Corporate Governance

 

General principles

The operations and activities of Orion Corporation and its subsidiaries (the Orion Group) are based on compliance with laws and regulations issued thereunder, as well as with ethically acceptable operating practices. The tasks and duties of the different governance bodies of the Group are determined in accordance with legislation and the corporate governance principles of the Group.

In its governance, Orion Corporation follows the Finnish Corporate Governance Code 2010 for companies listed on NASDAQ OMX Helsinki. Orion Corporation deviates from the Code’s recommendation No. 22 concerning the election of members to the Nomination Committee, which can also include persons other than members of the Board. The Company considers the exception justified in view of the Company’s ownership structure and the potential for flexibility when preparing for the election of the Board members.

The Corporate Governance Statement of the Orion Group presented in connection with the latest annual Financial Statements as a separate report from the Report by the Board of Directors, as well as a description of the governance updated after its date are available at www.orion.fi/corporate-governance. The Corporate Governance Code is available at www.cgfinland.fi.  

 

Management system

The management system of the Orion Group consists of the Group-level functions and Business Divisions. In addition, the system includes the organisation of the administration of the legal entities. For the steering and supervision of operations, the Group has a control system for all levels.

 

The management of the whole Group takes place at the Group level. The following are examples of management of the whole Group at the Group level:  

  • determination and follow-up of the Group strategy
  • the basic organisation and the steering and supervision of the operations of the Business Divisions
  • the largest investment decisions
  • issues concerning the entire parent company and the Group

The business operations of the Group take place in Business Divisions. The different Group-level functions provide services to the Business Divisions, each function being responsible for organising its own responsibility area Group-wide.

 

 

Updated Nov 8th 2011
 

 

 

 

 

 

 

 

 

Corporate Governance Statement
as on 9 Feb 2011

The Corporate Governance Statement  confirmed on 9 February 2011 in connection with the 2010 Financial Statements  is provided as a separate report  from the Report for 2010 by the Board of Directors. The PDF file of the Statement is accessible here.  

 

Corporate Governance Statement
as on 6 Feb 2010

The Corporate Governance Statement  with the form and content confirmed on 6 February 2010 in connection with the 2009 Financial Statements 2009 is included as pages 56-71 in the Annual Report 2009.  The enclosed PDF file contains the Governance section of the Annual Report.