The Finnish business community does not yet fully understand how crucial it is to seek influence over EU decision-making in Brussels, says Member of the European Parliament Aura Salla. She offers companies practical tips on how to improve their lobbying efforts. She also urges companies with a clear message: risk financing is now available, so apply for an InvestEU loan guarantee.

Finnish companies are too often weak at lobbying for their interests in the EU, says Aura Salla, who is serving her first term as an MEP in Brussels. A member of the National Coalition Party and the European People’s Party (EPP), Salla focuses in particular on technology, defense, and dismantling unnecessary EU regulation. 

Aura Salla, who is serving her first term as an MEP in Brussels, is known for her work on technology and defense, and dismantling unnecessary EU regulation. 

“EU decision-making and the opportunities it enables are poorly understood in Finland. When companies come to lobby, they haven’t done their homework. They often don’t know what is currently happening in the EU, and their lobbying lacks a sharp edge – what it is they actually want to influence,” Salla says.

She highlights Italy and Germany as masters of lobbying.

“Italy gets things through very effectively because they have professional lobbyists, companies understand the importance of gathering information in advance, and networks are built tightly. Germans are also highly skilled and efficient in this. Finnish companies, instead, tell decision-makers that the situation is difficult. But we already know that – we understand the operating environments. Instead of situation analysis, companies should be concrete and choose a precise focus: what exactly they want to influence and what they want to change.”

How to improve lobbying efforts

Aura Salla has a long work history in Brussels. Before her term in the European Parliament, she worked within the EU for years, including in the cabinet of Vice-President Jyrki Katainen and as an adviser in the in-house advisory service of Jean-Claude Juncker, the former president of the European Commission. She subsequently worked at Meta as the head of EU affairs and public policy. 

Salla’s first piece of advice to companies is: always hire a professional lobbyist. Small companies can do this together as a coalition. Her second piece of advice is: know the EU’s current topics and decision-making processes. Barriers to growth can only be influenced if one makes the effort to understand the current state of legislation and how it is progressing.

The third suggestion concerns opportunities that Finnish companies, in Salla’s view, still do not recognize well enough.

“Brussels is not a necessary evil – the EU is worth knowing inside out. You can influence things here, regulations are dismantled here, and major decisions are made here. Companies are used to trying to influence decision-makers in Finland. So I wonder why they are not active at the EU level in Brussels.”

At present, funding opportunities are available for companies. Salla served as the chief negotiator for the InvestEU loan guarantee program, which the European Parliament approved recently. The program enables at least €55 billion in private investments to be mobilized across Europe. In addition, it secured €2.9 billion in additional guarantees and eased reporting requirements for SMEs.

The program is a loan guarantee scheme that has been used to finance growth-oriented companies in Europe for over 10 years. In Finland, for example, Swappie received €17 million last year to expand its circular economy business.

Salla is now encouraging companies to apply for InvestEU financing.

“Risk financing must be brought to Europe. I don’t believe in direct company subsidies, but loan guarantees are a smart use of the EU budget. This won’t solve the problem, but it is a way to get private capital moving. My message to companies is simple: risk financing is now available, so go to your bank and apply for this loan guarantee.”

In pursuit of technological sovereignty

In the field of technology, Salla advocates European sovereignty and calls for disengagement from Microsoft. Europe’s technological dependence on the United States is a significant risk that must be addressed, she says.

“I often hear that we already lost this game and that Europe should have acted 10 years ago. And we should have – but that doesn’t mean nothing can be solved anymore. The reality is that U.S. companies could, on any given day, cut off our access to things like email and other critical infrastructure. That’s why Europe must rely on European technology. It’s protectionist, but there is no other way.”

Listeds’ Brussels Briefings is a series of articles in which decision-makers and experts in Brussels discuss current issues and share their insights with Nordic companies.

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Leaders

Finnish companies could increase their influence by improving their lobbying skills

Finnish companies could increase their influence by improving their lobbying skills

·

5 min read

Credit: Aura Salla

Credit: Aura Salla

The Finnish business community does not yet fully understand how crucial it is to seek influence over EU decision-making in Brussels, says Member of the European Parliament Aura Salla. She offers companies practical tips on how to improve their lobbying efforts. She also urges companies with a clear message: risk financing is now available, so apply for an InvestEU loan guarantee.

Finnish companies are too often weak at lobbying for their interests in the EU, says Aura Salla, who is serving her first term as an MEP in Brussels. A member of the National Coalition Party and the European People’s Party (EPP), Salla focuses in particular on technology, defense, and dismantling unnecessary EU regulation. 

Aura Salla, who is serving her first term as an MEP in Brussels, is known for her work on technology and defense, and dismantling unnecessary EU regulation. 

“EU decision-making and the opportunities it enables are poorly understood in Finland. When companies come to lobby, they haven’t done their homework. They often don’t know what is currently happening in the EU, and their lobbying lacks a sharp edge – what it is they actually want to influence,” Salla says.

She highlights Italy and Germany as masters of lobbying.

“Italy gets things through very effectively because they have professional lobbyists, companies understand the importance of gathering information in advance, and networks are built tightly. Germans are also highly skilled and efficient in this. Finnish companies, instead, tell decision-makers that the situation is difficult. But we already know that – we understand the operating environments. Instead of situation analysis, companies should be concrete and choose a precise focus: what exactly they want to influence and what they want to change.”

How to improve lobbying efforts

Aura Salla has a long work history in Brussels. Before her term in the European Parliament, she worked within the EU for years, including in the cabinet of Vice-President Jyrki Katainen and as an adviser in the in-house advisory service of Jean-Claude Juncker, the former president of the European Commission. She subsequently worked at Meta as the head of EU affairs and public policy. 

Salla’s first piece of advice to companies is: always hire a professional lobbyist. Small companies can do this together as a coalition. Her second piece of advice is: know the EU’s current topics and decision-making processes. Barriers to growth can only be influenced if one makes the effort to understand the current state of legislation and how it is progressing.

The third suggestion concerns opportunities that Finnish companies, in Salla’s view, still do not recognize well enough.

“Brussels is not a necessary evil – the EU is worth knowing inside out. You can influence things here, regulations are dismantled here, and major decisions are made here. Companies are used to trying to influence decision-makers in Finland. So I wonder why they are not active at the EU level in Brussels.”

At present, funding opportunities are available for companies. Salla served as the chief negotiator for the InvestEU loan guarantee program, which the European Parliament approved recently. The program enables at least €55 billion in private investments to be mobilized across Europe. In addition, it secured €2.9 billion in additional guarantees and eased reporting requirements for SMEs.

The program is a loan guarantee scheme that has been used to finance growth-oriented companies in Europe for over 10 years. In Finland, for example, Swappie received €17 million last year to expand its circular economy business.

Salla is now encouraging companies to apply for InvestEU financing.

“Risk financing must be brought to Europe. I don’t believe in direct company subsidies, but loan guarantees are a smart use of the EU budget. This won’t solve the problem, but it is a way to get private capital moving. My message to companies is simple: risk financing is now available, so go to your bank and apply for this loan guarantee.”

In pursuit of technological sovereignty

In the field of technology, Salla advocates European sovereignty and calls for disengagement from Microsoft. Europe’s technological dependence on the United States is a significant risk that must be addressed, she says.

“I often hear that we already lost this game and that Europe should have acted 10 years ago. And we should have – but that doesn’t mean nothing can be solved anymore. The reality is that U.S. companies could, on any given day, cut off our access to things like email and other critical infrastructure. That’s why Europe must rely on European technology. It’s protectionist, but there is no other way.”

Listeds’ Brussels Briefings is a series of articles in which decision-makers and experts in Brussels discuss current issues and share their insights with Nordic companies.

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Anu, a co-founder of the brand and communications agency United Imaginations and former editor-in-chief of Helsingin Sanomat, is our head of content.

Content writer

Anu, a co-founder of the brand and communications agency United Imaginations and former editor-in-chief of Helsingin Sanomat, is our head of content.

Authors

Content writer

Anu, a co-founder of the brand and communications agency United Imaginations and former editor-in-chief of Helsingin Sanomat, is our head of content.

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Market Signals

Citycon approved a €422.6M sale of three Finnish shopping centres to a company controlled by G City's shareholders

Sep 15, 2026

Myyrmanni, Koskikeskus and Trio, classified as a related-party transaction and approved by the independent directors on 12 August. 

On 12 August 2026, Citycon Oyj's board approved the divestment of three Finnish shopping centres — Myyrmanni in Vantaa, Koskikeskus in Tampere and Trio in Lahti — at an appraisal value of approximately €422.6m, based on the 30 June 2026 valuation.

The buyer is Noga Finland Retail Properties Oy, which Citycon's release describes as controlled by the shareholders of G City Ltd. G City and its subsidiary Gazit Europe Netherlands B.V. held approximately 89.68 per cent of Citycon at the time. Citycon classified the transaction as a related-party transaction deviating from the ordinary course of business, and states that the independent board members approved it.

Completion is expected in the second half of 2026, conditional on a public offering of securities in Noga Retail Properties Ltd. and other customary conditions. Citycon may provide vendor financing of up to €84.5m at market terms, and retains asset and property management of the three centres after closing, for which it will receive management and success fees.

The numbers

Appraisal value of the three centres

approx. €422.6m

Against the 28 May LOI

approx. €400m at 31 March 2026 book value

Vendor financing Citycon may provide

up to €84.5m — about a fifth of the price

G City + Gazit at approval / after 31 August

89.68% 

Separate related-party facility, 13 May

up to €200m mutual on-call loan, repayable 15 February 2028

Governance and ownership

The transaction is the third disclosed related-party item between Citycon and its controlling owner in four months.

  • 13 May — Citycon's board approved a mutual on-call loan facility of up to €200m with G City, repayable by 15 February 2028, at interest set on arm's-length terms by an independent pricing agent. The release notes G City is Citycon's parent and a related party, and states the facility was approved unanimously by the independent board members.

  • 28 May — Citycon signed a non-binding letter of intent for the divestment of Finnish centres at a book value of around €400m as at 31 March 2026.

  • 12 August — The board approved the sale of the three centres at approximately €422.6m, again by decision of the independent board members.

The parking dispute, in date order

One of the three centres is at the centre of a public dispute in Finland this summer. The sequence, as reported:

  • July 2026 — Citycon cut free parking at Myyrmanni from two hours to one. Free parking was also shortened to one hour at Iso Omena and Lippulaiva in Espoo; a K-Citymarket merchant told Länsiväylä the conduct was classless.

  • 8 August — Espoo City Council chair Jarno Limnéll wrote in Länsiväylä that Citycon should re-evaluate the decision and enter genuine dialogue with entrepreneurs and customers, noting Iso Omena houses a library, pharmacy and health centre.

  • 12 August — The board approved the sale of all three centres.

  • 14 August — MP Mia Laiho, chair of the Länsi-Uusimaa wellbeing services county board, called for Citycon to come to the negotiating table over the one-hour limit at Iso Omena.

  • 4 September — Citycon extended free parking at Myyrmanni to 90 minutes. No change in Espoo 

These are separate decisions by the same company in the same weeks. 

What to watch

Completion of the €422.6m divestment depends on the public offering of Noga Retail Properties Ltd. securities, and the timing of that offering determines whether the transaction closes before or after Citycon leaves the exchange. G City commenced compulsory redemption proceedings on 2 September, and Finnish redemption proceedings ran to a determined redemption price. The delisting application follows as soon as it is permitted under applicable law.



Executive Intelligence

Women hold 34.9% of Helsinki board seats. The chair's seat moved the other way.

Sep 14, 2026

The half in which the EU board gender directive fell due, measured against the Listeds board composition dataset. Women's share of board seats rose 1.3 points. The share of female chairs fell from 12.0% to 10.7%.

According to the Board Index — Finland H1 2026 study by Listeds and Admincontrol, women's share of board seats on Nasdaq Helsinki rose from 33.6% to 34.9% over the first half of the year. The gain was 1.3 percentage points in six months, continuing the upward trend that began in 2022 (28.2%). 30 June 2026 was the compliance deadline for the EU directive on gender balance on the boards of listed companies (Directive (EU) 2022/2381). The largest single-year gain, however, came in 2025, when the share climbed 3.0 points from 30.6% to 33.6% — a full year before the deadline took effect.

The 40% target applies to a narrower group than the market average covers

The market-wide average still falls short of the directive's 40% target. The directive's obligations, however, apply only to companies above certain size thresholds — in Finland, more than 250 employees and either a balance sheet above €43 million or turnover above €50 million — whereas the Board Index figures cover the whole of Nasdaq Helsinki and the First North market. In the Large Cap segment, which comes closest to the group in scope, the threshold was passed: women held 42.0% of board seats at the end of June. Market-cap segment is an approximation rather than the legal test: some Mid Cap companies clear the employee and turnover thresholds, while a few Large Cap companies with small workforces do not. The lowest shares sit in small companies and on First North, which are largely outside the directive's scope.

One woman on the board is no longer enough

The change over the first half was not only a matter of volume. The emphasis shifted from appointing a first woman to filling more than one seat: the share of companies with only one woman on the board fell from 26.2% to 21.9%. At the same time, the share of companies where more than 40% of directors are women rose from 24.0% to 27.8%.

By segment, the largest step was taken in Small Cap companies, where women's share rose from 29.6% to 32.4%. First North remains the most male-dominated market segment: women hold just 27.5% of board seats there. By industry, the sharpest gains came in consumer staples (36.1% → 40.0%) and technology (29.5% → 32.9%). Real estate remains the least gender-diverse industry, with women at 25.0%.

Eight all-male boards — and fewer female chairs than before

One indicator stood still, the other turned down. The number of all-male boards remained at eight companies (4.4% → 4.3% of companies), and all of them are Small Cap or First North companies: Digitalist Group, Dovre Group, Eagle Filters Group, Norrhydro Group, Pallas Air, Summa Defence, Sunborn International and Titanium.

The share of female chairs fell from 12.0% (22 companies) to 10.7% (20 companies). Progress in board membership has therefore not yet reached the head of the table.

At the other end of the range, a group of companies has reached or passed gender parity. The highest shares of women were at Suominen (66.7%), Aktia Bank and Verkkokauppa.com (both 57.1%) and Huhtamäki (55.6%). Fiskars, Kempower, Orion, Stora Enso, Administer and Modulight landed at exactly 50%.

Internationalisation did not move at all

The nationality mix was entirely unchanged: Finnish nationals held 77.3% of board seats both at the start and at the close of the half. In every reading since 2022 the figure has sat between 77% and 78%. The only real movement in the series came in 2025, when the Finnish share fell from 78.2% to 77.3%.

Internationalisation is concentrated in a small number of large companies and in certain industries. The most international industries are telecommunications (44.1% Finnish), health care (61.9%) and energy (62.5%). Among market segments, Large Cap is the most international (58.4% Finnish). The most domestic industries are consumer staples (88.0%) and industrials (85.3%); among segments, Small Cap (87.8%) and First North (86.1%). The internationalisation of Finnish listed companies' business has not carried through to their board composition, and new listings still arrive on the exchange with largely all-domestic boards.

“Finnish listed companies are internationalising their business faster than their boards. If a company's growth comes from outside its home market, the board should include at least one director who has relevant business experience from that market. Today's digital board meeting systems make high-quality, frictionless board work possible across borders as well.”
Henrikki Hirvonen
Henrikki HirvonenCountry Manager Finland, Admincontrol

Average age edged down

The average age of boards fell from 57.6 to 57.0 years over the half. Across the full series, however, boards have aged: the average has risen from 55.7 years at the end of 2022, with the sharpest single move — up 1.1 years — in 2025 alone. Millennials (born 1980–1999) rose from 12.0% to 12.2% of board seats, and directors under 50 from 18.1% to 18.5%. The share of companies with no millennial director fell from 50.3% to 47.1%.

Even the youngest boards sit at or above 45 years of age. The only exception is Talenom, whose board has a calculated average age of 40.8 years and where 80.0% of directors are millennials.

Most of the adjustment came before the deadline, not because of it

Progress over the first half was broader than regulation alone requires, as shares also rose outside the directive's size thresholds. The open question is whether it continues without a deadline attached to it. The pattern in the data suggests much of the adjustment was anticipatory: the largest annual gain came in 2025, before the deadline, and the pace roughly halved in the half when compliance actually fell due.

“Diversity is measured by gender, nationality and age because those are measurable. A board's real capability, however, is a question of expertise: does the board's expertise match the tactics and the strategy the company intends to execute over the coming years. Composition is only the starting point. Diverse board work is not automatically effective, because different perspectives produce better decisions only if the way the board works lets them reach the table.”
 Henrikki Hirvonen
Henrikki HirvonenCountry Manager Finland, Admincontrol

Summary

Metric

1 Jan 2026

30 Jun 2026

Women on boards

33.6%

34.9%

Boards with no women

4.4% (8 companies)

4.3% (8 companies)

Boards with only one woman

26.2%

21.9%

Boards above 40% women

24.0%

27.8%

Female board chairs

12.0%

10.7%

Finnish directors

77.3%

77.3%

Average board age

57.6

57.0

Millennial directors

12.0%

12.2%

Boards with no millennial

50.3%

47.1%

Read the full index: Board Index — Finland | H1 2026

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