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According to the Articles of Association, Elo shall have a minimum of one and maximum of two auditors. If the auditor is not an audit firm, the company shall also appoint a minimum of one and a maximum of two deputy auditors. The auditor and deputy auditor shall be a KHT auditor or KHT audit firm approved by the Central Chamber of Commerce of Finland. On the recommendation of the Audit Committee, the Board of Directors makes a proposal concerning the selection of auditors to the Annual General Meeting.

The Audit Committee reviews the activities and services of the selected auditors on a yearly basis.

The auditing fee is paid against an invoice approved by the company and the auditor is not paid a separate daily allowance or compensated for travel expenses.

The Annual General Meeting for 2020 appointed the Authorised Public Accountant Firm Ernst & Young Oy as the company’s auditor. The company’s Appointed Auditor is Ulla Nykky, Authorised Public Accountant (KHT).

Ulla Nykky has served as an Authorised Public Accountant (KHT) since 1997 and currently acts as the Appointed Auditor for, among others, the following companies: Capman Plc, KEVA, Pohjantähti Mutual Insurance Company, Finnish Mutual Insurance Company for Pharmaceutical Injury Indemnities, Taaleri Plc and Garantia Insurance Company Ltd.

Ulla Nykky has acted as the Appointed Auditor for Elo since 23 April 2014.