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Scandic Paasi, Helsinki, Finland

The Board of Directors

In accordance with Scandic’s Articles of Association, the Board of Directors shall consist of three to eleven members and not more than two deputies appointed by the shareholders at the AGM.

The Board of Directors currently consists of nine members who were elected at the AGM held on May 10, 2017 (of which eight were re-elected by the AGM 2017). In addition, there is one employee representative and one deputy employee representative appointed to the Board of Directors.

No member of the Board of Directors elected by the shareholders’ meeting is employed by Scandic or by other companies in the Group. All members of the Board of Directors elected by the shareholders’ meeting are considered to be independent of the company and senior management. Seven members of the Board of Directors elected by the General Meeting who are independent of the company and the senior management are also independent of the company’s principal shareholders.

Thus, Scandic meet the requirements of the Code regarding the independence of the Board in relation to the company, the senior management and the companys’s principal shareholders.