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Internal Audit

Neste’s Internal Audit provides independent and objective assurance and advisory services designed to add value and improve the operations of Neste. As a component in the corporate governance process, it supports the organization by bringing a systematic approach to evaluate and improve the effectiveness of risk management and control and governance processes.

Internal Audit’s activities encompass objective examinations for the purpose of providing assessments to the Neste’s Board Audit Committee and management on the adequacy and effectiveness of governance, risk management and control processes at Neste. The scope of Internal audit assessments include, among others, evaluating that risk management practices are in place, significant risks are appropriately identified and managed, key policies and guidelines exist and are documented and effectively implemented, organizational structures and governance models enable efficient decisionmaking and steering system, roles and responsibilities are clear, and results of operations and programs are consistent with established goals and objectives.

Internal Audit work is carried out based on an annual Internal Audit Plan. Neste’s strategic objectives, key projects and identified risks are key elements in the audit planning process. Vice President of Internal Audit reports periodically to the senior management and the Board Audit Committee Internal Audit’s activities relative to the annual plan, including audit recommendations and action plans established by organisations aiming to continuous improvement and mitigation of risks.

Internal Audit is also responsible for conducting special assignments on behalf of management or the Board Audit Committee. As a member of Neste’s Investigation Group, Vice President of Internal Audit participates in the investigation of suspected misconduct and breaches of Neste’s policies, principles and applicable laws and regulations. To assure effective, and efficient and value adding process, Internal Audit co-operates actively with other Neste’s assurance service functions (Corporate Risk Management, Internal Controls and Compliance) and top management and shares best practices from a process and governance point of view.

Internal Audit follows the mandatory elements of The Institute of Internal Auditors’ International Professional Practices Framework, including the Professional Practice of Internal Auditing. Internal Audit reports directly to Board of Directors’ Audit Committee and administratively to the President and CEO. The Board of Directors is responsible for approving the Internal Audit Charter and the Annual Audit Plan. Internal Audit Charter includes the determination regarding Internal Audit position, operational model, process and reporting lines. Internal Audit has at least annually a non-executive meeting with the Audit Committee members and the Audit Committee Chairman. Vice President of Internal Audit is responsible for the internal audit activities specified in the Internal Audit Charter.