Audit & Control
The Annual General Meeting elects an auditor to scrutinize the company's governance and accounts. The elected auditor must be a firm of public accountants authorised by the Central Chamber of Commerce. The auditor's term of office ends at the conclusion of the first AGM after the election.
The company's Board of Directors is responsible for monitoring the company's internal control system. The company's Group Executive Team approves internal control rules.
The Internal Audit function of UPM assists the Board of Directors with its supervisory responsibility by ensuring that the Group's control measures have been planned and set up appropriately and effectively.
The Risk Management function of UPM is responsible for communicating and enforcing the risk management policy and risk limits approved by the Board of Directors as well as for developing group-wide risk management procedures and guidelines.