Transparent governance
The shareholders’ meeting, Supervisory Board, Board of Directors and the President and CEO share responsibility for Itella Corporation’s corporate governance and operations. Itella Group comprises the parent company, Itella Corporation, and its subsidiaries. Its operations are organised into three business groups – Itella Mail Communication, Itella Information and Itella Logistics. Itella applies the Corporate Governance Recommendation for Listed Companies, promoting unambiguous and transparent corporate governance.
Annual General Meeting
Itella Corporation’s highest decision-making body is the Annual General Meeting (AGM), through which the shareholder participates in the Company’s governance and supervision. As specified by the Finnish Companies Act and the Articles of Association, the AGM's main responsibilities include decisions related to the election of members of the Supervisory Board and Board of Directors as well as auditors, the adoption of financial statements, the discharge from liability of all those accountable, and profit distribution.
President and CEO
The President and CEO is responsible for the Group’s day-to-day operational management in accordance with the Companies Act and instructions and directions issued by the Board of Directors. Jukka Alho, M.Sc. (Tech.), has acted as President and CEO of Itella Corporation since 2000.
Risk management
The aim of risk management is to ensure and boost business profitability. All of Itella’s businesses are individually responsible for the implementation of risk management through the identification and management of uncertainties associated with their operations. At Group level, risk management is coordinated and supported by the director in charge of risk management. The Audit Committee, in accordance with an audit checklist, analyses risks and reports its observations to the Board of Directors.
Internal audit
The purpose of internal audit is to assist the Group in identifying areas for improvement, which might serve to enhance the efficiency, predictability, profitability and compliance of its operations. Internal audit reports to the Board Audit Committee and CEO.
Auditors
Itella Corporation has 1-3 auditors. The auditor must be an authorised public accountant or a firm of authorised public accountants certified by the Finnish Central Chamber of Commerce. In 2007, Itella’s auditor was KPMG Oy Ab. Its remuneration for 2007 totalled €0.6 million, of which fees for services outside the statutory audit accounted for €0.2 million.
