Nokia 2009 Annual Report Download - page 250

32. Principal Nokia Group companies at December 31, 2009
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 ....................................... 4.5 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 ................................................ 99.9 100.0
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 Brazil Technologia Ltda ..................................... 99.9 100.0
RU OOO Nokia ....................................................... 100.0 100.0
US NAVTEQ Corp ..................................................... — 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.
33. Risk management
General risk management principles
Nokia has a common and systematic approach to risk management across business operations and
processes. Material risks and opportunities are identified, analyzed, managed and monitored as part
of business performance management. Relevant key risks are identified against business targets
either in business operations or as an integral part of long and short term planning. Nokia’s overall
risk management concept is based on visibility of the key risks preventing Nokia from reaching its
business objectives rather than solely focusing 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, function or category owner is also the risk owner, but it is
everyone’s responsibility at Nokia to identify risks, which prevent Nokia to reach the objectives. Risk
management covers strategic, operational, financial and hazard risks.
Key risks are reported to the Group level management to create assurance on business risks as well as
to enable prioritization of risk management activities at Nokia. In addition to general principles there
are specific risk management policies covering, for example treasury and customer related credit
risks.
F76
Notes to the Consolidated Financial Statements (Continued)