Board of Supervisors

The Board of Supervisors, which consists of no more than thirty six members, is appointed by the Ordinary Annual General Meeting for a term of office of three years.

Proposals for decisions to be taken by Aktia's Annual General Meeting concerning members of the Board of Supervisors as well as their remuneration are prepared by a nomination committee, comprising representatives of the three largest shareholders plus the Chairman of the Board of Supervisors as expert member.

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

The Board of Supervisors is responsible for monitoring the administration of the company and shall report on the company's financial statements, the report by the Board of Directors and the audit report to the company's Ordinary Annual General Meeting. The Board of Supervisors makes decisions on matters that are related to the significant restriction or expansion of operations. The Board of Supervisors also appoints the company's Board of Directors and can advise the Board of Directors in matters that are of special importance.

Within the Board of Supervisors, there are presiding officers who prepare matters to be dealt with by the Board of Supervisors, study reports on decisions taken by the Board of Directors concerning overall strategy and reports concerning loans and guarantee commitments that have been extended to the members of the Board of Directors. There is also a controlling committee tasked with closely monitoring the activities of the Board of Directors and executive management and with reporting its observations to the Board of Supervisors.

The duties and operational principles of the Board of Supervisors, the presiding officers and the Controlling Committee are included in the rules of procedure adopted by the Board of Supervisors.

The Board of Supervisors convened 4 times in 2011 and the average attendance of members was 85%.