The Board of Management
The company's Board of Management comprises the President and CEO, the Group Vice Presidents heading the Ship Power, Power Plants and Services businesses and Wärtsilä Industrial Operations, the Chief Financial Officer, the Group Vice President, Communications & Branding and the Group Vice President, Legal Affairs & Human Resources. As of 2012, Legal Affairs & Human Resources will be split into two areas of responsibility, the first being Corporate Relations and Legal and the second being Human Resources. Thereby the Board of Management will comprise 9 members. Board of Management members are appointed by the company's Board of Directors, which also approves their remuneration and other terms of employment.
The Board of Management is chaired by the President and CEO. It considers strategic issues related to the Group and its businesses, as well as investments, product policy, the Group's structure and corporate steering systems, and it supervises the company's operations.
The Chief Financial Officer's main areas of responsibility include group control, treasury (including project and customer financing), taxation and process development, corporate planning, corporate real estate and the information management support functions. The Group Vice Presidents heading the businesses are each responsible for the sales volumes and profitability of their respective global businesses, employing the services of the Group's worldwide subsidiaries. The main areas of responsibility of the Group Vice President, Legal Affairs and Human Resources are Legal, HR, Intellectual asset management, sustainability and corporate affairs. As of 2012, legal affairs and human resources will be divided into two separate areas of responsibility. The main areas of responsibility of the Group Vice President, Communications & Branding are external and internal communications, as well as branding.
The Board of Management in 2011
In 2011, the Board of Management met 14 times. The main issues addressed by the Board of Management included market development and business strategy, the growth and profitability of the company, as well as issues relating to developments regarding competitiveness and costs. The development of markets, the regulatory operating environment, order intake and production capacity, as well as supplier and other stakeholder relationships were also vital matters addressed by the Board of Management. Other important considerations for the Board of Management included the development of the company's personnel and management resources worldwide, as well as the development of internal global processes and working practices. During 2011, the Board of Management gave a considerable amount of attention to acquisitions, notably the recommended offer made for Hamworthy plc.