According to Metsä Board’s Articles of Association, the company has one auditor who shall be an auditing firm authorised by the Central Chamber of Commerce of Finland. The General Meeting appoints the auditor each year. The Audit Committee together with the Audit Committee of the parent entity Metsäliitto Cooperative arranged in 2011 a tender for the auditing services. As a result of the tendering, the Company’s long-term auditor PricewaterhouseCoopers Oy was at the 2012 Annual General Meeting changed to KPMG Oy Ab. Pursuant to the decision of the Annual General Meeting of 2020, KPMG Oy Ab acts as the Company’s auditor and appointed Kirsi Jantunen, APA, as the new auditor with main responsibility. 

Pursuant to EU’s Audit Directive an audit entity may act as a company’s auditor for a maximum of 10 years, following which audit services shall be subject to tendering. Should the same auditor be re-elected in the tendering, it may proceed as the company’s auditor for another 10 years at maximum. Thereafter the auditor must be changed. The Audit committee controls the appointment procedure of the auditors and provides the Board and the General Meeting with a recommendation for the appointment of the auditor. 

In 2020, KPMG Oy Ab received EUR 196,064 (EUR 196,064 in 2019 and EUR 234,389 in 2018) in auditing compensation, KPMG internationally received altogether EUR 402,322 (EUR 413,528 in 2019 and EUR 410,642 in 2018) and other auditing firms outside Finland were paid EUR 23,484 (EUR 23,484 in 2019 and EUR 40,984 in 2018). In addition, KPMG has received EUR 3,581 (EUR 34,327 in 2019 and EUR 6,825 in 2018) for services not related to the actual auditing of the accounts.

 

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