Audit and Risk Committee

The ARC comprises at least three non-executive directors who are independent of the company and out of whom at least one member shall be independent of the significant shareholders.

At least one committee member must have expertise in accounting, bookkeeping or auditing. One of Tieto's Legal Counsels acts as secretary of the meetings.

All committee members are non-executive directors who are independent of the company and three of them independent of significant shareholders. All members have extensive experience in corporate management and financial issues and therefore have the required expertise.

The ARC is composed of

  • Harri-Pekka Kaukonen (Chairman)
  • Timo Ahopelto
  • Liselotte Hägertz Engstam
  • Jonas Synnergren 

The committee convenes regularly at least four times a year and meets the company's auditors, also without the company's management present. The Chairman of the committee reports to the Board when applicable. The main tasks of the committee are to:

  • review and supervise internal control – particularly the financial reporting process – and risk management issues
  • discuss and review the interim and annual reports and the financial statements
  • assess compliance with legislation, official regulations and the company's Code of Conduct
  • evaluate the sufficiency of internal control and the internal audit
  • examine, assess and approve the internal audit plan
  • assess the appropriate coverage of risk management and monitor the efficiency of risk management
  • review significant risks and unusual business events
  • prepare a proposal for the AGM on the nomination of external auditors and their compensation
  • evaluate the external auditors' independence, assess the audit plan and examine the audit reports
  • monitor the statutory audit and consult with the auditors' regarding matters that should be brought to the Board's attention