Related party transactions

The Corporate Governance Code (2015) requires that the Board of Directors stipulates a process for decision-making concerning related party transactions. To ensure that possible conflicts of interest are taken into consideration in an appropriate way in decision-making, an evaluation of the company's all related party transactions will be made.
Aktia Bank has defined its related parties (i.e. close relations), and is involved in regular trading with these. These business transactions are a part of the company's normal business, as many of the related parties are also customers of Aktia Bank. With the exception of employee benefits for those related parties employed by Aktia, all business transactions are made at normal customer terms and conditions, following determined decision-making processes so that for instance decisions concerning credits to the CEO are taken by the Board of Directors. 
For Aktia significant business transactions with related parties, business transactions with related parties, deviating from the bank's normal business operations, or business transactions made at other than market terms shall be approved by the bank's Board of Directors. Special attention shall be paid to that the related parties do not benefit from their positions.
Aktia's Finance unit evaluates and monitors transactions made with related parties as part of its routines for control and reporting. Related party transactions are reported in Aktia Bank's annual report (Note G46).