The Company's Board of Directors has defined and approved the principles for monitoring and evaluating UB's related party activities. The Audit Committee of the Board of Directors monitors and assesses how the agreements and other legal transactions entered into between the Company and its related parties meet the requirements of the Company's normal business operations and market conditions. The Audit Committee also assesses potential conflicts of interest in planned transactions with the Company's related parties and makes recommendations to the Board of Directors on appropriate measures regarding the planned transactions. If the planned transaction deviates from the Company's normal business operations or is not carried out in accordance with conditions corresponding to the market or market practices, the transaction will be cancelled or submitted to the Board of Directors for approval.
The Company's CEO and the Group Administration's financial administration and risk management function monitor the related party transactions as part of the Company's standard reporting and control practices.
Significant transactions between UB and its related parties are reported in the notes to UB's consolidated financial statements. Following the Securities Markets Act, information about the related party transactions that are not part of the normal business operations or that are not carried out on normal commercial terms is also published as a stock exchange release.