible for, among other things, ensuring that the company maintains a strategic competitive advantage by developing business activities and producing support services.



 

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