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Peikko Group Global (English)
The annual general meeting approves the company’s yearly accounts and resolves Board members’ liabilities. It also appoints the Board members and decides on dividends. An extraordinary general meeting may be arranged during the year, e.g., to appoint new Board members.
Peikko’s Articles of Association state that there can be 3‑9 Board members at Peikko, and in practice there have been between 5‑7 Board members during the last 10 years. The duration of the term is typically 3‑5 years.
The intent of the owners has been that Board members 1) are active business directors, 2) represent various nationalities, 3) represent various genders, and 4) at least half of the Board members represent knowledge from the construction industry.
The Board members meet typically 4-6 times per year, either live, via videoconference or phone. The Chairman of the Board does not represent the owners’ family. The nomination of new Board member candidates is done by the owners and the Chairman.
The CEO is responsible for running all the operational matters at Peikko. He also has the full signing rights on behalf of the company.
CEO nominates the Management Team to lead various sectors of Peikko. The Team meets regularly, at least monthly, and the meetings are held either live or via videoconferencing.
In addition to the Management Team, there is an “Extended Management Team”, where other senior leaders, e.g. managers of the largest factories, are also involved in decision making. The meetings take place minimum twice per year.
Peikko units act under the guidance of the Management Team and according to the legislation of the country in question.
According to the laws of Finland, Articles of Association can be short. Peikko’s official articles are as follows:
The company's trade name is Peikko Group Oy, in English Peikko Group Corporation, and its registered office is in Lahti.
The company's sector of operation comprises the provision of consolidated business management and administrative services, product development, and financial services.
The Board of Directors, which comprises no fewer than three (3) and no more than nine (9) regular members, sees to the administration of the company and the proper organization of its operations.
A Board member is elected to the position until further notice.
The company is represented by the Board of Directors, the managing director, and the chairperson of the Board, each of them separately alone, and by two Board members together.
The company's Board of Directors may provide a designated person with the right to represent the company or a procuration.
The company has A shares and S shares. The shares have the same rights except for the right to a dividend. When a dividend is distributed, each S share entitles the owner to four times the share‑specific dividend compared to the dividend determined for A shares. Each S share can be converted into an A share at the request of the S shareholder.