Outokumpu publishes 2014 Corporate Governance Statement
Steel company Outokumpu Oyj has released its 2014 Corporate Governance Statement, detailing the responsibilities of its governing bodies. The company adheres to Finnish legislation and the Finnish Corporate Governance Code.
Helsinki – Outokumpu Oyj, a global leader in stainless steel, has published its Corporate Governance Statement for 2014. The report outlines the tasks and responsibilities of the company's governing bodies, including the Board of Directors and the Leadership Team.
The company states its compliance with Finnish legislation, its Articles of Association, and its Corporate Governance Policy approved by the Board of Directors. Outokumpu also follows the Finnish Corporate Governance Code, adopted by Nasdaq Helsinki, and adheres to all regulations and recommendations issued by the stock exchange.
As of September 1, 2014, Outokumpu reorganized its business areas. The previous structure of four areas (Stainless EMEA, Stainless Americas, Stainless APAC, and Specialty Stainless) was replaced by five: Coil EMEA, Coil Americas, APAC, Quarto Plate, and Long Products. This change led to the discontinuation of the Specialty Stainless business area and the elevation of Quarto Plate and Long Products to business area status.
The General Meeting of Shareholders, the Board of Directors, and the President and CEO hold ultimate responsibility for the group's management and operations. The Leadership Team supports the CEO in efficiently managing the group's business. The General Meeting convenes at least annually, with key decisions including financial statement approval, dividend decisions, and the election of the Board.
The primary objective of Outokumpu's Board of Directors is to direct the company's business to ensure a significant and sustained increase in shareholder value. The Board is responsible for deciding on and monitoring the implementation of Outokumpu's strategy, long-term targets, and annual business plans. It also makes decisions regarding major investments, acquisitions, divestments, and significant financing arrangements.