Pekka Haavisto, Minister responsible for ownership steering, has today met with the chairpersons of boards of companies in which the state is the major shareholder, to announce a change to age limits. The age limit previously applied to board members of such companies will be abolished in spring 2014.
Minister Haavisto believes that the current economic situation calls for full use to be made of all resources:
- While we need the perspectives of talented young blood on the boards of state-owned companies, we should be careful not to marginalise those whose expertise and experience would bring added value.
This ownership steering decision applies to all companies in which the state is the majority shareholder. In companies whose articles of association specify an age limit, the required changes will have to be agreed in an AGM. The current age limits range between 68 to 70.
For companies in which the state is a minority shareholder, the new policy will apply to appointments in which the state can have a say. Haavisto characterises the issue as a matter of ending age discrimination:
- With this decision, the state can play its part in changing the outdated idea that age itself is a barrier to effective performance in demanding roles. With the new way of thinking having been adopted elsewhere in society, the state wishes to set an example as an owner and steerer of companies.
Haavisto believes that abolishing the age limit will lead to even greater attention being paid to the competencies and commitment of board members. In the future, board members will be evaluated on the basis of their achievements during their terms of membership.
Inquiries: Adviser to the Minister, Ville Hulkkonen, tel. +358 44 077 7226, Prime Minister's Office
