Vaisala’s corporate governance is based on and complies with the laws of Finland and Vaisala’s Articles of Association. Consolidated financial statements and other financial reports are prepared according to the International Financial Reporting Standards (IFRS), approved by the EU. The company complies with the rules, regulations, and guidelines for listed companies issued by Nasdaq Helsinki Ltd and Finnish Supervisory Authority as well as Finnish Corporate Governance Code 2020 published by the Securities Market Association.
Vaisala Board of Directors has approved this Corporate Governance Statement in its meeting on February 18, 2021. Deloitte Oy, Audit Firm, the company’s auditor, has verified that the statement has been issued and that the general description of internal audit and risk management systems associated with the financial reporting process conforms to the same in financial statements.
The code is available on the Securities Market Association website www.cgfinland.fi/en.
The term of the members of Vaisala’s Board of Directors deviates from the Recommendation 6 of Corporate Governance Code, which recommends a term of one year. The term of Vaisala’s member of the Board of Directors is determined in accordance with its Articles of Association. Under the Articles of Association, a member’s term is three years, beginning at the close of the General Meeting in which the member is elected and ending at the close of the third subsequent Annual General Meeting.
A longer term of office of the Board members is justified by the long-term development of Vaisala’s business as well as by the nature of the business. The practice has worked well, and Vaisala’s shareholders are committed to it.