Corporate Governance

Committees Appointed by the Board

Audit Committee

The purpose of the Audit Committee is to assist the Board of Directors by preparing the committee-dedicated matters for the Board of Directors. The duties of the Audit Committee include monitoring the reporting of Aiforia's financials as well as practices related to it and monitoring their compliance with law. In addition, the duties of the Audit Committee include monitoring and assessing the risk management system as well as the supervision and monitoring of the auditor. The Board of Directors has determined the main duties and operating principles of the Audit Committee in a written charter.

The Audit Committee consists of two to three members, including the chairman of the Board of Directors. Members of the Audit Committee must be independent of Aiforia and at least one member of the Audit Committee must be independent of Aiforia’s significant shareholders. The members of the Audit Committee must be sufficiently qualified to perform the responsibilities of the Audit Committee and at least one member must have expertise specifically in accounting, bookkeeping, or auditing.

Aiforia's Board of Directors has appointed Pekka Mattila as the chair of the Audit Committee and Monita Au Kin Lai and John Wellbank as members of the Audit Committee.

Remuneration Committee

The purpose of the Remuneration Committee is to assist the Board of Directors by preparing the committee-dedicated matters for the Board of Directors. The duties of the Remuneration Committee include preparing remuneration matters to be considered by the Board of Directors relating to the appointment and remuneration of the Chief Executive Officer and other key individuals at Aiforia as well as Aiforia’s general remuneration principles and incentives schemes. The Board of Directors has determined the main duties and operating principles of the Remuneration Committee in a written charter.

The Remuneration Committee consists of two to three members, including the chairman of the Board of Directors. The majority of the members of the Remuneration Committee must be independent of Aiforia. The members of the Remuneration Committee must be sufficiently qualified to perform the responsibilities of the Remuneration Committee.

Aiforia's Board of Directors has appointed Pekka Mattila as the chair of the Remuneration Committee and Johan Lundin and John Sweeney as members of the Remuneration Committee.