Contrary to expectations, 2021 was, if anything, an even more eventful year than its predecessor. Global politics have become increasingly antagonistic. The Ever Given blocked the Suez Canal for a week, triggering a crisis in logistics chains. The UN Climate Change Conference in Glasgow was hopeful, while simultaneously reminding us of the urgency of change. The waxing and waning of the pandemic has continued to create uncertainty.
22.12.2021
Shrewd Owners Lead Change
Sakari Lukinmaa
It has perhaps been surprising to see just how ambitiously the private sector has tackled problems relating to climate change. Numerous Finnish companies have placed well on the CDP’s list for their environmental efforts. Neste, with its carbon capture and hydrogen innovations, is one example of a Finnish company providing practical solutions to the world’s most urgent problems. BlackRock’s Chairman and CEO Larry Fink also took up the cause by making climate change the theme of his annual letter to the CEOs of the world.
While these are all significant steps, they are still just the first ones. Declarations need to be backed up by action. The rapidly changing world and an increasing understanding in companies of the importance of their stakeholders will come to dictate companies’ scope for action. The significance of various stakeholder groups is constantly shifting and is having an increasing impact of corporate value creation. For example, the Coalition United for a Responsible Exxon (CURE), a group of investors with over 145 institutional members, has accused Exxon’s board of responding too slowly to climate issues and is calling for changes in the company’s management.
The green transition may still be in its infancy, but it has gotten off to a promising start. There is much work ahead for everyone, and in that work, dialogue will be key—not just between companies and their stakeholders, but between companies and their peers. Companies should share their experiences, insights and best practices. It is also clear that the market has shown its strength as a driver of change, provided that the regulatory framework is in place and emissions pricing functions correctly.
An active and skilled owner understands and respects their company’s various stakeholders. Continual dialogue is at the core of any successful ownership strategy. As the changes that have already happened prove, companies do not operate in isolation from the rest of society. They can make choices that improve the functioning and welfare of society and the planet as a whole while continuing to create excellent business opportunities.
I am hopeful that 2022 will be a less eventful year than this one—but I wouldn’t bet on it.
We look forward to continuing to build sustainable success stories and engaging in the necessary dialogue with you in the coming year. Thank you to all our clients and business partners for your trust and the work we have done together this year!
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Latest references
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We advised Nomios, a portfolio company of the European growth buyout investor Keensight Capital, with its cross-border acquisition of Intragen Group, a leading European expert in digital identity and access management. The acquisition marks a major milestone in Nomios’ growth strategy and further strengthens its position as the global trusted partner for cybersecurity across Europe. Nomios is one of Europe’s leading providers of cybersecurity services. Keensight Capital is a European growth buyout investor with deep expertise in technology and healthcare.
Case published 17.11.2025
Ministry of the Environment – Report on the promotion of circular economy aspects in public procurement
Castrén & Snellman was commissioned by the Ministry of the Environment to carry out a study on how the Circular Economy Act could be used to promote circular economy aspects in public procurement. Our report provides valuable information to the working group tasked with preparing the new Circular Economy Act. The report includes an overview of relevant strategies, action programmes and policies, a look at relevant legislation and case law, an assessment of the current state of circular economy procurement and examples of integrating circular economy aspects into public procurement from around the world. We end the report with concrete conclusions and a proposal for a new circular economy provision with justification. The proposal aims to maximise the regulation’s effectiveness and minimise any adverse side effects. The final report is available on the Circular Economy Act project’s Gateway to Information (in Finnish). The study was carried out by Anna Kuusniemi-Laine, Sanna Aalto-Setälä, Lotta Huhtamäki, Marja Ollila, Laura Vuorinen, Paavo Heinonen and Anna Ylitalo.
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CapMan Real Estate – Acquisition of a High-Quality Residential Asset
We advised CapMan Real Estate in the acquisition and financing of a high-quality residential asset located in Katajanokka, Helsinki. The asset was acquired from the Finnish Seamen’s Service Bureau (MEPA). The property consisting of 38 modern rental apartments with a parking garage was completed in 2017. The building features high-quality construction, modern floorplans, and well-designed communal areas including a gym and rooftop sauna premises, and blends with the area’s historic maritime character. The residential asset is located in the prestigious Katajanokka seaside district of central Helsinki, known for its architectural heritage and proximity to the city centre. The property has a high ESG profile which will be further improved by CapMan Real Estate.
Case published 6.11.2025
Stena Line – Acquisition of NLC Ferry (Wasaline)
We are acting as legal adviser to Stena Line on its acquisition of NLC Ferry Ab Oy (Wasaline), strengthening Stena Line’s position in the Baltic Sea and enabling it to take over operations of the ferry route between Umeå in Sweden and Vaasa in Finland. The acquisition further strengthens Stena Line’s position as one of the leaders in sustainability within the ferry industry and enhances the company’s access to alternative fuels whilst providing a strong intermodal transport link towards Gothenburg and Trelleborg, and onwards to the European continent. NLC Ferry, operating under the auxiliary name Wasaline, were owned by Kvarken Link, a company jointly owned 50/50 by the cities of Umeå and Vaasa. Wasaline is the world’s northernmost shipping company, operating daily passenger and freight services between Vaasa, Finland and Umeå, Sweden, and is the first carbon-neutral ferry operator in the Baltic Sea with its hybrid vessel, Aurora Botnia, which runs on biogas and batteries. Stena Line is one of Europe’s leading ferry operators, with 20 routes across the continent. The company is family-owned, was founded in 1962 and is headquartered in Gothenburg, with 6,550 employees and an annual turnover of 19.6 billion SEK. The transaction is conditional to the approval of the respective municipal councils of Umeå and Vaasa as well as customary closing conditions such as authority approvals. The completion of the transaction is expected to take place in the beginning of the year 2026. Castrén & Snellman is collaborating with CMS Wistrand, Stena Line’s advisor on Swedish law matters in connection with the transaction.
Case published 4.11.2025