The Finnish Corporate Governance Code And Remuneration Systems

1. In General

The Board of the Securities Market Association approved the Finnish Corporate Governance code in June 2010. The Board of the Exchange adopted the code as a part of the Exchange self-regulation. Finnish listed companies shall comply with the code and according to the Commission of European Union listing companies shall inform how they will comply with the code. The corporate governance system of Finnish listed companies is based on Finnish legislation, and the code complements the statutory provisions. The level of compliance with the corporate governance code has been under scrutiny since it was published in Finland. Executive compensations and other rewarding measures have especially inflamed public opinion and have been the source of newspaper headlines.