Responsible investing has been a hot topic this autumn, despite the fact that it isn’t really anything new. In fact, the UN’s responsible investing guidelines turn ten years old this year. What are the issues that investors focus on today?
19.10.2016
Responsible Investors and Active Owners
Jarno Tanhuanpää
Investors as Drivers of Change
When visiting Finland in August, Roel Nieuwenkamp of the OECD described how the focus investors have put on responsibility has completely changed the game. For example, a Dutch pension fund sold its holdings in pharmaceuticals company Mylan after it was alleged that the company’s drugs were being used to carry out executions in the US.
Institutional investors have taken the lead in the field of responsible investing for a while now, and require that ESG (environmental, social and governance) principles be complied with in their investment targets.
Private equity investors are also increasingly viewing potential investments through the lens of responsibility. Concrete evidence of this is that the Finnish Venture Capital Association is currently drafting responsible investment recommendations for its members. The recommendations point investors towards active ownership.
The key is not just to have responsibility principles in existence, but to actively weave them into the daily operations of target companies. High standards for responsibility and their effective implementation can also serve as strategic advantages when raising venture capital.
Incorporating ESG Principles into Legal Documentation
We currently seem to be seeing a kind of ESG 2.0 phenomenon. Investors and parties managing investments have a more solid will to commit to ESG principles. The clearest evidence of this is the incorporation of responsibility issues into standard legal due diligence reviews of investment targets. We have also been discussing how to incorporate ESG principles into investment documentation in a way that would be legally binding on the parties.
Reaping the Benefits of Business Opportunities
Investors have a twofold interest in responsibility issues. An ESG analysis will provide investors with an assessment of a target company’s current state. The analysis can also be used to guide an active ownership policy and steer the target company away from a path that could lead to identified cost risks being realised. On the other hand, an investor’s focus on responsibility issues can open up entirely new business opportunities based on, for example, sustainable development.
Responsibility is here to stay, and companies would be wise to make the most of the business opportunities brought by sustainable development, for example, in the circular economy.
Latest insights
Article published 13.5.2026 – Venture Capital & Minority Investments
Newly launched Series Seed 4.0 is a comprehensive standard seed financing documentation for the Finnish market
Article published 8.5.2026 – Environment, Energy & Green Transition
Reform of Finland’s land use legislation – key takeaways for project developers
Article published 28.4.2026 – Private M&A
Unlocking value in carve-outs – Why integration planning deserves top priority in every carve-out
Article published 30.3.2026 – Competition & Procurement
Finnish FDI screening under reform — Update following the stakeholder consultation
Jarno Tanhuanpää, Tuomas Honkinen & Jussi Mäkikangas
Tarja Pirinen, Marius af Schultén & Joel Aartolahti
Benjamin Bade, Maiju Mäkinen & Samuli Salminen
Kiti Karvinen, Johanna Kyllöinen & Joachim Wik
Latest references
Finnish Construction Management Consultancy — District Court Dismisses charge in occupational safety offence case concerning a safety coordinator
We successfully represented a Finnish construction management consultancy and a safety coordinator employed by the company in criminal proceedings concerning an alleged occupational safety and health offence. The prosecutor sought a penalty for an alleged breach of occupational safety regulations. The charge arose from a fall accident at a construction site where our client acted as the safety coordinator appointed by the developer. We assessed the scope of the safety coordinator’s duties in relation to the responsibilities of the main contractor, as well as how our client had fulfilled their obligations in practice. We demonstrated that our client had acted with due care and in full compliance with their duties throughout the planning, preparation and execution of the construction project. The District Court of Eastern Uusimaa dismissed the charge against our client. The Court held that our client, in their capacity as safety coordinator, had duly fulfilled the occupational safety obligations incumbent on the developer during the planning and preparation phases of the construction project and had not been aware of the fall protection deficiency identified at the site. The judgment is final insofar as our client is concerned.
Case published 22.6.2026
Efima – Sale of financial management services business
We advised Efima Oyj on the sale of its financial management services business to Rantalainen as part of its strategic focus on fully concentrating on the delivery of business applications as well as data and AI solutions. As a result of the transaction, customer contracts related to financial management services and 65 experts working in these services will transfer to Rantalainen. The transaction will be carried out as a transfer of business, and the experts will move to the new owner as existing employees. Efima is a Finnish digital company that supports the sustainable growth of large and mid-sized companies by streamlining their business processes and by creating competitive advantage through the innovative use of artificial intelligence and data. The company has nearly 200 experts based in Helsinki and Tampere.
Case published 12.6.2026
Ugly Duckling Ventures – EUR 6.5 million funding round of Skyfora
We advised lead investor Ugly Duckling Ventures on the EUR 6.5 million funding round of Skyfora. The round also included Eviny Ventures, LUMO Labs and EIC Fund, alongside non-dilutive funding from Business Finland. The investment will support the commercial scale-up of Skyfora’s weather intelligence solutions, the expansion of partnerships with telecom operators, forecasting providers and meteorological institutions, and the continued growth of the team. Skyfora is a Finnish company developing high-resolution weather data solutions using patented technology that extracts atmospheric data from GNSS receivers embedded in existing infrastructure, such as telecom networks. By unlocking previously untapped data sources, Skyfora enables the next generation of AI-driven weather forecasting and supports improved decision-making across weather-sensitive industries. Ugly Duckling Ventures is a Copenhagen-based venture capital firm focused on early-stage Nordic B2B technology companies, with an emphasis on medtech, resilience tech and business services.
Case published 10.6.2026
General Atlantic – ICEYE’s EUR 1 Billion Series F Funding Round
We advised General Atlantic as the lead investor on ICEYE’s EUR 1 billion series F funding round, valuing the company at over EUR 10 billion. ICEYE raised EUR 450 million (USD 520 million) in a primary Series F funding round led by General Atlantic. Additional investors included Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority (QIA) and TCV. Together with a secondary placement, the total fundraising exceeds EUR 1 billion. ICEYE is the world leader in sovereign intelligence from space, providing continuous monitoring capabilities to detect and respond to changes in any location on Earth. The company operates the world’s largest and most advanced Synthetic Aperture Radar satellite constellation. General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 885 companies throughout its history. As of March 31, 2026, General Atlantic manages approximately USD 126 billion in assets across its investment strategies. We advised General Atlantic on this transaction in collaboration with the international law firm Paul, Weiss, Rifkind, Wharton & Garrison.
Case published 9.6.2026