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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, Services businesses and Wärtsilä Industrial Operations, the Chief Financial Officer, the Group Vice President, Legal Affairs & Human Resources and the Group Vice President, Communications & Branding. 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 and 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 and sustainability. The main areas of responsibility of the Group Vice President, Communications & Branding are external and internal communications, as well as branding.

Information on the members of the Board of Management, their areas of responsibility and holdings can be found in the section Board of Management CVs and in the full Corporate Governance statement.

The Board of Management in 2010

In 2010 the Board of Management met 13 times. The principal issues addressed by the Board of Management were related to market development, business strategy, company profitability, restructuring, as well as issues relating to development of competitiveness and costs. The development of markets, order intake and production capacity and footprint, as well as supplier relationships in the global economic environment, were also vital concerns addressed by the Board of Management. Other important matters considered by the Board of Management included the development of the company's personnel and management resources worldwide, as well as developing internal global processes and working practices.