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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 2021 appointed the Authorised Public Accountant Firm Ernst & Young Oy as the company’s auditor. The company’s Appointed Auditor is Heikki Ilkka, Authorised Public Accountant (KHT).

Heikki Ilkka heads Ernst &Young’s assurance practice of nearly 4,000 accounting professionals in the Nordic Countries. Heikki Ilkka has worked as an Authorised Public Accountant since 2000 and, during that time, he has served hundreds of accounting and consulting clients. Currently, he is the Appointed Auditor for the following companies: KONE, Cargotec and Oras Invest.

Heikki Ilkka stepped into his position as Appointed Auditor for Elo on 19 April 2021.

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