The aim of Fingrid’s management and leadership is to implement the strategy approved by the Board of Directors and achieve the business goals effectively, responsibly and sustainably. Internal control procedures enforcing corporate governance are applied in management and leadership.
Fingrid’s operations are managed in a matrix of four perspectives: customers & society, finances, internal processes, and personnel & expertise. The internal processes consist of: ensuring transmission capacity, managing system security and promoting the electricity market.
The target setting and operational control for each strategic perspective is managed by an owner appointed by the President & CEO, supported by a steering group approved by the executive management group. The perspective owner acts as chair of the steering group and rules over any necessary teams and working groups under the control of the steering group. The targets and guidelines for each perspective are based on Fingrid’s strategy and require the executive management group’s approval.
The perspective owner is responsible for all major cost, revenue and investment forecasts related to the perspective, risk management, communications and stakeholder relations as well as for ensuring the quality and cost effectiveness of the IT system, information management and business solutions supporting the operations.
Personnel is organised according to function such that managers are in charge of the annual planning and budgeting of the tasks in their respective area of responsibility and of implementing the action plans according to the business target set in the strategy.
The heads of functions are in charge of ensuring appropriate governance and decision-making procedures for their functions, as well as corporate responsibility, quality and cost effectiveness, correctness of the information required for monitoring the operations, controls, risks and implementing practical risk management measures in compliance with the principles of internal control and risk management and Fingrid’s other guidelines.
Fingrid’s instruction system is composed of three levels: policies approved by the executive management group specify the principles approved by the Board of Directors and are complemented by the more detailed guidelines given by the perspectives and the business areas.
Management principle documents approved by Fingrid’s Board:
- Fingrid’s Code of Conduct
- Management principles
- Corporate Finance and Financing Principles
- Internal control and risk management principles
- Main grid development and maintenance management principles
- Principles for managing system security
- Principles for promoting the electricity market
Key events of 2016
Fingrid among the top four in an energy industry brand ranking
Corporate brands are a topic of increasing interest amid the transformation of the energy inustry. An international branding conference for the energy industry was arranged for the first time in Iceland during autumn 2016, where the industry’s top brands competed for CHARGE awards. Fingrid made it to the final stages and eventually ranked among the top four brands in the transmission and distribution category.
The participating companies were assessed by various criteria in the CHARGE competition, including segmenting, uniqueness and business models. The candidates included both retailer companies engaged in direct trade with consumers and transmission and distribution companies. A total of 80 different brands from 20 countries were scrutinized. Of these, 15 were nominated in three categories (best energy brand, best green energy brand and best transmission or distribution brand). Fingrid was nominated in the ‘best transmission or distribution brand’ category.