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Elo’s actions to develop its administration are progressing as planned

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During this year, Elo drafted a plan to develop its corporate governance system. A considerable number of measures have already been implemented and the rest will be realised as planned over the coming months. The Financial Supervisory Authority (FIN-FSA) has stated that Elo’s plans contain several significant changes that will clarify and improve the company’s corporate governance system.

In June, FIN-FSA requested that the Board of Directors at Elo draw up a plan to clarify Elo’s corporate governance system and to ensure the operating conditions for internal control.

Elo’s Board of Directors submitted its plan to FIN-FSA in November. In accordance with the plan, the executive group structure of the company has been streamlined and any overlapping executive groups have been abolished. The corporate governance system has been clarified and steps have been taken to ensure that the roles and responsibilities of the Supervisory Board, Board of Directors and executive management are clear and that the reporting processes are functional. The organisation of internal control will be streamlined and the resourcing of supervision functions strengthened.

FIN-FSA and the authorised representative appointed to Elo by FIN-FSA have stated that the response issued by Elo contains several significant changes that will clarify and improve the company’s corporate governance system. It is their opinion that the measures presented in Elo’s plan will undoubtedly further and assure the sufficiency and functionality of the corporate governance system.

“Our co-operation with the Financial Supervisory Authority and its authorised representative will continue in a positive spirit. It is our understanding that the authorised representative will now focus on the follow-up of the internalisation and impact of the already realised and planned actions”, states Carl Pettersson, CEO of Elo.

In April 2022, at the latest, FIN-FSA will assess the need to continue the appointment of the authorised representative.

 

Further information: Hanna Saira, Head of Communications, tel. +358 (0)50 387 5742

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