The Corporate Governance Recommendation for Listed Companies issued in 2003 has been regarded as well-functioning and of an internationally high standard. All listed companies and many unlisted companies apply it to their operations. The recommendation has essentially improved the corporate governance systems of Finnish companies. New regulations and international development have, however, given rise to the 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.