Shareholders’ meeting instructs Finavia to address the derivatives contracts
The annual general meeting of Finavia Corporation was held in Helsinki on 31 May 2016. The meeting adopted the financial statements for 2015, discharging the Board of Directors and Chief Executive Officer from liability. The seven current members of the Board were reappointed for 2016.
"The meeting of shareholders instructed the new Board of Directors to make a careful assessment and pass a decision on filing any action for damages in respect of the losses incurred by the company as a result of the derivative contracts made in 2011. The company management is required to give due consideration to the decisions made in the course of the on-going police investigations and the preponderance of potential criminal charges, as well as assess the company's prospects for claiming damages on this basis. Similarly, the management is to take into account the decision to be made by the Financial Supervisory Authority," says Minister Anne Berner.
Since last autumn, the ministry's ownership steering department has made active efforts to ensure that the liability issues related to Finavia's derivatives are thoroughly reviewed.
The legal evaluation of the liability issues related to Finavia's derivatives by the National Audit Office is due for completion in June. According to the information currently available, the Financial Supervisory Authority's report on the actions of the banks in connection with the derivative contracts will be completed by Midsummer.