Wärtsilä Corporation Annual report 2014

Quick look: Governance

Wärtsilä implements a single-tied governance model, in which the management of the Wärtsilä Group is the responsibility of the General Meeting of shareholders, the Board of Directors, and the President and CEO. Wärtsilä complies with all the relevant Finnish guidelines and provisions.

Wärtsilä’s ultimate decision-making body is the General Meeting of Shareholders. The Board of Directors is responsible for the strategic management of the company. The President and CEO is in charge of the operative management of the company, assisted by the Board of Management.

Highlights

Annual General Meeting

Wärtsilä's Annual General Meeting was held on 6 March 2014. A total of 1,490 shareholders representing 103,732,746 votes participated in person or by proxy.

 

Changes in the management team

Rakesh Sarin was appointed President of Power Plants in September 2014. Rakesh and the other management team members supervise the company's operations and consider strategic issues related to the Group and its businesses.

Sustainability on Board of Directors’ agenda

Wärtsilä is strongly committed to sustainability. The Board of Directors reviews major sustainability issues on an annual basis. In addition, the Board of Management identifies major critical concerns and when necessary communicates such concerns to the Board of Directors.

Risk management

The purpose of risk management is to ensure that Wärtsilä is able to effectively execute its strategy and reach its targets, in the short term as well as over the long run.

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