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Corporate Governance

Corporate responsibility governance and compliance

Based on the principle of separation of powers [12] the Board of Directors is Exel Composites’ highest governance body in relation to sustainability issues and is responsible for the management of the company and governs the risk management of the company through a risk management policy.

The Board of Directors makes quarterly risk assessments as part of the review and approval process of each set of half year financial reports, business reviews and annual financial statements. Risk factors are also considered in connection with any future guidance disclosed by the company. The material sustainability topics are validated by the Board of Directors and the related reporting of Exel Composites is annually reviewed alongside the publication of the company’s Annual Financial Report and signed by the Board of Directors.

Exel Composites is committed to exercising high standards of integrity and following ethical business principles through its corporate values, Anti-Corruption Policy and Code of Conduct [13]. A process to update the Code of Conduct was initiated at the end of 2017 and the revised version is to be adopted in spring 2018. At that time an initiative will also be launched to ensure a more systematic familiarization of all current and new employees with the Code of Conduct, the Anticorruption Policy and the “Report misconduct” channel.

Anti-corruption and bribery

Exel Composites does not tolerate bribery or corruption in any form as stated in its Code of Conduct and Anti-Corruption Policy [14]. Any violations could constitute serious damage to Exel’s business and reputational loss. Out of Exel’s operations mainly China is assessed for risks related to corruption.

In 2017 one confirmed incident of misconduct to achieve personal gain was reported in relation to Exel’s business unit in China. The case resulted in the dismissal of the person concerned. There were no pending legal cases regarding corruption brought against the company or its employees. In 2016 no incidents of corruption were reported.

 

Reference to metrics in Nasdaq ESG Reporting Guide:

[12] Nasdaq G1 – Board-Separation of Powers
[13] Nasdaq G6 – Ethics-Code of Conduct
[14] Nasdaq G7 – Anti-Bribery/Anti-Corruption

Exel Composites Oyj, Vantaa head office, Mäkituvantie 5, FI-01510 Vantaa, Finland