Welcome to VIPsight Europe - Finland
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| Olli V. Virtanen | Henrik Immonen |
25 February 2013
A brief summary of Finnish corporate governance
The 90’s recession changed drastically the whole thinking in the country as in Germany late 2000’s (according to professor Stieglbauer’s studies).
We have the following key associations:
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Hallituspartnerit (Board partners) for non public, medium size companies http://www.hallituspartnerit.com/in-english/
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Hallitusammattilaiset (the Board Professionals) http://directorsinstitute.fi/
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Boardman (focus on large and public companies) http://www.boardman2020.fi/#
We have an excellent (and demanding) training program, “HHJ” (good board praxis). It has been an unexpected success and have got an award from the international chamber of commerce.
Like in Sweden, we have the one tier system, ie the board to whom the managing director reports to. Management team (like executive board) has no legal status, so one single person is responsible for the execution, not an executive board.
There are no legal requirements on women, but in companies with state shareholding, they aim at a 40% quota.
A recent trend is to have foreigners on board to get another perspective on the issues. Quality of decisions overrun family closeness.
Henrik Immonen
VIPsight Archives Europe - Finland