Corporate governance

The implementation of good corporate governance at Algol Chemicals Oy is supported by the Algol Group’s Code of Business Conduct.

Line of business: Wholesale trade of industrial chemicals

Managing Director

Kalle Kettunen, M.Sc. (Tech.), MBA.

Independent members of the Board of Directors of Algol Chemicals

  • Leif Frilund, M.Sc. (Chemical Engineering), President & CEO of the Walki Group since 2007
  • Johan Grön, D.Sc. (Chemical Engineering), Vice President, Biogas, and Member of the Management Team at Gasum Oy, previously Senior Vice President at Outotec
  • Petri Helsky, M.Sc. (Economics and Engineering), President & CEO of Suominen Corporation; previous management positions in the paper and chemical industries.

Algol Group CEO Alexander Bargum is the Chairman of the Board.

The responsibilities of the Boards of Directors of subsidiaries cover the following:

  • Appointing the company's Managing Director; matters related to the remuneration of senior management.
  • Compensation scheme (within the overall framework set by the Group).
  • Short-term and long-term strategic operational goals and actions, as well as monitoring and addressing deviations in these goals and actions.
  • Annual financial targets, taking into consideration the owner’s expectations, as well as monitoring and addressing deviations in these targets.
  • Analysis and monitoring of business risks and opportunities.
  • Regular contacts with the Managing Director and the company's other operational management.
  • Strategic investment initiatives and their preparation for processing by the parent company.
  • Stakeholder issues (such as customer satisfaction, developing the portfolio of principals, HR issues, etc.).
  • Monitoring compliance with policies and guidelines set by the Board of Directors of the parent company.

The subsidiaries of Algol Chemicals

Algol Chemicals has subsidiaries in several countries. These subsidiaries comply not only with the Algol Group’s Code of Business Conduct, but also with national legislation within their countries.

The subsidiaries are 

  • Algol Chemicals AB (Sweden)
  • Algol Chemicals AS (Norway)
  • Algol Chemicals ApS (Denmark)
  • Algol Chemicals OÜ (Estonia)
  • Algol Chemicals SIA (Latvia)
  • UAB Algol Chemicals (Lithuania)
  • IOOO Algol Chemicals (Belarus)
  • TOV Algol Chemicals (Ukraine)
  • Algol Chemicals India Pvt. Ltd. (India)