In its administration, FIT Biotech complies with Corporate Governance, Finnish legislation, such as the Limited Liability Companies Act and the Securities Markets Act, as well as the Articles of Association of FIT Biotech.
FIT Biotech’s Board of Directors has determined the company’s governance principles, operating model, roles, responsibilities and authorisations as described below. FIT Biotech’s corporate governance is founded on integrity, responsibility, equality and openness.
In the preparation of its financial statements and half-year interim reports, FIT Biotech follows the Finnish Accounting Standards (FAS), which is based on the Finnish Accounting Act, Accounting Ordinance and the Accounting Board operating under the auspices of the Ministry of Employment and the Economy, as well as the rules set forth in the First North Nordic Rulebook.
In accordance with the Limited Liability Companies Act and the company’s Articles of Association, FIT Biotech’s administration and management is divided between the shareholders, the Board of Directors and the CEO. The CEO is assisted in operational management by the Management Team. FIT Biotech is not obliged to comply with the Finnish Corporate Governance Code, but its governance practices reflect the code as appropriate, considering the company’s size and the scope of its business.