The company has identified its related parties and it is regularly engaged in transactions with some of these parties. These transactions relate to the company’s normal business operations and they are in line with the purpose of the company and executed on market or market equivalent terms and practices generally observed and accepted within the industry in question (for example so called Mankala companies in energy industry).
The company has a detailed decision-making procedure covering the identification, review, approval, monitoring, and reporting of related party transactions. Decisions on these transactions are taken in compliance with the company’s approval policy and established decision-making limits.
The company’s Finance and Control Function monitors and controls related party transactions as a part of the company’s normal reporting and control procedures. Information on material transactions concluded between the company and its related parties is available on page 145 of the Annual Report 2016 in the notes to the company’s consolidated financial statements.