Our firm has again this year had the honor to be the authors of the Finland chapter of the Corporate Governance Review published as part of The Law Reviews series. The 2021 publication in full including our Finland chapter can be found at https://thelawreviews.co.uk/title/the-corporate-governance-review.
In our chapter, we shed light on the corporate governance structures and guidelines as well as relevant regulation currently applied in listed companies in Finland. We discuss especially board structure and practices, disclosure regulations, corporate responsibility, shareholder rights, shareholder activism and takeover defences in light of the current regulatory framework and established practices.
In general, Finland can be considered a good example with respect to numerous aspects of corporate governance. The EU’s Second Shareholder Rights Directive implemented in 2019 has altered the operational environment of many listed companies, especially together with increasing focus on climate change, sustainable development, equality in its different forms and other similar issues of a global nature. Further, the role of self-regulation and self-assessment has led to increasing transparency throughout the corporate world. However, corporate social responsibility can to some extent be considered still in its infancy, although it has widely been under discussion recently and acknowledged also as a development target in the current government programme. Given the increase in number of IPO´s and strong market sentiment, building and maintaining an adequate corporate governance regime should be of high priority to all stakeholders involved.