Audit and sustainability audit
Company auditor and sustainability auditor are elected annually by the Annual General Meeting based on the proposal by the Board of Directors.
The Annual General Meeting held on 26 March 2025 re-elected Ernst & Young Oy, with Timo Eerola, Authorized Public Accountant and Authorized Sustainability Auditor having the principal responsibility, as auditor and sustainability auditor of the company for the term that will continue until the end of the next AGM. The auditor’s and sustainability auditor’s compensation will be paid according to an invoice approved by the company.
The fees paid in 2024 to external auditors for auditing Exel Group companies totaled EUR 197 (191) thousand, while the fees paid for tax services totaled EUR 2 (26) thousand and for non-audit services totaled EUR 119 (53) thousand.
The Company has one auditor that shall be an audit firm referred to in the Auditing Act with a KHT certified auditor acting as the auditor with principal responsibility. The auditor’s term of office ends at the close of the first Annual General Meeting following election.
Ultimate responsibility for accounting and financial management lies with the Board. The auditor gives a statutory report to the shareholders in connection with the closing of the company accounts each year. The purpose of the auditing process throughout the year is to ensure that the financial statements give a true and fair view of the Group’s financial performance and status during the financial year. Foreign subsidiaries are included in the yearly audit programs.
The Board meets the auditor at least once a year.
Apart from this, the auditor carries out supervisory audits as he deems necessary and as agreed on with the Company.