The Board has established an Audit Committee, which has four members, and a Personnel and Remuneration Committee, which has four members. A quorum exists when more than two members, including the Chair, are present. All members are elected from amongst the members of the Board for a one-year term. The tasks and responsibilities of each committee are defined in their charters, which are approved by the Board. The schedule and frequency of committee meetings are determined by the Chair and committee members. Committees meet at least twice a year. Each committee reports regularly on its meetings to the Board. Reports include a summary of the matters addressed and the measures undertaken. Each committee conducts an annual self-evaluation of its performance and submits a report to the Board.
Under its Charter, the Audit Committee shall consist of a minimum of three Board members that are independent of the Company and its subsidiaries and at least one of whom shall be independent of Neste’s major shareholders. Members are required to have sufficient knowledge of accounting practices and the preparation of financial statements and other qualifications that the Board deems necessary. The Audit Committee is permitted to use external consultants and experts when deemed necessary.
Starting from 2 April 2019, the Audit Committee comprises Marco Wirén (Chair), Sonat Burman-Olsson, Martina Flöel and Willem Schoeber.
Personnel and Remuneration Committee
The Personnel and Remuneration Committee consists of the Chair of the Board and at least two non-executive members of the Board.
Starting from 2 April 2019, the Personnel and Remuneration Committee comprises Matti Kähkönen (Chair), Elly Burghout, Jean-Baptiste Renard and Jari Rosendal.