11. Related party transactions
The Group’s related parties include, in addition to the parent company Fingrid Oyj, subsidiaries Finextra Oy and Fingrid Datahub Oy, and the associated companies Nord Pool AS and eSett Oy, the shareholder entities listed in section 6.5 of the company’s financial statements, and senior management and their related parties. The senior management is composed of the Board of Directors, the President & CEO, and the executive management group. Other related party transactions include transactions concluded with entities in which the State of Finland has a holding in excess of 50 per cent. Fingrid’s related party transactions are accounted for in section 7.1 of the financial statements.
In the decision making concerning related party transactions, Fingrid sees to it that any conflicts of interest are taken into account, and no one included in the related parties or a representative of a related party participates in deciding on a related party transaction. Business with related parties is conducted at market prices. Fingrid maintains a list of its related parties.
In December 2019, the company’s Board of Directors approved new related party principles, which the company will follow as of 1 January 2020.