Summary
The Corporate Governance Recommendation for Listed Companies issued in 2003 has been seen to work well and to meet high standards internationally. All listed companies and many companies not listed on the Helsinki exchange apply it to their operations. The recommendation has materially improved the corporate governance practices of Finnish companies. However, new regulation and international developments have created a need to update the recommendation. In addition, it has become necessary to improve international investors’ access to information about the Finnish corporate governance system as a whole and, above all, the rights of shareholders. The Code will replace the Corporate Governance Recommendation for Listed Companies issued in 2003.