Digital sovereignty is moving off the IT compliance list and onto the board's risk agenda. Vivicta's Nordic Digital Sovereignty Survey 2026, published on 22 September, finds that seven in ten organisations expect to increase their sovereignty investment over the next twelve months, while fewer than three in ten are confident they control their critical data.

Not long ago, the CIO of a large Swedish company told Vivicta's CEO Satu Kiiskinen what his single highest priority was. It was knowing where the company's business-critical data actually sits. He knew a moment would come when the executive team and the board would ask him that question, and he wanted the answer ready.

The question stopped being technical

Digital sovereignty means an organisation's ability to retain control and decision-making authority over its critical data, systems and operational continuity, including when the operating environment changes.

The definition might sound like an IT matter. According to Kiiskinen, that is precisely the problem. In executive teams and boardrooms the subject is still treated too often as a compliance and technology question. Her own view is different: this is first and foremost about business continuity, risk management and the capacity to keep operating when conditions shift.

“It’s clear that sovereignty has become an increasingly important priority in the current geopolitical environment. Digital sovereignty has become a leadership priority linked to business continuity and risk management, and it’s no longer seen as just a compliance issue”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

The gap is not in the budget

The survey, run by Vivicta in collaboration with the research company Kairos Future, drew 320 senior decision-makers and key advisers in Finland, Sweden and Norway between June and July 2026. All worked in organisations employing more than 500 people.

The findings describe a subject that is recognised but not yet governed:

  • 70 per cent expect sovereignty-related investment to increase over the next 12 months.

  • 46 per cent have a formal, explicit sovereignty strategy.

  • 29 per cent strongly believe they control their critical data to a sufficient standard.

This, Kiiskinen says, is the most interesting result in the dataset. The subject is recognised, it is discussed, and organisations are willing to put money behind it. The capability still does not match the ambition. A gap has opened between intent and execution.

For a board, that is a familiar situation in unfamiliar clothing: an investment decision is coming up on a matter that too often has no strategy, no named owner and no metric.

Finland invests most. Sweden is further ahead on strategy.

Seventy-four per cent of Finnish organisations plan to increase investment, more than in Norway (69 per cent) or Sweden (68 per cent). On strategy the order reverses: a formal sovereignty strategy exists at 53 per cent of Swedish organisations, 44 per cent of Finnish ones and 39 per cent of Norwegian ones.

On control of critical data, Finland leads the comparison at 35 per cent, with Sweden and Norway at 26 per cent. Finland is ahead of its Nordic peers, and still only one Finnish organisation in three strongly believes it has sufficient control of its critical data.

Sweden, Kiiskinen notes, put sovereignty on the table some time ago. The CIO in the opening example represents that stage: the question is no longer whether the subject matters, but whether the organisation can answer when asked.

The opportunity is competitiveness.

Kiiskinen does not frame the subject as a threat. She sees it primarily as an opportunity to strengthen an organisation's resilience and competitiveness, and, ultimately, shareholder value.

Artificial intelligence connects to this directly. When the AI conversation runs hot and business benefits are wanted quickly, control of data determines whether AI can be adopted in a governed way, with risks identified in advance rather than reconstructed afterwards. Twenty-seven per cent of respondents rank AI, data use and control of decision-making among their most important sovereignty priorities. Seventeen per cent see AI as a new obstacle to data control.

On the risk side, Kiiskinen names one above the others: excessive dependency on individual providers.

Respondents agree. Dependency on external service providers tops the entire list of obstacles at 28 per cent. Cost and the complexity of an organisation's own environment follow at 23 per cent each, vendor lock-in at 16 per cent, and the absence of a strategy, owner or governance model at 14 per cent.

Dependency is rarely anyone's decision. It accumulates. Each individual choice was defensible at the time, and the result is a structure no one designed. It becomes visible only when something has to change quickly.

Full control is not the goal

Kiiskinen is careful not to overstate what the survey shows.

Complete sovereignty across every system is neither realistic nor the point, Kiiskinen says. What matters is distinguishing what is business-critical from what is not. The organisations that find a sensible balance are the ones that find resilience when conditions change

The data supports her. Only 8 per cent of respondents consider standard or global cloud sufficient for all critical workloads, and exactly the same share require full national sovereignty with elevated security. Everyone else sits somewhere in between. Seventeen per cent have not assessed the question at all.

“Ultimately, sovereignty is about freedom of action: the ability to remain in control when technology, suppliers or circumstances change. Organisations that find the right balance will be better positioned to innovate, grow and manage risk simultaneously”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

What the board should ask

Kiiskinen does not present this as an easy topic for a board. The natural route onto the agenda, she says, runs through the audit committee, as part of risk management and business continuity. That does not mean it stays there. The whole board needs to take an interest.

Five questions a board can put to management at its next meeting:

  1. Do we share a view of which data is business-critical to us?

  2. Which systems are business-critical, and do we understand the difference between the two?

  3. Where does our business-critical data actually reside, and how is it governed?

  4. Who has access to it?

  5. To what extent are our data, systems and decision-making genuinely under our own control, and which part of our preparedness is an assumption rather than something tested?

None of these requires technical expertise to ask. On the evidence of this survey, many organisations would struggle to answer them.

Which leaves one question on the table, and it belongs to the board rather than to IT: are boards challenging management hard enough, before the next disruption reveals the real state of their readiness?

|

|

Leaders

A new item for the board agenda: seven in ten are investing, three in ten are in control

A new item for the board agenda: seven in ten are investing, three in ten are in control

Commercial partnership:

·

5 min read

Credit: Vivicta

Credit: Vivicta

Digital sovereignty is moving off the IT compliance list and onto the board's risk agenda. Vivicta's Nordic Digital Sovereignty Survey 2026, published on 22 September, finds that seven in ten organisations expect to increase their sovereignty investment over the next twelve months, while fewer than three in ten are confident they control their critical data.

Not long ago, the CIO of a large Swedish company told Vivicta's CEO Satu Kiiskinen what his single highest priority was. It was knowing where the company's business-critical data actually sits. He knew a moment would come when the executive team and the board would ask him that question, and he wanted the answer ready.

The question stopped being technical

Digital sovereignty means an organisation's ability to retain control and decision-making authority over its critical data, systems and operational continuity, including when the operating environment changes.

The definition might sound like an IT matter. According to Kiiskinen, that is precisely the problem. In executive teams and boardrooms the subject is still treated too often as a compliance and technology question. Her own view is different: this is first and foremost about business continuity, risk management and the capacity to keep operating when conditions shift.

“It’s clear that sovereignty has become an increasingly important priority in the current geopolitical environment. Digital sovereignty has become a leadership priority linked to business continuity and risk management, and it’s no longer seen as just a compliance issue”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

The gap is not in the budget

The survey, run by Vivicta in collaboration with the research company Kairos Future, drew 320 senior decision-makers and key advisers in Finland, Sweden and Norway between June and July 2026. All worked in organisations employing more than 500 people.

The findings describe a subject that is recognised but not yet governed:

  • 70 per cent expect sovereignty-related investment to increase over the next 12 months.

  • 46 per cent have a formal, explicit sovereignty strategy.

  • 29 per cent strongly believe they control their critical data to a sufficient standard.

This, Kiiskinen says, is the most interesting result in the dataset. The subject is recognised, it is discussed, and organisations are willing to put money behind it. The capability still does not match the ambition. A gap has opened between intent and execution.

For a board, that is a familiar situation in unfamiliar clothing: an investment decision is coming up on a matter that too often has no strategy, no named owner and no metric.

Finland invests most. Sweden is further ahead on strategy.

Seventy-four per cent of Finnish organisations plan to increase investment, more than in Norway (69 per cent) or Sweden (68 per cent). On strategy the order reverses: a formal sovereignty strategy exists at 53 per cent of Swedish organisations, 44 per cent of Finnish ones and 39 per cent of Norwegian ones.

On control of critical data, Finland leads the comparison at 35 per cent, with Sweden and Norway at 26 per cent. Finland is ahead of its Nordic peers, and still only one Finnish organisation in three strongly believes it has sufficient control of its critical data.

Sweden, Kiiskinen notes, put sovereignty on the table some time ago. The CIO in the opening example represents that stage: the question is no longer whether the subject matters, but whether the organisation can answer when asked.

The opportunity is competitiveness.

Kiiskinen does not frame the subject as a threat. She sees it primarily as an opportunity to strengthen an organisation's resilience and competitiveness, and, ultimately, shareholder value.

Artificial intelligence connects to this directly. When the AI conversation runs hot and business benefits are wanted quickly, control of data determines whether AI can be adopted in a governed way, with risks identified in advance rather than reconstructed afterwards. Twenty-seven per cent of respondents rank AI, data use and control of decision-making among their most important sovereignty priorities. Seventeen per cent see AI as a new obstacle to data control.

On the risk side, Kiiskinen names one above the others: excessive dependency on individual providers.

Respondents agree. Dependency on external service providers tops the entire list of obstacles at 28 per cent. Cost and the complexity of an organisation's own environment follow at 23 per cent each, vendor lock-in at 16 per cent, and the absence of a strategy, owner or governance model at 14 per cent.

Dependency is rarely anyone's decision. It accumulates. Each individual choice was defensible at the time, and the result is a structure no one designed. It becomes visible only when something has to change quickly.

Full control is not the goal

Kiiskinen is careful not to overstate what the survey shows.

Complete sovereignty across every system is neither realistic nor the point, Kiiskinen says. What matters is distinguishing what is business-critical from what is not. The organisations that find a sensible balance are the ones that find resilience when conditions change

The data supports her. Only 8 per cent of respondents consider standard or global cloud sufficient for all critical workloads, and exactly the same share require full national sovereignty with elevated security. Everyone else sits somewhere in between. Seventeen per cent have not assessed the question at all.

“Ultimately, sovereignty is about freedom of action: the ability to remain in control when technology, suppliers or circumstances change. Organisations that find the right balance will be better positioned to innovate, grow and manage risk simultaneously”
Satu Kiiskinen
Satu KiiskinenCEO, Vivicta

What the board should ask

Kiiskinen does not present this as an easy topic for a board. The natural route onto the agenda, she says, runs through the audit committee, as part of risk management and business continuity. That does not mean it stays there. The whole board needs to take an interest.

Five questions a board can put to management at its next meeting:

  1. Do we share a view of which data is business-critical to us?

  2. Which systems are business-critical, and do we understand the difference between the two?

  3. Where does our business-critical data actually reside, and how is it governed?

  4. Who has access to it?

  5. To what extent are our data, systems and decision-making genuinely under our own control, and which part of our preparedness is an assumption rather than something tested?

None of these requires technical expertise to ask. On the evidence of this survey, many organisations would struggle to answer them.

Which leaves one question on the table, and it belongs to the board rather than to IT: are boards challenging management hard enough, before the next disruption reveals the real state of their readiness?

Vivicta is a Nordic digital transformation partner. The Nordic Digital Sovereignty Survey 2026 is a research initiative by Vivicta, conducted in collaboration with Kairos Future in June–July 2026. Respondents: 320 — Finland 108, Norway 107, Sweden 105 — all senior decision-makers or key advisers in organisations employing more than 500 people.

Board Programme

Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Board Programme

Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

All Listeds newsletters (bundle)

One sign-up, the full picture.

Get every Listeds newsletter: the daily signal drumbeat, the weekly Pulse briefing, the monthly Best of the Month, the CEO letter, and the Weekend read.

By signing up, you agree to our Privacy Policy

All Listeds newsletters (bundle)

One sign-up, the full picture.

Get every Listeds newsletter: the daily signal drumbeat, the weekly Pulse briefing, the monthly Best of the Month, the CEO letter, and the Weekend read.

By signing up, you agree to our Privacy Policy

Latest signalsLive feed
Moves trackerLive feed

Investor Event

Listeds Investor Event · Defence

Nordic defence is in a once-in-a-generation growth cycle. Eight listed and pre-IPO companies pitch to 100+ invited investors at Valkoinen Sali, Helsinki

21 September 2026

Latest on Listeds

Monthly Leadership Moves

September's finance seats started filling from inside

Oct 9, 2026

Through August, every incoming chief financial officer at a Helsinki issuer since December 2025 already held the title somewhere else. In September, Vincit promoted from its own controlling team and UPM made WISA's interim finance chief permanent. The lateral market did not close: Tieto and Relais both hired sitting finance chiefs, and Terveystalo is now searching for one.

Listeds had recorded at least ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026, and not one incoming finance chief was taking the job for the first time. Last month's roundup ended on whether September would break that run. It did, at the smaller end of the market.

The month's second signal was structural. Viking Line, Kalmar, Terveystalo and the planned UPM and Sappi graphic paper joint venture each redrew an organization in September and named the people to run it. Board-level change stayed thin, and most of it was nomination-board formation for the 2027 annual general meetings rather than turnover in the boardroom itself.

Vincit and WISA broke the lateral run with internal finance appointments

The Digia and Vincit chain that opened in August closed in September. Vincit named a successor on September 01, and went inside to do it. Paula Kuittinen, Head of Management Accounting and Business Control since March 2026 and before that more than 12 years in finance roles at CGI, most recently she has been the Finance Director, now becoming the CFO on November 1. "It is great to be able to appoint our new CFO from within the company," said chief executive Julius Manni.

On September 18, UPM's board appointed Lasse von Hertzen, previously WISA's interim CFO, its permanent Senior Vice President and Chief Financial Officer, effective when the plywood demerger completes. That finishes a WISA leadership team named in full by the parent's board, with trading expected from November 2.

LapWall took a third route. Tuomo Riihonen's employment ended on September 24, and the next day the company named Tiina Määttä Chief Financial Officer and Legal Officer from October 1. Her record runs through finance and legal advisory roles at Talenom and Greenstep and the chief executive seat at Kymsol Group.

Kempower named Lasse Hatinen on September 9, bringing more than 15 years of finance leadership in listed industrial companies. He joins by March 1, 2027 at the latest, from Metso where he has served as Senior Vice President, Group Controller. Juha Jaatinen, interim since August 13, holds the seat until then.

Larger issuers kept buying finance chiefs who already hold the title

The lateral market remains the default above small cap. Tieto appointed Juuso Pajunen from Terveystalo on September 16, and Terveystalo opened its search the same day. Relais Group appointed Joonas Mäkipeska on September 14 from Technopolis, where he is Chief Financial and Strategy Officer, after CFO roles at Holiday Club Resorts, Sponda and ALD Automotive. Chief executive Christian Gebauer framed the brief as "continued profitable growth, supported by financial discipline, strong cash conversion and investment discipline."

Stora Enso moved the other way on the same theme: on September 17 CFO Niclas Rosenlew was named deputy chief executive to President & CEO Hans Sohlström while keeping the finance role. Tallink appointed Armin Penner as its new CFO on September 8. He has worked for more than six years as CFO and Management Board Member of Circle K Eesti and has also served as CFO of Euroapteek and Ragn-Sells Eesti. 

SSH went outside for its chief executive, Arvo went to its own board

September's two listed-issuer CEO appointments took opposite routes. SSH Communications Security named Lars Bell from Omada, where he was Chief Customer Officer and interim chief executive, effective October 1. The share rose 49.5% in the five sessions to September 7. Bell inherits a business whose second-quarter revenue recovered to EUR 5.7 million, up 6.8%, while EBITDA fell 40.7%, and he starts on the same day as CFO Cristian Arias. The third-quarter report will be the first one a rebuilt executive team owns.

Arvo Sijoitusosuuskunta named Teemu Kokko, a member of its board of directors since 2021, deputy chief executive from December and chief executive from April 1, 2027. The selection ran through a nomination committee drawn from the cooperative's supervisory board, one level above the board Kokko sits on. He inherits first-half operating profit of EUR 8.5 million against EUR 6.5 million a year earlier, most of the step-up traced to an approximately EUR 6.9 million gain on the HANZA exit.

Reorganizations, not departures, produced most management-team changes

The month's largest management-team changes came attached to new structures. Kalmar announced plans on September 3 to simplify its operating model by combining divisions. Terveystalo said on September 4 it will report in four segments from 2027, Healthcare Services, Oral Health, Public Partnerships and Sweden, and named Ville Pesonen senior vice president for oral health. Viking Line renewed its management structure on September 8 and established a Viking Leadership Team. UPM and Sappi nominated Gunnar Eberhardt and Stephen Blyth to lead their planned graphic paper joint venture on September 8, and the wider management team on September 14. 

Technology seats moved alongside. Aspocomp named Ville Raatikainen Chief Engineering and Technology Officer from January 1, 2027, the second outside hire to its team since July, timed to the phased commissioning of its expanded Oulu plant.

Directors moving into executive roles drove September's committee changes

Only one board chair left. Kari Syrjänen resigned as chair of Biohit on September 2. The two committee changes that followed shared a cause: a director taking an executive job. Tulikivi's audit committee chair Niko Haavisto left the board after becoming CFO of Fiskars, and Panu Paappanen became the chairperson on September 14. At Olvi, director Tarmo Noop left the audit committee to run the Estonian subsidiary A. Le Coq on an interim basis, and board chair Nora Hortling replaced him.

September split the finance pipeline by company size

September broke the lateral CFO run, but only at the smaller end of the market: Vincit and WISA filled their finance seats from inside, while Tieto and Relais kept hiring sitting finance chiefs. At chief executive level, Arvo promoted from its own board and SSH went outside. Most management-team changes followed reorganizations rather than departures. On boards, the committee changes came from directors moving into executive roles, and most other activity was nomination-board formation for 2027. With interim finance cover at Kempower and Relais and an open seat at Terveystalo, the next test is whether larger issuers start filling finance seats from within. 

Join our Pulse, Best-of-the-Week, and Weekend newsletters

Join our Pulse, Best-of-the-Week, and Weekend newsletters