Corporate Governance in Finland

25.01.2013

As stipulated in the Finnish Companies Act, the top management of a Finnish limited liability company consists of the general meeting of shareholders, the board of directors and the general director. A company may also have a supervisory board, which task is to supervise the administration of the company (i.e. the activities of the board of directors and the general director).

If the board of directors consists of less than three members, then at least one deputy board member has to be appointed by the shareholders. The board of directors is vested with the authority to represent and sign documents on behalf of the company. Often, the articles of association authorize individual board members to represent the company solely or together with another board member or the general director. When appointed, the general director is vested with the authority to represent the company in its daily operations.

No less than one of the board members and, if the board is required to have deputy board members, at least one of the deputy board members must reside in the European Economic Area.

Please do not hesitate to contact partner Marcus Kevin (+358407416808; marcus.kevin(at)mklaw.fi) or partner Jan Långstedt (+358400538022; jan.langstedt(at)mklaw.fi) for more information on the incorporation of a company in Finland and applying for residence permits.