Stockholm (NordSIP) – In its latest annual equality survey of the boards of listed companies in which it invests, Finnish pension provider Varma found that the average proportion of women on the boards of Finnish listed companies in our investment portfolio was 39%.
A total of 105 listed companies from Finland as well as 542 foreign companies participated in the study. The proportion of women on the board of directors was higher in European companies (39%) than in North American companies (36%). Although it states that the figures were lower for Asia, Varma did not provide detailed figures in its announcement. Sectorally, the highest number of women (43%) as board members was in the basic industry, such as the chemical industry, and the forestry and mining industry. The lowest number of women as board members was in the telecommunications and communication services industry.
“Well-defined diversity brings clear added value to board work. Diversity should be reflected in the composition of the board as members’ complementary competencies, in addition to gender and age distribution,” says Hanna Kaskela, Varma’s Director of Sustainability. (translated)
Varma notes that the Finnish Securities Market Association’s Corporate Governance Code, which came into effect at the beginning of the year, recommends that equal representation of women and men must be achieved in accordance with the Corporate Governance Code by 30 June 2026 at the latest. The goal of equal representation is the 40% target set by the Companies Act.
Varma argues that a board with diverse backgrounds and expertise, both professional and personal, is best placed to understand the requirements of a company’s operating environment and to be open to new opportunities and innovations. Based on this understanding, Varma recommends that the Finnish listed companies it owns comply with the new corporate governance code in board composition and aim for the 40% target, noting that if a company fails to meet the target, it should provide justification for the deviation.
Stockholm (NordSIP) – In its latest annual equality survey of the boards of listed companies in which it invests, Finnish pension provider Varma found that the average proportion of women on the boards of Finnish listed companies in our investment portfolio was 39%.
A total of 105 listed companies from Finland as well as 542 foreign companies participated in the study. The proportion of women on the board of directors was higher in European companies (39%) than in North American companies (36%). Although it states that the figures were lower for Asia, Varma did not provide detailed figures in its announcement. Sectorally, the highest number of women (43%) as board members was in the basic industry, such as the chemical industry, and the forestry and mining industry. The lowest number of women as board members was in the telecommunications and communication services industry.
“Well-defined diversity brings clear added value to board work. Diversity should be reflected in the composition of the board as members’ complementary competencies, in addition to gender and age distribution,” says Hanna Kaskela, Varma’s Director of Sustainability. (translated)
Varma notes that the Finnish Securities Market Association’s Corporate Governance Code, which came into effect at the beginning of the year, recommends that equal representation of women and men must be achieved in accordance with the Corporate Governance Code by 30 June 2026 at the latest. The goal of equal representation is the 40% target set by the Companies Act.
Varma argues that a board with diverse backgrounds and expertise, both professional and personal, is best placed to understand the requirements of a company’s operating environment and to be open to new opportunities and innovations. Based on this understanding, Varma recommends that the Finnish listed companies it owns comply with the new corporate governance code in board composition and aim for the 40% target, noting that if a company fails to meet the target, it should provide justification for the deviation.
