Audit Functions

External Audit

Auditor

The Annual General Meeting of Lamor elects the company’s auditor annually, and resolves on the remuneration of the auditor.

Pursuant to Lamor’s Articles of Association, the auditor shall be an audit firm authorised by the Finnish Patent and Registration Office.

The Annual General Meeting of Lamor elects the company’s auditor. The auditor’s term of office commences from the General Meeting deciding on the auditor’s election and ends at the close of the next Annual General Meeting. The Annual General Meeting also decides on the remuneration of the auditor.

The Annual General Meeting held on 26 March 2024 re-elected the firm of authorised public accountants Ernst & Young Oy as the Company’s Auditor to serve for a term ending at the close of next Annual General Meeting, with APA Mikko Rytilahti as the auditor with principal responsibility. Mikko Rytilahti is registered in the auditor register in accordance with Chapter 6, Section 9 of the Finnish Auditing Act (1141/2015, as amended).

The Annual General Meeting resolved that the Auditor shall be paid reasonable remuneration and pre-agreed travel expenses in accordance with the invoice approved by the company.

Sustainability reporting assurance provider

For the first time, the 2024 Annual General Meeting of Lamor elected the company’s sustainability reporting assurance provider and resolved on the sustainability reporting assurance provider’s remuneration.

The Annual General Meeting elected the Authorized Sustainability Audit Firm Ernst & Young Oy as the Company's sustainability reporting assurance provider to serve for a term ending at the close of the next Annual General Meeting, with APA, ASA Mikko Rytilahti as the responsible sustainability reporting assurance provider. The Annual General Meeting resolved that the sustainability reporting assurance provider shall be paid reasonable remuneration and pre-agreed travel expenses in accordance with the invoice approved by the company.

Internal Audit

Lamor’s internal audit is an independent and impartial verification and consulting function, the goal of which is to generate added value for Lamor and improve its operations. Internal audit supports the organisation in achieving its goals by providing a systematic approach to evaluating and developing the effectiveness of the organisation’s risk management, control and management processes.

Lamor’s Board of Directors decides on the operating principles of the internal audit, which are defined in the charter of the internal audit prepared by the Audit Committee. In addition, the Audit Committee approves the annual internal audit plan, considering the results of the annual risk assessment, various business needs and feedback from management and the Audit Committee and the Board.

The internal audit plan is updated if necessary, and separate audit assignments are also carried out if necessary. The audit findings, recommendations and management’s corrective measures are regularly reported to the Audit Committee. The internal audit function reports functionally to the Audit Committee and administratively to the CFO.