Corporate governance

TVO´s Board of Directors has a minimum of seven and a maximum of ten members. The term of office of a Board member starts at the termination of the Shareholders Meeting at which the election takes place and ends at the termination of the Shareholders´ Meeting at which the new election takes place. According to the Articles of Association, a shareholder who owns more than 20 per cent and less than 50 per cent of all the Company´s shares has the right to appoint three members to the Board of Directors. The Board elects a Chairman and a Deputy Chairman from among its members. It is convened when summoned by the Chairman or, where the Chairman is prevented from so doing, by the Deputy Chairman.

The Company shareholders have made a mutual shareholders´ agreement, which contains more detailed regulations on Corporate Governance. The Company´s administration and management are in accordance with its Corporate Governance policies for administration and management systems, recorded and approved for application from the start of 2005 by the Board of Directors.

They are based on a recommendation concerning listed companies, which TVO adheres to, where applicable.
The Company follows developments in the Corporate Governance of Finnish listed companies, and the Board updates TVO´s Corporate Governance policies, when necessary.