Neova Group is managed by the Annual General Meeting of Neova Oy, the Supervisory Board, the Board of Directors, the Chief Executive Officer and the directors of its divisions and business functions. Neova Oy’s Board of Directors appoints the members of the boards of directors of its most significant subsidiaries, ensuring that the work of the statutory executive bodies supports the operative business.
The operational management of Neova Group’s divisions and functions is the responsibility of the director of each division and function. The directors report to Neova Oy’s CEO. The management of subsidiaries also takes place through Neova Group’s divisions and business functions.
The Chair of the senior governing body of the Group’s subsidiaries and the managing director of the company in question are responsible for ensuring that the subsidiary’s Board of Directors confirms the decisions of the Group Management Team to implement the decisions made by Neova Oy’s Board of Directors, Neova Oy’s CEO and Neova Oy’s director for the division or function in question, or by the Board of the parent company of the company concerned, to the extent that the applicable legislation requires a decision by a senior governing body. The decisions made by the governing bodies are recorded in the minutes.
The boards of directors and the managing directors of subsidiaries belonging to the Neova Group are responsible for:
- ensuring that the Group management has enough information at its disposal to carry out its tasks
- ensuring that the company operates in accordance with approved business principles and set targets
- ensuring that the company complies with the Articles of Association and any possible instructions given in company-specific Corporate Governance policies and by Group management
- ensuring that the company complies with local laws and regulations applicable to its business
- monitoring legislation and forwarding information on legislative changes to the Group Management, the CEO of Neova Oy and/or the responsible business area or function manager
- ensuring that all decisions of the Board of Directors and the CEO of Neova Oy are implemented
- ensuring that the company operates in accordance with its ethical principles and carries out corporate responsibility reporting where applicable.
Companies with minority shareholders external to the Group comply, for the most part, with the procedures described above, nevertheless taking into account the rights of the minority shareholders, and the rules detailed in the Articles of Association and any possible shareholders’ agreement.