Auditing

The purpose of the statutory external audit is to verify that the financial statements and the Board of Directors’ Report provide accurate and adequate information about the company’s performance and financial position. In addition, the auditing includes an audit of the company’s accounting and governance.

According to the Articles of Association, Terrafame’s auditor must be an audit firm authorised by the Finnish Patent and Registration Office. The auditor’s term of office ends at the close of the next Annual General Meeting following their election.

The auditor of Terrafame Ltd is KPMG Oy Ab, Authorised Public Accountants, with Antti Kääriäinen as the principal auditor.

Internal auditing

The objective of Terrafame's internal auditing is to ensure that the company's operations are efficient and effective, adequate management of business risks, and proper and reliable information is provided. The auditing system also provides for monitoring compliance with defined policies and instructions given.

Considering the scale of its business, the company is not included organized separate internal audit organization.

Related party transactions

Terrafame’s key related parties include the following entities: Suomen Malmijalostus Oy – Finnish Minerals Group, the State of Finland, Galena Private Equity Resources Investment 2 L.P., Galena Private Equity Resources Investment 3 L.P. funds and Galena Private Equity Resources Investment 4 L.P. funds, as well as Trafigura Group.

In addition, Terrafame’s related parties include the members of the Board, the CEO and the members of the Leadership Team, persons responsible for Terrafame Ltd’s commercial agreements, and the immediate family members of the persons referred to here, as well as entities over which they or their immediate family members have control.

Terrafame’s related parties also include entities in which the State of Finland exercises control or considerable influence. Terrafame has applied an exemption pursuant to which it only reports significant transactions with Government-related companies.

Read more at the Reports and publications page.