Subsidiaries

Kekkilä Oy, Neova AB and AS Tootsi Turvas are managed by their own boards and management teams in accordance with their own Corporate Governance principles, which include regulations on issues subject to the approval of Vapo Oy’s Board of Directors.

Kekkilä Oy and Neova AB are governed by Boards of Directors with 4–6 members and AS Tootsi Turvas by a Supervisory Board, the members of which are appointed by the Board of Directors of Vapo Oy. The matters to be dealt with in the meetings are presented either by the company’s Managing Director or a person appointed by the Managing Director.

Kekkilä is an independent business area in the Group. Neova AB and AS Tootsi Turvas operate in the same business areas as the parent company Vapo Oy. The business operations of Vapo Oy, Neova AB and AS Tootsi Turvas are reported on a company-specific basis.

In the other subsidiaries that belong to the Group, the Chairman and the Board Members together with the Managing Director are responsible for ensuring that the Board ratifies the decisions of the company's management team to implement the decisions made by Vapo Oy's Board of Directors, Vapo Oy's CEO and Vapo Oy's Business Area Director, or by the Board of the parent company of the company concerned in accordance with the Corporate Governance guidelines.

The boards and CEOs of Vapo Group’s subsidiaries are tasked with:

  • making decisions concerning the business operations of the respective companies and supervising the companies as required by law in the best interests of each company and Vapo Group in such a way as to ensure long-term increase in the value of the company as part of Vapo Group.
  • ensuring that the company has enough information at its disposal to carry out its tasks;ensuring that the company operates in accordance with approved business principles and set targets;
  • ensuring that the company complies with the Articles of Association and any possible instructions given in company-specific Corporate Governance principles and by Group management;
  • ensuring that the company complies with local laws and regulations applicable to its business;
  • monitoring legislation and informing Group management, Vapo Oy's CEO and /or the responsible business area or function director of relevant changes to it;
  • ensuring that all tasks assigned by Vapo Oy's Board of Directors and CEO are implemented;ensuring that the company operates in accordance with its ethical principles and carries out corporate responsibility reporting where applicable.

Companies with minority shareholders external to the Group comply, for the most part, with the procedures described above, nevertheless taking into account the rights of the minority shareholders, and the rules detailed in the Articles of Association and any possible shareholders’ agreement.