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Statement on the Corporate Governance and Steering System 2015 Finnvera’S Financial Review 2015 Statement on the Corporate Governance and Steering System

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Statement on the Corporate Governance and Steering System 2015 Finnvera’S Financial Review 2015 Statement on the Corporate Governance and Steering System Statement on the Corporate Governance and Steering System 2015 Finnvera’s Financial Review 2015 Statement on the Corporate Governance and Steering System Finnvera’s Financial Review 2015 Statement on the Corporate Governance and Steering System Contents Statement on the Corporate Governance and Steering System 3 Acts and rules governing the operations 3 The goals of good corporate governance 3 Ownership and ownership policy 4 Administrative bodies of Finnvera 4 Salaries and fees 7 Operating principles for internal control 8 Risk management 9 The State’s responsibility for Finnvera’s commitments 9 Acquisition of funds 10 Supervisory operations 10 Communications 10 Internal auditing 10 External auditing 11 2 Finnvera’s Financial Review 2015 Statement on the Corporate Governance and Steering System Statement on the Corporate Governance and Steering System The statement on the corporate governance and steering Directive 2006/48/EC of the European Parliament and of the system has been drawn up in accordance with Recommen- Council relating to the taking up and pursuit of the business dation 54 of the Finnish Corporate Governance Code 2010 of credit institutions states that the Directive on credit insti- issued by the Securities Market Association, and with the tutions does not apply to Finnvera. In consequence, Finnvera provisions of the Securities Markets Act. The Finnish Corpo- adheres to the recommendations of the Financial Superviso- rate Governance Code is publicly available on the website of ry Authority, whenever applicable. the Securities Market Association, at www.cgfinland.fi. However, when presenting reports and financial information, Finnvera plc is a specialised financing company owned by Finnvera – as an issuer of bonds – is bound by the guide- the State of Finland. For this reason, Finnvera complies with lines of the Financial Supervisory Authority and the Securities the recommendations of the Finnish Corporate Governance Market Association, the Securities Market Act (746/2012), Code in terms of Recommendations 1, 3, 4, 11 and 12 when- the Limited Liability Companies Act (624/2006), the stock ex- ever appropriate and applicable. change rules (NASDAQ OMX Helsinki and the stock exchang- es of London), and the decisions of the Ministry of Finance. Apart from the parent company, Finnvera plc, the Finnvera Group comprises the following subsidiaries: Seed Fund Vera Finnvera draws up the consolidated financial statements, the Ltd and Veraventure Ltd, engaged in venture capital invest- parent company’s financial statements, and the semi-annual ments, and Finnish Export Credit Ltd, which provides export reports in keeping with the International Financial Reporting credit financing and administers interest equalisation. Standards (IFRS). The notes to the consolidated financial statements and the parent company’s financial statements Finnvera’s statement on the corporate governance and steer- also comply with Finnish accounting and corporate law. ing system includes a description of the principal features of the internal control and risk management systems pertaining The financial statements of the Finnvera Group and the to the financial reporting process. parent company are published in February, the Annual Report in March, and the Semi-annual Report for the period 1 The Inspection Committee of Finnvera’s Board of Directors January–30 June in August. The Annual Report, including has reviewed the statement and Finnvera’s auditor, KPMG Oy the financial statements and the annual review, and the Ab, has checked that the statement has been issued and that Semi-annual Report are published in Finnish and English. its description of the principal features of the internal control and risk management systems pertaining to the financial The auditors’ report encompasses audits of Finnvera’s reporting process is in agreement with the financial state- accounting, financial statements, report on operations, and ments. governance. Acts and rules governing the operations The goals of good corporate governance Finnvera’s operations are steered by the relevant legislation Finnvera complies with good corporate governance, and the and by the obligations laid down in international treaties, as goal is to ensure transparency at all levels of the organisa- well as by the industrial and ownership policy goals deter- tion. mined by the State. The corporate governance of Finnvera and its subsidiaries is organised according to the Limited Finnvera’s Board of Directors has approved the key policies, Liability Companies Act and the Acts pertaining specifically principles and guidelines that steer the company’s opera- to Finnvera. tions. 3 Finnvera’s Financial Review 2015 Statement on the Corporate Governance and Steering System Finnveras ethical guidelines consist of the principles of good The ownership policy goals, set by the Ministry of Employ- conduct, guidelines for ensuring impartiality in decision- ment and the Economy, apply to the self-sustainability of making and in the preparation of matters, and guidelines on the company’s operations, the efficiency of operations and insider information. The ethical guidelines apply to both to capital adequacy. Finnvera should conduct its business Finnvera’s employees and the members of the governing so that the income from the company’s operations covers bodies. the expenses of the operations over a period exceeding a business cycle. The review period is 10 years for SME The principles of good conduct, confirmed by the Board of financing and 20 years for export financing. Finnvera should Directors, guide the personnel to act so that they reinforce act efficiently and should improve the productivity of work Finnvera’s role as a specialised financing company. The in keeping with the goal set by the Ministry of Employment principles of good conduct include guidelines on equality, and the Economy. The company’s capital adequacy must be commitment to purpose, objectivity, relativity, trust and on sufficient to ensure the company’s ability to bear risks and to the principles of service and publicity. keep the costs of funding as reasonable as possible. The principles of disqualification and the guidelines on insider information are part of Finnvera’s ethical guidelines. Administrative bodies of Finnvera The principles of disqualification are meant to reinforce equity, neutrality and independence in Finnvera’’s operations. Responsibility for Finnvera’s administration is vested in the The guidelines on insider information clarify the concept of General Meeting of Shareholders, the Supervisory Board, the insider information for Finnvera’s employees so that they are Board of Directors, and the Chief Executive Officer. prepared to identify in advance what type of information on client enterprises is classified as insider information and to General Meeting of Shareholders prevent its misuse. The General Meeting of Shareholders can decide on issues assigned to it by law and the Articles of Association. The Ownership and ownership policy General Meeting of Shareholders elects the members of the Supervisory Board and the Board of Directors, the Chairs and Finnvera plc is a specialised financing company owned 100 Vice Chairs of both bodies, and the auditors. per cent by the State of Finland. The Annual General Meeting is held yearly, by the end of June. The Acts on Finnvera define the tasks whereby Finnvera influences the development of enterprise and employment Supervisory Board in Finland. The Ministry of Employment and the Economy supervises and monitors Finnvera’s operations. Being The Supervisory Board supervises the company’s adminis responsible for the ownership and industrial policy steering tration. It gives the Annual General Meeting its opinion on of Finnvera, the Enterprise and Innovation Department of the financial statements and the auditors’ report, and the Ministry sets industrial and ownership policy goals for counsels on issues that concern considerable reduction the company for a period of four years. Whenever necessary, or expansion of the company’s operations or substantial the Ministry revises these goals annually. reorganisation of the company. Moreover, the Supervisory Board provides the Board of Directors with guidelines in On the basis of the industrial and ownership policy goals matters that have far-reaching consequences or that are confirmed by the Ministry of Employment and the Economy, important as issues of principle. an assessment is made annually on how well Finnvera has succeeded, for instance, in correcting market failures in The Supervisory Board consists of at least eight (8) and enterprise financing and in promoting enterprise, employ- at most eighteen (18) members. The General Meeting of ment, the growth and internationalisation of enterprises, and Shareholders elects the members, Chair and Vice Chair of exports. In 2015, Finnvera’s goals highlighted the financing the Supervisory Board for a term of one year. of start-up enterprises and the promotion of growth and internationalisation. 4 Finnvera’s Financial Review 2015 Statement on the Corporate Governance and Steering System In 2015, the Supervisory Board had 18 members (18 in Hanna Sarkkinen, Member of Parliament (Left Alliance) January–August, 17 in September–December). Chairman of the Supervisory Board Johannes Koskinen resigned from Osmo Soininvaara, Licentiate of Social Sciences (Green membership and chairmanship of the Supervisory Board League) as of 1 September 2015, when he assumed the post of a Director in the European
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