Corporate Governance

The Company complies with the corporate governance principles recorded and approved by the Board of Directors as of the beginning of 2005. These principles are based on a recommendation for listed companies, and TVO observes them where applicable. The Company follows the development of the corporate governance recommendations for listed companies in Finland, and the Board of Directors updates the Company's Corporate Governance Code when necessary.

Because TVO is a non-listed public company applying the Mankala principle, it observes the Corporate Governance Code for listed companies where applicable. However, TVO is not obliged to observe the Corporate Governance Code nor therefore the Comply or Explain principle. According to Chapter 2, Section 6 of the Securities Markets Act, the issuer of a security subject to public trading must provide a corporate governance statement in its annual report or separately.

The Company's corporate governance in 2009 has been described in a separate "Corporate Govenernance Statement 2009".