Board of Directors

The members of the Board of Directors are appointed by the company's Board of Supervisors for one calendar year at a time. Appointments are prepared by the presiding officers of the Board of Supervisors, i.e. the Chairman and Deputy Chairmen.

No person who has turned 67 years before the beginning of the term can be elected to serve on the Board of Directors.

For 2012, 8 persons were appointed members of the Board of Directors.

The Board of Directors is responsible for the management of Aktia in accordance with the provisions of the applicable laws, the Articles of Association and the instructions issued by the Board of Supervisors. The Board of Directors also appoints Aktia's Managing Director. Apart from assignments given by the Board of Directors to its members in individual cases, Board members do not have individual duties related to the governance of the Group. The Board has set up three separate committees to deal with matters concerning risk management, auditing, as well as remuneration and Corporate Governance.

The rules of procedure adopted by the Board of Directors define, in greater detail, the general duties of the Board and its committees, meeting procedures, meeting minutes, ordinary meeting business, preparation and presentation of matters to be dealt with at Board meeting and procedures for executive management reports to the Board of Directors and from the Board of Directors to the Board of Supervisors.

The Board of Directors convened 12 times in 2011 and, in addition, the Board of Directors adopted separate decisions on 5 occasions concerning matters that fell under its authority.