Corporate affairs

Corporate governance

The control and management of Nokia is divided among the shareholders at a general meeting and the Nokia Leadership Team (left), under the direction of the Board of Directors (right). The Chairman and the rest of the Nokia Leadership Team members are appointed by the Board of Directors. Only the Chairman of the Nokia Leadership Team can belong to both, the Board of Directors and the Nokia Leadership Team. The Board of Directors' committees consist of the Audit Committee, the Personnel Committee and the Corporate Governance and Nomination Committee.

The operations of the company are managed within the framework set by the Finnish Companies Act, Nokia's Articles of Association and Corporate Governance Guidelines, and related Board of Directors adopted charters.

Nokia Leadership Team (as of April 2012) Stephen Elop (Chairman), b. 1963 President, CEO and Nokia Leadership Team Chairman of Nokia Corporation since 21 September 2010 Joined Nokia on 21 September 2010, Nokia Board member since 3 May 2011 Esko Aho, b. 1954 Executive Vice President, Corporate Relations and Responsibility Joined Nokia 2008, Nokia Leadership Team member since 2009 Former Prime Minister of Finland (1991–1995) Marko Ahtisaari, b. 1969 Executive Vice President, Design Joined Nokia 2009, Nokia Leadership Team member since 1 February 2012 Jerri DeVard, b. 1958 Executive Vice President, Chief Marketing Officer Joined Nokia 2011, Nokia Leadership Team member since 1 January 2011 Colin Giles, b. 1963 Executive Vice President, Sales Joined Nokia 1992, Nokia Leadership Team member since 11 February 2011 Michael Halbherr, b. 1964 Executive Vice President, Location & Commerce Joined Nokia 2006, Nokia Leadership Team member since 1 July 2011 Jo Harlow, b. 1962 Executive Vice President, Smart Devices Joined Nokia 2003, Nokia Leadership Team member since 11 February 2011 Timo Ihamuotila, b. 1966 Executive Vice President, Chief Financial Officer With Nokia 1993–1996, rejoined 1999, Nokia Leadership Team member since 2007 Mary T. McDowell, b. 1964 Executive Vice President, Mobile Phones Joined Nokia 2004, Nokia Leadership Team member since 2004 Louise Pentland, b. 1972 Executive Vice President, Chief Legal Officer Joined Nokia 1998, Nokia Leadership Team member since 11 February 2011 Niklas Savander, b. 1962 Executive Vice President, Markets Joined Nokia 1997, Nokia Leadership Team member since 2006 Henry Tirri, b. 1956 Executive Vice President, Chief Technology Officer Joined Nokia 2004, Nokia Leadership Team member since 22 September 2011 Juha Äkräs, b. 1965 Executive Vice President, Human Resources Joined Nokia 1993, Nokia Leadership Team member since 2010 Dr. Kai Öistämö, b. 1964 Executive Vice President, Chief Development Officer Joined Nokia 1991, Nokia Leadership Team member since 2005 Board of Directors Risto Siilasmaa (Chairman), b. 1966 Board member since 2008, Chairman of the Board of Directors since 3 May 2012 Chairman of the Corporate Governance and Nomination Committee Founder and Chairman of F-Secure Corporation Jouko Karvinen (Vice Chairman), b. 1957 Board member since 3 May 2011, Chairman of the Audit Committee, Member of the Corporate Governance and Nomination Committee CEO of Stora Enso Oyj Bruce Brown, b. 1958 Board member since 3 May 2012, Member of the Personnel Committee Chief Technology Officer of Procter & Gamble Elizabeth Doherty, b. 1957 Board member since May 2013 Independent Director Stephen Elop, b. 1963 Board member since 3 May 2011 President and CEO of Nokia Corporation, Chairman of the Nokia Leadership Team Dr. Henning Kagermann, b. 1947 Board member since 2007, Chairman of the Personnel Committee, Member of the Corporate Governance and Nomination Committee Former CEO and Chairman of the Executive Board of SAP AG Helge Lund, b. 1962 Board member since 3 May 2011, Member of the Personnel Committee President and CEO of Statoil ASA Mårten Mickos, b. 1962 Board member since 3 May 2012 Chief Executive Officer of Eucalyptus Systems, Inc. Elizabeth Nelson, b. 1960 Board member since 3 May 2012, Member of the Audit Committee Independent Corporate Advisor Kari Stadigh, b. 1955 Board member since 3 May 2011, Member of the Personnel Committee Group CEO and President of Sampo plc Former corporate officers Chief Executive Officers Chairmen of the Board of Directors Björn Westerlund 1967–1977   Lauri J. Kivekäs 1967–1977  Simo Vuorilehto 1988–1990 Kari Kairamo 1977–1988 Björn Westerlund  1977–1979 Mika Tiivola 1990–1992 Simo Vuorilehto 1988–1992 Mika Tiivola 1979–1986 Casimir Ehrnrooth  1992–1999 Jorma Ollila 1992–2006 Kari Kairamo 1986–1988 Jorma Ollila 1999–2012 Olli-Pekka Kallasvuo  2006–2010 Stock

Nokia is a public limited liability company and is the oldest company listed under the same name on the Helsinki Stock Exchange, having been listed since 1915. Nokia has had a secondary listing on the New York Stock Exchange since 1994. Nokia shares were delisted from the London Stock Exchange in 2003, the Paris Stock Exchange in 2004, the Stockholm Stock Exchange in 2007 and the Frankfurt Stock Exchange in 2012.

In 2007, Nokia had a market capitalisation of €110 billion; by May 2012 this had fallen to €14.8 billion.

Financial results

For fiscal Q2 2011 ending in June 2011, Nokia reported a net loss of €492 million, despite a €430 million payment from Apple. Nokia cited decline in its mobile phone business as the primary cause of the loss.

In Q1 2012 results were bleak. Nokia lost €1.34 billion. Revenue is down almost a third from a year ago. By May 2012, Nokia share price had fallen 37.5 percent since the beginning of the year, and was down 61 percent in the last year.

Corporate culture

Nokia's official corporate culture manifesto, The Nokia Way, emphasises the speed and flexibility of decision-making in a flat, networked organization, although the corporation's size necessarily imposes a certain amount of bureaucracy.

The official business language of Nokia is English. All documentation is written in English, and is used in official intra-company spoken communication and e-mail.

Originally, the Nokia Values were customer satisfaction, respect for the individual, achievement and continuous learning. Then until May 2007, the Nokia Values were Customer Satisfaction, Respect, Achievement, and Renewal. In May 2007, Nokia redefined its values after initiating a series of discussions worldwide as to what the new values of the company should be. Based on the employee suggestions, the new values were defined as: Engaging You, Achieving Together, Passion for Innovation and Very Human.