Transparency is a goal in all operations
The State of Finland owns the entire stock of Finnvera. The Enterprise and Innovation Department of the Ministry of Employment and the Economy is responsible for the ownership and industrial policy steering of Finnvera.
At Finnvera, the goal of good governance is to ensure transparency throughout the organisation. Finnvera's Board of Directors approves the main principles and guidelines steering the operations. The principles for good practices, confirmed by the Board of Directors, guide the personnel to act so that they reinforce Finnvera's role as a specialised financing company.
The principles of disqualification and the guidelines on insider information are part of Finnvera's ethical guidelines.
Responsibility for Finnvera's administration and operations is vested in the General Meeting of Shareholders, the Supervisory Board, the Board of Directors, and the Chief Executive Officer.
The General Meeting of Shareholders can make decisions on issues assigned to it by law and the Articles of Association. It elects the members of the Supervisory Board and the Board of Directors, as well as the Chairs and Vice Chairs of both bodies.
The Supervisory Board supervises the companys administration. It gives its opinion on the financial statements and the auditors report, and counsels the Board of Directors on issues that concern considerable reduction or expansion of the companys operations or substantial reorganisation of the company. In addition, the Supervisory Board advises the Board of Directors on matters that have far-reaching consequences or are important as questions of principle.
The Board of Directors is responsible for the companys administration and for the proper organisation of activities. The Board approves the companys strategy and annual plans, the interim reports and the annual financial statements, as well as the risk management principles. The Board advances the companys development and ensures that the operations conform to law and meet the goals set by the owner. The Board also decides important individual cases of financing. The Board supervises and monitors the companys executive management and appoints and dismisses the CEO and other members of the senior management. The Board has appointed the Inspection Committee and the Remuneration Committee from among its members to assist the Board in managing its tasks.
The Chief Executive Officer is responsible for the companys operational administration in keeping with the guidelines and regulations issued by the Board of Directors. In the management of tasks specified in the Limited Liability Companies Act, the CEO is assisted by the Management Group and the Corporate Management Team.
Read more about Finnvera's governance and organisation.