Auditing

Pursuant to CapMan’s articles of association the company shall have one ordinary auditor (a chartered public accountant or auditor) approved by the Finnish Central Chamber of Commerce. The election of the auditor and approval of the auditor’s remuneration are approved in the AGM. The Board’s proposal for the auditor and for the remuneration of the auditor is published in the notice to convene the AGM. The auditor is elected by the AGM for a one-year term, which terminates at the end of the AGM following the election. The company complies with the provisions of the Finnish Auditing Act in calculating the length of the auditor’s term of office. Under these provisions, the duration of the auditor’s engagement begins from the start of the financial year following the entry into force of the applicable Auditing Act, i.e. 1 January – 31 December 2008 financial year. CapMan’s AGM 2019 decided to elect Ernst & Young Oy, and the head auditor Ulla Nykky, Authorised Public Accountant as the company’s auditor, who are responsible for guiding and coordinating and instructing the auditing work of the entire Group.

In accordance with the decision of the previous AGM, the auditor shall be remunerated as per the amount invoiced and approved by the Board of Directors.

In 2018 the Auditor’s fees were the following:

Fees 2018 (euro)

Fees 2017 (euro)

Auditing fees

307,000

257,000

Other services

58,000

165,000

In total

365,000

422,000