Corporate governance at Finnfund

Finnfund’s shareholders are the State of Finland (96.18 percent), Finland’s export credit agency Finnvera (3.75 percent) and the Confederation of Finnish Industries (0.07 percent) in October 2023. Finnfund’s operations are stipulated by the Finnfund Act.

The Company is governed by the Annual General Meeting, the Supervisory Board, the Board of Directors and the Managing Director.

The Annual General Meeting is held each year within six months from the end of the financial year. An extraordinary meeting of shareholders can be held whenever the Board of Directors or Supervisory Board deem it necessary or when required by law.

The Annual General Meeting addresses all matters designated to it in the Articles of Association and the Companies Act.

Supervisory Board

The Supervisory Board comprises 12 members elected by the Annual General Meeting for three years. Four members shall resign annually.

The Supervisory Board elects a Chairman and Vice Chairman among its members for one year.

The Supervisory Board oversees the administration of the Company led by the Board of Directors and Managing Director. The Supervisory Board gives its statement regarding the financial statements and the audit to the Annual General Meeting.

Furthermore, the Supervisory Board can provide the Board of Directors with guidelines on matters of broad or fundamental significance.

Board of Directors

The Board of Directors comprises a minimum of six and a maximum of eight members.

The Annual General Meeting elects the Board members and its Chairman and Vice Chairman for one year.

Managing Director and auditors

The Company has a Managing Director whose task is to oversee the Company’s day-to-day operations in accordance with instructions and regulations issued by the Board of Directors.

The remuneration of the members of the Supervisory Board and the Board of Directors is approved by the Annual General Meeting. The Board approves the remuneration of the Managing Director of Directors. More information about the remuneration is reported yearly in the Annual Report.

Finnfund has one auditor. The company’s auditor is Deloitte Oy, with Aleksi Martamo, Partner, Authorised Public Accountant, as the principal auditor.