Board of Directors
Under Sponda Plc’s articles of association, the company has a Board of Directors with four to seven (4-7) members. The Annual General Meeting on 16 March 2011 elected six members to Sponda’s Board of Directors.
In 2011 the following people were on the Board of Directors: Klaus Cawén (b. 1957) LL.M., Member of the Executive Board, KONE Corporation, Tuula Entelä (b. 1955) B.Sc. (Econ.), LL.M., Vice President, Deputy to President and CEO, SATO Corporation, Timo Korvenpää (b. 1952) B.Sc. (Econ.), MBA (Board member until 16 March 2011), Lauri Ratia (b. 1946) MSc (Eng.), Arja Talma (b. 1962) MSc (Econ.), eMBA, President, Rautakesko Ltd, Raimo Valo (b. 1955) LL.M. (Board member from 16 March 2011 onwards) and Erkki Virtanen (b. 1950) M.Soc.Sc. (Econ.), Permanent Secretary, Ministry of Employment and the Economy.
Sponda’s Board members represent broad experience in real estate, industry and finance. More detailed information on the Board members is provided on the "CV's of the Board members" page. The Board assesses that its members Klaus Cawén, Tuula Entelä, Lauri Ratia, Arja Talma and Raimo Valo are independent of the company and its major shareholders and that Erkki Virtanen is independent of the company.
In its constitutive meeting after the Annual General Meeting of 16 March 2011, the Board of Directors elected Lauri Ratia as Chairman and Klaus Cawén as Deputy Chairman.
Sponda Plc shares owned by members of the Board of Directors as of 31 December 2011:
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The Board meets according to a pre-arranged schedule 7–11 times per year and holds additional meetings as necessary. In 2011, the Board met 17 times and the average attendance rate of Board members was 93.14 per cent. The Board assesses its own performance and working procedures once a year. The Board's self-assessment was based on a survey conducted in November 2011 and the Board discussed the survey results and considered further actions based on the results in a meeting in December 2011. The assessment covered, amongst other things, the composition of the Board, the effectiveness and focal points of the Board’s work, the scope and quality of materials provided to the Board as well as the quality and atmosphere of discussions. The results of the survey were used to improve the work of the Board of Directors.
The Board has established two permanent committees to assist the Board by preparing matters for which the Board is responsible. These committees are the Audit Committee and the Structure and Remuneration Committee. The Board is responsible for carrying out the duties it assigns to the committees. The committees report regularly to the Board on their work. The Board confirms written rules of procedure for the committees. If required, the Board can appoint other committees and working groups from among its own members to prepare matters for the Board’s consideration and decision making.
The President regularly attends Board meetings. The Chief Financial Officer acts as the secretary of the Board.