Corporate Governance working group 2009

The Securities Market Association has established a working group on 24 June 2009 to prepare self-regulation in relation to remuneration of listed companies directors due to international development of directors' remuneration. Chief judge Pekka Merilampi acts as the chairman of the working group. The working group consists of representatives from listed companies and investors. The term of the working group ends at the end of February 2010.

Press release regarding the working group in Finnish.

Corporate Governance working group 2007

The task of the corporate governance working group appointed by the Board of the Securities Market Association was to review the need to update the Corporate Governance Recommendation for Listed Companies issued on 2 December 2003 and to develop it.

Anne Leppälä-Nilsson, General Counsel, Legal Affairs, was Chairman of the working group. The other members were

Ilona Ervasti-Vaintola, Chief Counsel, Executive Vice President,

Jyrki Kurkinen, Senior Vice President, Legal Affairs,

Leena Linnainmaa, Director,

Timo Löyttyniemi, Managing Director,

Jaakko Raulo, Assistant General Counsel, and

Kaarina Ståhlberg, Assistant General Counsel.

Tytti Peltonen, Chief Policy Advisor, was permanent advisor to the working group.

The secretariat of the working group consisted of Anne Horttanainen, Legal Counsel, Anna Santti, Legal Counsel, Sanna Suni, Legal Counsel, Ari Syrjäläinen, Legal Counsel, and Piia Vuoti, Advisor. Päivi Räty, expert in financial reporting, compiled background material for the working group.

The working group convened 27 times. It has extensively heard different interest groups: board members of listed companies, executives, domestic and international investors, investment firms, auditors, authorities, and other market parties. The working group has also been in contact with other actors that maintain the codes in the Nordic countries and the Combined Code in London in order to review the practices and developments in different countries.

The Corporate Governance Recommendation for Listed Companies issued in 2003 has been seen to work well and to meet high standards internationally. All listed companies and many companies not listed on the Helsinki exchange apply it to their operations. The recommendation has materially improved the corporate governance practices of Finnish companies. However, new regulation and international developments have created a need to update the recommendation. In addition, it has become necessary to improve international investors’ access to information about the Finnish corporate governance system as a whole and, above all, the rights of shareholders.

The Board of the Securities Market Association approved this Finnish Corporate Governance Code in October 2008. The Code will replace the Corporate Governance Recommendation for Listed Companies issued in 2003. Corporate Governance practices develop constantly. Therefore, domestic and international developments must be monitored and the Code must be updated when necessary.

Finnish Corporate Governance Code (unofficial translation)

Further Information:

Legal Counsel Anne Horttanainen, Telephone +358 9 4242 6265, firstname.lastname@chamber.fi

Director Leena Linnainmaa, Telephone +358 9 4242 6213, firstname.lastname@chamber.fi

Legal Counsel Anna Santti, Telephone +358 9 6166 7210, firstname.lastname@nasdaqomx.com

Advisor Piia Vuoti, Telephone +358 9 44 577 0403, firstname.lastname@ek.fi