Nokia 2008 Annual Report Download - page 216

34. Principal Nokia Group companies at December 31, 2008
Parent
holding
%
Group
majority
%
US Nokia Inc. ....................................................... — 100.0
DE Nokia GmbH ...................................................... 100.0 100.0
GB Nokia UK Limited .................................................. — 100.0
KR Nokia TMC Limited ................................................. 100.0 100.0
CN Nokia Telecommunications Ltd ....................................... — 83.9
NL Nokia Finance International B.V. ...................................... 100.0 100.0
HU Nokia Komárom Kft ................................................ 100.0 100.0
IN Nokia India Pvt Ltd ................................................ 100.0 100.0
IT Nokia Italia S.p.A .................................................. 100.0 100.0
ES Nokia Spain S.A.U.................................................. 100.0 100.0
RO Nokia Romania SRL ................................................ 100.0 100.0
BR Nokia do Brasil Tecnologia Ltda ...................................... 100.0 100.0
US NAVTEQ Corporation................................................ — 100.0
NL Nokia Siemens Networks B.V. ........................................ — 50.0
(1)
FI Nokia Siemens Networks Oy ......................................... — 50.0
DE Nokia Siemens Networks GmbH & Co KG................................ — 50.0
IN Nokia Siemens Networks Pvt. Ltd...................................... — 50.0
(1)
Nokia Siemens Networks B.V., the ultimate parent of the Nokia Siemens Network group, is owned
approximately 50% by each of Nokia and Siemens and consolidated by Nokia. Nokia effectively
controls Nokia Siemens Networks as it has the ability to appoint key officers and the majority of
the members of its Board of Directors, and accordingly, Nokia consolidated Nokia Siemens
Networks.
35. Risk Management
General risk management principles
Nokia’s overall risk management concept is based on visibility of the key risks preventing Nokia from
reaching its business objectives. This covers all risk areas; strategic, operational, financial and hazard
risks. Risk management at Nokia refers to systematic and proactive way to analyze, review and
manage opportunities, threats and risks related to Nokia’s objectives rather than being solely focused
on eliminating risks.
The principles documented in Nokia’s Risk Policy and accepted by the Audit Committee of the Board
of Directors require risk management and its elements to be integrated into business processes. One
of the main principles is that the business or function owner is also the risk owner, however, it is
everyone’s responsibility at Nokia to identify risks preventing us from reaching our objectives.
Key risks are reported to the Group level management to create assurance on business risks and to
enable prioritization of risk management implementation at Nokia. In addition to general principles
there are specific risk management policies covering, for example, treasury and customer business
related credit risks.
Financial risks
The objective for Treasury activities in Nokia is twofold: to guarantee costefficient funding for the
Group at all times, and to identify, evaluate and hedge financial risks. There is a strong focus in Nokia
F72
Notes to the Consolidated Financial Statements (Continued)