Governance
The governance of Summa Defence Ltd has been divided between the General Meeting, Board of Directors and CEO in accordance with the Limited Liability Companies Act and the company’s Articles of Association. The CEO is assisted by the Management Team. Shareholders participate in the company governance and monitoring through decisions made at General Meetings. The Board of Directors convenes the Ordinary General Meeting. An Extraordinary General Meeting shall be held if the company auditor or shareholders whose combined shares represent at least one-tenth of all company shares so demand in writing for the purpose of addressing a specific issue. The General Meeting makes decisions in accordance with the Limited Liability Companies Act. In addition, the company’s activities are regulated by the Articles of Association.
Corporate Governance of Summa Defence Ltd is subject to the provisions of the Finnish Limited Liability Companies Act, the Auditing Act, and the Accounting Act and other legislation relevant to its operations. The Limited Liability Companies Act defines, for example, the company’s governing bodies, their roles and responsibilities, as well as their relation to each other. The Limited Liability Companies Act is also essential from the point of view of the shareholders’ rights by providing provisions on the rights associated with the shares and on the exercise of the rights, and it also contains the key principles of corporate law applied to corporate governance.
In addition, Summa Defence follows other guidelines and recommendations concerning good corporate governance applicable. While Summa Defence is not a listed company, it substantially follows the Finnish Corporate Governance Code where applicable, and to the extent the recommendations are suitable taking into account the company’s ownership structure and/or the special features of the company or its industry while maintaining a good corporate governance model.
