Minister for European Affairs and Ownership Steering Strand: “State ownership means more than just profits”

Minister for European Affairs and Ownership Steering Joakim Strand invited board members and managing directors of state-owned companies to a discussion on growth, development and innovation at Little Finlandia in Helsinki on Tuesday.”

In his speech, Minister Strand stressed that economic growth calls for long-term effort, both in politics and corporate leadership. In this work, which reaches beyond government terms, the state ownership policy plays a key role.

“Our ownership policy is built on two parallel objectives: economic and social impact. The aim is responsible, long-term ownership that supports Finland’s competitiveness, sustainable growth and stability – even in uncertain times,” Minister Strand said.

“Strong financial performance is, naturally, the foundation. Companies must be profitable, efficient and capable of renewal – only then can we grow the value of both the company and the owner. At the same time, state ownership carries broader significance than just returns: it affects employment, technological development, regional vitality and security of supply. Finland is a small country, which is why we must build the future together. Every decision matters – and the more closely we work in the same direction, the stronger Finland becomes”, Strand added.

Also speaking at the event was Maija Strandberg, Director General of the Ownership Steering Department. She called on state-owned companies to show ambition and vision when setting goals for the new strategy period.

“In short, we expect companies with state ownership to pursue profitable growth; commit to innovation and product development with a long-term perspective; and make investments, especially in Finland. Only after these commitments do we discuss profit distribution to the owner – though I don’t underestimate the importance of dividends to central government finances,” Strandberg said.

Other speakers at the event ‘Driving Finland forward – the role of state-owned companies’ were:
•    Mikko Spolander, Director General, Economics Department, Ministry of Finance
•    Timo Jaatinen, Permanent Secretary, Ministry of Economic Affairs and Employment
•    Jari Mikkonen, Lieutenant General, Deputy Chief of Staff, Armaments and Logistics, Finnish Defence Forces
•    Mikael Silvennoinen, Board Chair, Fortum
•    Antti Vasara, Antti Vasara, Board Member at Stora Enso, Special Envoy for Technology, Ministry for Foreign Affairs.