The new Corporate Governance Recommendation for Listed
Companies (“Recommendation”) was announced
on 2 December 2003. It was drafted by a Corporate Governance
working group appointed by HEX Plc, the Central Chamber
of Commerce of Finland, and the Confederation of Finnish
Industry and Employers. Although the Recommendation
will take effect on 1 July 2004,
companies may implement it immediately.
 The
Recommendation is intended for the companies listed
on the Helsinki Exchanges, provided that it is not in
conflict with the regulations of the company’s
domicile. It is designed to complement the statutory
corporate governance procedures of Finnish listed companies.
These procedures are currently based primarily on mandatory
provisions in several Finnish laws.
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