Wärtsilä’s Board of Management comprises nine members: the President & CEO, the Chief Financial Officer, the Executive Vice Presidents of the businesses Wärtsilä Energy, Wärtsilä Marine Power, Wärtsilä Marine Systems, and Wärtsilä Voyage, as well as the Executive Vice Presidents heading the Communications, Branding & Marketing; Corporate Relations & Legal Affairs; and Human Resources functions. The members of the Board of Management 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 & CEO. It considers strategic issues related to the Group and its businesses, as well as investments, product policy, and the Group’s structure and corporate steering systems. It also supervises the company’s operations.
The Chief Financial Officer’s main areas of responsibility include group accounting and control, treasury (including project and customer financing), taxation, process development, corporate planning, and investor relations. The Executive Vice Presidents of the businesses are each responsible for the sales volumes and profitability of their respective global business, deploying the capabilities of the Group’s worldwide subsidiaries. The main areas of responsibility of the Executive Vice President, Corporate Relations & Legal Affairs are corporate relations and legal affairs, intellectual asset management and sustainability, environmental and occupational health and safety, as well as security, including cyber security. The Executive Vice President, Human Resources is responsible for people related processes. The main areas of responsibility of the Executive Vice President, Communications, Branding & Marketing are external and internal communications, as well as branding and marketing. Information on the members of the Board of Management and their areas of responsibility and holdings can be found in the Board of Management CVs.
The Board of Management in 2021
The Board of Management met 12 times during 2021. Major items on the agenda of the Board of Management were the strategic framework of the group, business strategies and their implementation plans, as well as the sustainability strategy and decarbonisation targets. The Board of Management also focused on market development, financial performance, regulatory environment, and technology development. Considering the substantial impact of Covid-19 on Wärtsilä globally, managing business continuity, and the protection of the health and safety of the company’s own personnel and the personnel of its stakeholders were key priorities. Furthermore, other areas of importance included risk management, order intake and production capacity, as well as supplier and other stakeholder relationships.