The Company has one auditor elected by the Annual General Meeting. The auditor must be an Authorized Public Accountant approved by the Central Chamber of Commerce. The term of office of the auditor shall expire at the end of the first Annual General Meeting following the election.
Ultimate responsibility for accounting and financial management lies with the Board. The auditor gives a statutory report to the shareholders in connection with the closing of the company accounts each year. The purpose of the auditing process throughout the year is to ensure that the financial statements give a true and fair view of the Group's financial performance and status during the financial year. Foreign subsidiaries are included in the yearly audit programs.
The Board meets the auditor at least once a year.
Apart from this, the auditor carries out supervisory audits as he deems necessary and as agreed on with the Company.
Ernst & Young, Authorized Public Accountant Firm, with Juha Hilmola, APA, as principal auditor, were elected to serve as Company auditor in the AGM in 2016. The fees paid in 2015 to the external auditor for auditing Exel Composites Group companies totaled EUR 190 (163) thousand, while the fees paid for non-audit services totaled EUR 123 (51) thousand.