Wärtsilä Corporation complies with the guidelines and provisions of its Articles of Association, the Finnish Limited Liability Companies Act, and the rules and regulations of Nasdaq Helsinki Ltd. Wärtsilä also applies the Global Reporting Initiative’s G4 Sustainability Reporting Guidelines and complies with the Finnish Corporate Governance Code 2020 (“the Code”) issued by the Finnish Securities Market Association. However, the Remuneration report for 2019 is provided in accordance with the Finnish Corporate Governance Code 2015. The Code is publicly available at http://cgfinland.fi/en. Wärtsilä has not deviated from any of the Code's recommendations.
Wärtsilä's Corporate Governance Statement is published as a separate statement on Wärtsilä's website, as well as in this Annual Report. The content of this Corporate Governance section fully corresponds with Wärtsilä's Corporate Governance Statement. Wärtsilä's Audit Committee has reviewed the Corporate Governance Statement. The company's external auditor has monitored the issuing of the statement and has verified that the description of the main features of the internal control and risk management section, as related to the financial reporting process included in the statement, reconciles with the Financial Statements.
Wärtsilä applies a single-tier governance model. The General Meeting of shareholders, the Board of Directors, and the President & CEO are responsible for the management of the Wärtsilä Group. Their duties are, for the most part, defined by the Finnish Companies Act. The General Meeting of shareholders elects the Board of Directors and the auditor. The Board of Directors is responsible for the strategic management of the company and is assisted in its work by the Board Committees. The Board appoints the President & CEO, who is in charge of the operative, day-to-day management of the company, with support from the Board of Management.