The Organs and the Management of the Company in General

All limited liability companies shall have a general meeting, a board of directors and auditors [5.1.7 Audit]. Shareholders participating in the general meeting form the general meeting which uses the highest decision making power in the company. The general meeting chooses the auditor and the board of directors. The choosing of the board of directors can also belong to the supervisory board, if the company has one. The board of directors chooses the managing director, if so required in the articles of association or the board of directors otherwise decides to nominate a managing director.

Based on the internal decision or provisions of the articles of association, there can also be a management team in the company [1.6.3 The Management Team]. Usually it consists of managing director and the main directors of the company. The managing team has no judicial status or power of decision, but it is a preliminary organ that supports the managing director.

If the company has more the 150 employees in Finland, the personnel has a right to nominate a representative into the company’s management. See further employee representation in the company governance [2.7.13 Personnel Representation in the Administration of Undertakings].