The corporate governance system of Hoivatilat Oyj (“Hoivatilat” or the “Company”) is based on the valid legislation and the Company’s Articles of Association.
In 2016, Hoivatilat was listed on the First North Finland marketplace where the company was not obligated to abide by the Finnish Corporate Governance Code 2015 of the Securities Market Association for listed companies (the “Corporate Governance Code”). Hence, the company did not adhere to the Corporate Governance Code in 2016, as doing so is not warranted by the company’s size and the scope of its business operations. Instead, the company has adhered to its own internal corporate governance guidelines, which have been in use since 2013.
As of 23 February 2017, the company will adhere to the Governance Code in its entirety. The Corporate Governance Code is publicly available on the Internet site of the Securities Market Association at www.cgfinland.fi.
The Board of Directors of the company has accepted the report on the corporate governance system on 23 February 2017, and this forms a separate clarification from the Annual Report.