Operations of the Board of Management
Following the organisational redesign into two business areas on 1 January 2019, the company's Board of Management comprises eight members: the President & CEO, the Chief Financial Officer, the Executive Vice Presidents heading the Wärtsilä Energy Business and Wärtsilä Marine Business, the Chief Digital Officer, and the Executive Vice Presidents heading the Communications & Branding, the Corporate Relations & Legal Affairs, and the Human Resources functions. Board of Management members are appointed by the company's Board of Directors, which also approves their remuneration and other terms of employment.
The Board of Management is chaired by the President & CEO. It considers strategic issues related to the Group and its businesses, as well as investments, product policy, and the Group's structure and corporate steering systems. It also supervises the company's operations.
The Chief Financial Officer's main areas of responsibility include group accounting and control, treasury (including project and customer financing), taxation, process development, corporate planning, and investor relations. The Executive Vice Presidents heading the businesses are each responsible for the sales volumes and profitability of their respective global businesses, deploying the capabilities of the Group's worldwide subsidiaries. The Chief Digital Officer leads the Information Management organisation and is responsible for developing and executing Wärtsilä’s digital strategy, and related digital governance. The main areas of responsibility of the Executive Vice President, Corporate Relations & Legal are corporate relations and legal affairs, intellectual asset management and sustainability, as well as environmental and occupational health and safety, and quality. The Executive Vice President, Human Resources is responsible for people related processes. The main areas of responsibility of the Executive Vice President, Communications & Branding are external and internal communications, as well as branding. Information on the members of the Board of Management and their areas of responsibility and holdings can be found in the Board of Management CVs.
The Board of Management in 2018
The Board of Management met 13 times during 2018. The main issues addressed by the Board of Management included market development and business strategy, new growth areas, the profitability of the company, as well as issues relating to developments regarding competitiveness, costs, and Wärtsilä's organisational structure. Areas of special focus included the decision to build the Smart Technology Hub, a new centre for research, development and production, in Vaasa, Finland; as well as the decision to redesign the Wärtsilä organisation into two business areas covering both new sales and services for the marine and energy markets respectively. Digitalisation and security, in particular cybersecurity, were also high on the agenda, as were occupational health and safety, and operational excellence. Carrying out the acqusition of Transas, and planning and implementing the integration process was another important area of focus. Furthermore, the Board of Management continuously addresses the development of the regulatory operating environment, order intake and production capacity, as well as supplier and other stakeholder relationships.