Operations of the Board of Management

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 2020

The Board of Management met 14 times during 2020. The main issues addressed by the Board of Management included market development and business strategy, growth areas, the cost structure and profitability of the company, as well as developments related to competitiveness and the quality of products and services. Considering the substantial impact of COVID-19 on Wärtsilä globally, the implications of the pandemic for the markets and the measures taken to ensure business continuity and to safeguard the health and safety of Wärtsilä’s personnel were also high on the agenda. Equally emphasised was the reorganisation of Wärtsilä Marine Business into three independent businesses with the aim of accelerating strategy execution, simplifying the business structure, and strengthening business presence in the Board of Management. Digitalisation and security, particularly cybersecurity, were additional areas of focus, as were occupational health and safety and operational excellence. Furthermore, the Board of Management continuously addresses the development of the regulatory operating environment, order intake and production capacity, as well as supplier and other stakeholder relationships.

Information on the members of the Board of Management 
Managers’ transactions