The Finnish government has made it clear that it will not approve of any decisions to increase remuneration for the executives of state-owned companies in the general meetings scheduled for this spring, Mika Lintilä (Centre), the Minister of Economic Affairs, says to Talouselämä.
Lintilä is the minister responsible for ownership steering in the government of Prime Minister Juha Sipilä (Centre).
“We’ll stick to the old policy, and we’ve reminded the companies of that. We delivered this message to the companies through the chairpersons of the remuneration committees. There will be no remuneration increases in state-owned listed companies,” he asserted in an interview with the financial and business weekly.
“Why should we increase remunerations for boards of directors while nurses are committed to the competitiveness pact?” he reasoned.
He estimated that state-owned companies are attractive to board members not only because of financial reasons but also because of their interesting nature.
Lintilä also dismissed speculation that the government could reduce its stake in Finnair, the state-owned flag carrier of Finland. The airline has repeatedly stated that it will need a large partner if it is to secure its future, adding that such a partnership would also necessitate changes in its ownership base.
The Finnish government owns 50.1 per cent of shares in Finnair. The Parliament has decided that the ownership should be maintained at the current level.
“No actions that’d reduce the state ownership below that are in the works,” said Lintilä. “I recognise that globally air traffic is moving in the direction of extremely large consortiums. But it can’t be that Finnair only has a plan A, where the state authorises reducing the ownership to zero for example. Finnair must also have a plan B, and it does.”
Aleksi Teivainen – HT
Photo: Roni Rekomaa – Lehtikuva
Source: Uusi Suomi