Members of the Audit Committee, the Personnel Committee, and the Corporate Governance and Nomination Committee are all independent directors drawn from the Board itself. The committee members are appointed by the independent members of the Board upon the recommendation of the Corporate Governance and Nomination Committee based on each committee’s member qualification standards. Consideration is given to the desires, skills and characteristics of individual directors.
Committee memberships
Director | Independence | Audit Committee | Corporate Governance & Nomination Committee | Personnel Committee |
Bruce Brown | Independent | Member | ||
Stephen Elop (President&CEO) | Non-independent | |||
Henning Kagermann | Independent | Member | Chair | |
Jouko Karvinen | Independent | Chair | Member | |
Helge Lund | Independent | Member | ||
Isabel Marey-Semper | Independent | Member | ||
Mårten Mickos | Non-independent | |||
Elizabeth Nelson | Independent | Member | ||
Dame Marjorie Scardino (Board Vice Chair) | Independent | Member | Member | |
Risto Siilasmaa (Board Chair) | Independent | Chair | ||
Kari Stadigh | Independent | Member |
The Audit Committee
The Audit Committee is established by the Board primarily for the purpose of overseeing the accounting and financial reporting processes of the company and audits of the financial statements of the company.
The Personnel Committee
The primary purpose of the Personnel Committee is to oversee the personnel policies and practices of the company. It assists the Board in discharging its responsibilities relating to all compensation, including equity compensation, of the company's executives and their terms of employment.
The Corporate Governance and Nomination Committee
The Corporate Governance and Nomination Committee's purpose is (1) to prepare the proposals for the general meetings in respect of the composition of the Board and the director remuneration to be approved by the shareholders and (2) to monitor issues and practices related to corporate governance and to propose necessary actions in respect thereof.