Operations of the Board of Management
Wärtsilä’s Board of Management comprises seven members: the President & CEO, the Chief Financial Officer, the Executive Vice Presidents heading the Wärtsilä Energy Business and Wärtsilä Marine Business, and the Executive Vice Presidents heading the Communications & Branding, the Corporate Relations & Legal Affairs, and the Human Resources functions. The members of the Board of Management 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 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, quality, and security, including cyber security. 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 and marketing. 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 2019
The Board of Management met 13 times during 2019. The main issues addressed by the Board of Management included market development and business strategy, growth areas, the cost structure and profitability of the company, as well as developments related to the competitiveness and quality of products and services, and Wärtsilä's organisational structure. Digitalisation and security, particularly cybersecurity, were also high on the agenda, as were occupational health and safety and operational excellence. 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.