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Compliance audit of the National Audit Office of Finland concluded

21.6.2016 at 06:10
The National Audit Office of Finland (NAO) has completed its compliance audit on the activities of Finavia Corporation and the Ministry of Transport and Communications regarding non-hedging derivative contracts made in 2009–2011.

NAO sees that the Board of Directors of Finavia Corporation reviewed the alternatives related to the investigation of responsibilities associated with derivatives in a purposeful manner and took the necessary action. The decisions made were also based on sufficient investigations. According to NAO, Finavia has acted in a consistent and purposeful manner.

Throughout the audit process, Finavia cooperated with the authority and supported the audit in all means possible. 

Responsibilities associated with derivative contracts not in compliance with Finavia's financing policy have been reviewed in a multi-phase process starting from 2012. Finavia has terminated the structured derivatives according to a plan approved by the company's Board of Directors.

Even though Finavia suffered a significant loss due to the non-hedging derivative contracts, this does not endanger the company's business operations or development plans.