OMX establishes independent surveillance committees

Source: OMX

As of the current year, the ultimate responsibility for surveillance matters at the Stockholm Stock Exchange and Helsinki Stock Exchange rests with two independent committees.

This is in line with the confidence-generating efforts being conducted at the OMX's exchanges and entails even greater separation of surveillance matters from the exchanges' business operations. Vesa Vainio, a leading profile in Finnish enterprise, is appointed chairman of the two committees.

A majority of the members of the two surveillance committees have been recruited from outside the exchanges and do not represent the major shareholders of the exchanges. Chairman Vesa Vainio is Chairman of the Board of such companies as UPM-Kymmene and was formerly Chairman of the Board of the Helsinki Stock Exchange. Other independent members are Catarina af Sandeberg, Associate Professor in the Faculty of Law at Stockholm University, who specializes in corporate law and corporate-governance matters, and Björn C Andersson, with Svenska Handelsbanken since 20 years, i.a. as Head of Handelsbanken Markets.

"We are delighted at having such experienced and knowledgeable external members on our surveillance committees. It will now become even more apparent that the exchanges' listing and surveillance matters are to be handled independently of their business operations. This is in line with the confidence-generating efforts conducted continuously on The Nordic Exchange. Having great confidence in exchange operations also increases interest from investors and facilitates the efforts of listed companies to raise equity," says Jukka Ruuska, in charge of division Nordic Marketplaces within OMX and President of the Stockholm Stock Exchange.

The main duties of the surveillance committees will be matters involving listing and monitoring of the Stockholm and Helsinki markets. They will primarily focus on matters connected to the exchange rules for listed companies and Exchange Members, monitoring of the companies and Exchange Members and the budget of the surveillance function. As a result of the new structure, the surveillance function will also be responsible for making decisions concerning whether a matter is to be referred to the Exchange's Disciplinary Committee.

The surveillance committees are independent of the Exchanges' Boards of Directors. The intention is that the Copenhagen Stock Exchange will eventually also have a surveillance committee.

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