Ilmarinen’s Investment Director Annika Ekman explains how nomination committees of Finnish publicly listed companies have become one of the most strategic forces in corporate governance.

At the recent Listeds & Nordic Listed Leaders gathering, one theme emerged clearly: the future of companies is often shaped long before strategy presentations: during the process of building the board itself.

Annika Ekman, investment director at Ilmarinen, offered a rare inside view into how that process works from the perspective of one of Finland’s most influential institutional investors. She also shared the trend she has seen in the nomination processes in Finland.

Active ownership at scale

Ilmarinen’s influence in Finnish publicly listed companies is significant. In 2025, the pension insurer participated in 39 shareholder nomination committees across Finnish companies, spanning small-cap firms to major global players.

Among them are companies such as Fortum, Neste, Metso, Valmet, Elisa, Kesko, Wärtsilä, and Tietoevry, alongside a broad range of mid- and small-cap companies from technology to industrials. 

Through these committees, investors are not merely observers of corporate governance; they are very active participants in shaping it.

Ekman herself operates at the intersection of investing and governance. She serves on the boards of Finnish conglomerate Aspo and cybersecurity expert Cinia and participates in several nomination committees across major Finnish companies.

Her governance work includes roles in nomination committees at companies such as Kesko, Kojamo, Orion, Oriola, Orthex, Posti Group, and Wärtsilä, and she is also involved in the shareholder nomination committee of Neste.

How Nordic boards are built

In Finnish listed companies, the board holds the highest decision-making authority and is elected annually by shareholders. Yet the way board candidates are identified varies.

Ekman explained that in Finland, three models are typically used. Sometimes the existing board proposes its own successors. In other cases, the board collaborates with representatives of major shareholders. But the most common and widely supported model is the shareholder nomination committee, where representatives of the company’s largest owners prepare the board proposal for the general meeting.

For long-term investors such as Ilmarinen, it is an essential mechanism of active ownership.

Ownership, Ekman noted, should come with responsibility and influence. Through nomination committees, large shareholders can ensure that the board has the capabilities needed for the company’s strategy, risk management, and long-term value creation.

Designing the board, not discovering it

One of the central ideas in Ekman’s message was that strong boards are built through a deliberate process.

Nomination committees typically start by reviewing how the current board functions and what capabilities the company needs going forward. The board chair may present an assessment of board work, and the CEO often shares a perspective on the company’s strategic direction. External board evaluations, interviews with directors, and structured searches for candidates help shape the final proposal.

Only after this analysis does the committee identify potential new board members. Executive search companies may be used, interviews are conducted, and succession planning is discussed. Compensation structures are also reviewed to ensure they remain competitive.

The goal is to assemble a board whose collective expertise supports the company’s long-term success.