Corporate governance defines the way in which our business is managed and controlled. In the broadest sense, corporate governance sets the roles and rules under which we conduct our activities from the very top of the organization down to the individual employee.
The policies, procedures, and incentives by which we manage are designed to maximize the profitability and long-term value of the company for our shareholders, while taking into account the interest of other legitimate stakeholders. Eltel Group Corporation (the "Company" ) is a Finnish limited liability company which complies with the Finnish Companies Act, its own Articles of Association, and other regulations concerning private companies. In addition, the Company has undertaken a goal to comply in material respects with the Finnish Corporate Governance Code issued by the Securities Market Association in June 2010. The Securities Market Association is a cooperation body established by the Confederation of Finnish Industries, the Central Chamber of Commerce of Finland and NASDAQ OMX Helsinki Ltd. To the extent applicable The InfraNet Company AB complies with the same rules and monitors their implementation in the Company and throughout the Group through the Finnish Branch.
Legal and operational framework
The Board of Directors of the Company has the ultimate authority over legal and operational management. The legal framework consists of a parent holding company (Eltel Group Corporation), which coordinates the interests of shareholders and strategic business targets, and country-wide operating companies. The President and Chief Executive Officer (CEO), supported by a management team, is responsible for organizing and directing the Group’s operations.