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Corporate Responsibility Report 2008 11 ration of which it participates. The Executive Board also acts as the Group's risk management steering group. The Executive Board comprises: President & CEO Jukka Hienonen (Chairman) and members SVP Community Relations and Corporate Communications Christer Haglund, Chief Financial Officer and Deputy CEO Lasse Heinonen, SVP Human Resources Anssi Komulainen, SVP Commercial Division Mika Perho, SVP Flight Operations Veikko Sievänen, SVP Finnair Technical Services Kimmo Soini, and SVP Leisure Traffic and Travel Services Kaisa Vikkula. Finnair Group's Board of Management The Board of Management meets approximately ten times per year. The Finnair Group's Board of Management comprises, in addition to the members of the Executive Board, Northport Ltd's Managing Director Jukka Hämäläinen, Finnair Catering Oy's Managing Director Kristina Inkiläinen and Managing Director of Finnair's cargo companies Antero Lahtinen as well as personnel representatives, namely Purser Mauri Koskenniemi, Chairman of the Finnish Flight Attendants' Association SLSY, Purser Tiina Sillankorva, Chairman of the Finnair Senior White Collar Workers Association, Systems Analyst Timo Kettunen, Chairman of the Finnish Flight Workers Association, and Juhani Sinisalo, Representative of Finnair Personnel Fund. The Board of Management is informed about, among other things, the business plans and financial performance of the Group. The Board of Management prepares, among other things, matters to be decided by the Board of Directors affecting personnel as well as fleet and other fixed asset related investments and projects. The Board of Management also decides, within the limits set out by the Board of Directors, on investments and projects. Corporate Governance of Subsidiaries The Members of the Boards of Directors of the most significant subsidiaries are selected from individuals belonging to Finnair Group management and from representatives proposed by personnel groups. The key tasks of the Boards of Directors of subsidiaries are strategy preparation, approving the operational plan and budget, and deciding on investments and commitments within the limits of instructions issued by the Board of Directors of Finnair Plc. Share-Based Incentive Scheme for Key Individuals Matters relating to the remuneration scheme of key individuals are prepared in the Board of Directors' Remuneration and Appointments Committee. Decisions are made by the company's Board of Directors. Management incentive bonuses are determined annually based on the company's earnings per share, return on capital employed, business-unit quality and process indicators as well as personal performance appraisals. The maximum bonus can be equivalent at most to four months' basic salary. Around 70 key individuals of the Group belong to the 20072009 sharebased incentive scheme. The rewards of the scheme are based on return on capital employed and earnings per share, whose target levels are decided annually by the Board of Directors. The shares bonuses are subject to sales restrictions. Auditors and Monitoring Auditors The company has at least two auditors elected by the Annual General Meeting. The auditors' term of office ends at the conclusion of the Annual General Meeting following the meeting of their election. At least one of the auditors must be an authorised public accountant or an authorised public accounting firm approved by the Central Chamber of Commerce. Finnair Pc's Annual General Meeting in 2008 elected two auditors for the company: Authorised Public Accountants PricewaterhouseCoopers Oy, Principal Auditor APA Eero Suomela and APA Jyri Heikkinen. APA Tuomas Honkamäki and APA Timo Takalo were elected deputy auditors. The auditors of Finnair Group subsidiaries are mainly PricewaterhouseCoopers auditing firms or auditors employed by them. Auditing fees paid to auditors in Finland and abroad totalled 188,000 euros in 2008. Finnair Plc also paid auditors 120,000 euros for services (e.g. tax advice) unrelated to the statutory audit of the accounts. Monitoring and reporting system The principal task of the statutory audit is to verify that the financial statements give accurate and sufficient information about the Group's result and financial position for the financial year. The auditors report their findings to the Board of Directors once per year and submit an auditors' report to company's shareholders in connection with the annual financial statements. Finnair Plc's Executive Board, which acts as a risk management steering group, assesses and safeguards the sufficiency, appropriateness and effectiveness of the Group's risk management, monitoring and management process
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