16/11/2018

Pauliina Tenhunen to Lead Working Group Renewing Finnish Corporate Governance Code

Pauliina Tenhunen, a partner at Castrén & Snellman and the chairperson of the firm’s board, has been appointed as the chairperson of a ten-person working group appointed by the Finnish Securities Markets Association to prepare changes to the Finnish Corporate Governance Code.

The objective of the working group is to renew the Corporate Governance Code to correspond to the requirements of the EU’s Shareholder Rights Directive. The Directive lays down principles for, among other things, dealing with the remuneration of the board of directors and the managing director in a general meeting, the specification of remuneration reporting and the reporting of related party transactions and potentially dealing with such transactions in a general meeting.

The national implementation of the Directive is still underway. A bill will presumably be submitted to Parliament at the end of November, and the amendments are expected to enter into force in June 2019. The working group aims to publish a proposal for the new Corporate Governance Code at the beginning of May 2019 to be circulated for comments. The new Corporate Governance Code is planned to beready on 1 January 2020.