Governance

The duties and responsibilities of Altia Plc’s (“Altia” or the “company”) governing bodies are determined by Finnish law as well as Altia’s Articles of Association approved by the General Meeting of Shareholders and Altia’s Governance Principles approved by Altia’s Board of Directors.

Altia is fully owned by the State of Finland. The Ownership Steering Department of the Prime Minister’s Office is responsible for ownership steering and oversight of the company. Altia’s head office is located in Helsinki, Finland.

Compliance with the Corporate Governance Code

In accordance with the Government resolution of 13 May 2016 on state ownership policy, Altia complies with the Governance Code, with certain deviations. The Board of Directors of Altia has decided on the following deviations from the Governance Code.

Altia deviates from Recommendation 1 (Notice of the General Meeting and Proposals for Resolutions) with regard to the proposals to be included in the notice to the General Meeting, except as provided for by law and in the Company’s articles of association.

Altia deviates from Recommendation 2 (Shareholders’ Proposals for Issues to be addressed at the General Meeting): The Company does not publish on its internet site a date for shareholders to provide notice of issues demanded to be addressed at the General Meeting.

Altia deviates from Recommendation 3 (Attendance at the General Meeting): Board members, director candidates, the managing director and the auditor attend the General Meeting as invited by the only shareholder.

Altia deviates from Recommendation 4 (Archive of the General Meeting Documents): General Meeting Documents are sent to the only shareholder.

Deviations from the Corporate Governance Code are based on the fact that Altia has only one shareholder. Altia also complies with the new statement by the Ministerial Committee on Economic Policy on remuneration for management of state-owned companies, as included in the Government resolution of 13 May 2016 on state ownership policy.

The information required by the Finnish Corporate Governance Code is, with the above exceptions, also available on the company’s website www.altiagroup.com. An unofficial English translation of the Finnish Corporate Governance Code 2015 is available at www.cgfinland.fi.