Governance

Tesi is a state-owned venture capital and private equity company. We comply with all applicable recommendations of the Corporate Governance Code for Finnish Listed Companies, in addition to existing legislation and the provisions of the company’s Articles of Association. Our goal is transparency, international comparability and the promotion of good corporate governance practices in line with the Code, as well as the harmonisation of information-related procedures.

Management
Board of Directors
Tesi Advisory Board

Corporate Governance Statement 2022
Remuneration Report 2022

Tesi Advisory Board

The Advisory Board functions as an advisory body to the Board of Directors and promotes the company’s public relations. The Board does not have any responsibilities under commercial law.

Members:

• Juha Rantanen, Chair, Vuorineuvos
• Mari Holopainen, Member of Parlament, Vihreät
• Lauri Muranen, Chief Advisor (Economic Policy), SAK
• Nina Kopola, Director General, Business Finland
• Ari Korhonen, Angel Investor
• Veli-Matti Mattila, Chief Economist, Finanssiala ry
• Pirita Mikkanen, Chair, Lifa Air Oy
• Riitta Mäkinen, Member of Parlament, SDP
• Arto Pirttilahti, Member of Parlament, Keskusta
• Matti Putkonen, Perussuomalaiset
• Tommi Toivola, Director, EK
• Ben Zyskowicz, Member of Parlament, Kokoomus

Group structure

The Group comprises the parent company, Tesi (Finnish Industry Investment Ltd), and its subsidiaries:

• FEFSI Management Ltd. (100% owned by parent company)
• Tesi Fund Management Ltd. (100% owned by parent company)
• Tesi Industrial Management Ltd. (100% owned by parent company)
• EAKR-Aloitusrahasto Ltd. (100% owned by parent company)
• Aker Arctic Technology Ltd. (66.4% owned by parent company)

Tesi is a minority investor. Our holding in portfolio companies is always less than 50%, although in some investments the aggregated holding of investors may exceed 50%. The only exception is Aker Arctic, in which Tesi has a majority holding.