EU gender quotas regulating the composition of listed companies’ boards will enter into force this year. According to Emilia Kullas, attention should shift from the numbers to the underlying causes and structures.

As in other EU countries, a directive will come into force in Finland this year, introducing gender quotas for the boards of listed companies. The directive applies to all listed companies operating in the EU with more than 250 employees. In practice, the change means that at least 40 percent of non-executive board seats must be held by the underrepresented gender, as an NLL article points out. 

Emilia Kullas, director of the Finnish Business and Policy Forum EVA (Elinkeinoelämän Valtuuskunta), argues that quotas may correct the numbers, but they cannot compensate for decades of narrow leadership pipelines and cultural assumptions about who belongs at the top.

“I’ve been critical towards the quotas because I think that the quotas don’t solve the Finnish structural problems,” Kullas says, adding that while quotas mandate outcomes, they do little to prepare candidates for board and governance roles. 

Kullas has been leading EVA since 2019. EVA is a think tank that is funded by the Confederation of Finnish Industries (EK) and the Confederation of Finnish Industry and Employers (TT) Fund.

The numbers, at first glance, suggest steady progress. Across the EU, women hold 34 percent of board positions in the largest listed companies, unchanged from the previous year, according to the Gender Equality Index 2025. Finland’s score is 38 percent, whereas market leader France has 47 percent. France has had a law on gender quotas for the boards of large listed companies in place since 2011. The quotas have since been extended to also cover companies’ executive management teams.

Yet even in countries with long-standing quotas, the underlying talent structures have proved slow to change.

The pipeline narrows early

In Kullas’ view, the bottleneck sits much earlier and cuts both ways. Career choices in Finland remain highly gendered, and breaking that pattern requires change from individuals and institutions alike. It would be beneficial, she argues, for both men and women to choose a wider range of professional paths. 

At the same time, companies themselves need to broaden their assumptions about what leadership potential looks like. Senior executives and nomination committees should consciously expand their recruitment lens instead of defaulting to familiar profiles.

“Diversity is well established in research as a source of organizational strength. Repeatedly selecting the same kind of candidate may feel safe, but it also limits perspective and reinforces the very pipelines that quotas are meant to correct.”

These structural constraints help explain why regulatory pressure is now being felt so acutely inside companies.

Boards feel the pressure

Inside Finnish companies, the upcoming rule update is already influencing behaviour, Kullas says.

“The effect has already been felt for at least a year. Especially on the smaller side, companies are scrambling to get new members to their boards who are not men.”

From a low starting point, progress can look dramatic. “At the beginning of the year 2000, if you took the 10 biggest listed companies in Finland, probably one or two had women on the board,” Kullas says. “The rest of them didn’t.”

Since then, representation has improved. But the pipeline feeding boards has remained selective. “Our path to the CEO position used to be very, very narrow,” she says. “And that hasn’t changed a lot in the bigger picture.”

Cultural norms are set long before board nominations

Part of the reason is education. “In our society, you end up being a CEO if you’re an engineer or if you have studied economics, especially finance,” Kullas says. “Studying marketing and ending up being a CEO of one of our biggest companies, it’s not possible if you’re a Finnish woman.”

These filters operate long before board nominations begin. Education choices, cultural expectations, and early career signalling narrow the field decades in advance. “In Finland, we have men’s careers, and we have women’s careers. We have very, very strict gender roles still. It starts so early, when kids are nine or 10 years old.”

By the time board nominations are discussed, the pool of candidates has already narrowed. “The quotas don’t fix that,” she says. Quotas do not change the process as they intervene only at the final stage.

Another constraint lies in how Finnish companies define board competence. “Owners tend to prioritize prior experience, and in Finland, this emphasis is particularly strong,” Kullas says, adding that as a result, the average age of board members remains high.

Few companies, especially large ones, treat board seats as an opportunity for structured sparring by deliberately bringing in younger individuals with different professional backgrounds. “This is a pity and a missed opportunity,” Kullas laments.

Why quotas still matter

Despite their limitations, Kullas is clear that quotas are not meaningless. “They are already having an effect,” she says.

“One good thing about quotas is that they force the nomination committees to make an effort,” Kullas says. “Very often you need to open up your eyes and start looking.”

Once that effort is made, change tends to accelerate. “Once you have one or two women board members, it’s much easier for the company to continue on that path,” she says.

Talent has never been the constraint

But does Finland have enough qualified talent? 

“Absolutely. Of course, we have enough qualified women,” Kullas says, recalling some counterarguments. “That was the main explanation in the early 2000s. They said women are not interested, or that there’s nobody on this level. “They just didn’t see them.”

Still, for Kullas, quotas should remain a means, not an end. “A quota is a vehicle,” she says. “It shouldn’t be a goal in itself.”

Lasting success, in her view, would be visible far beyond board statistics. It would show up in broader educational paths to leadership, more women founding growth companies, and fewer assumptions about what a chief executive is expected to look like.

Whether the new rules coming into force next year will meaningfully bend Finland’s cultural norms remains an open question. Kullas is cautiously optimistic, noting that Finnish companies tend to take compliance seriously. 

“Positive change is not only possible,” she says. “It’s also likely.”

About Emilia Kullas:

Emilia Kullas is a director of Finnish Business and Policy Forum EVA. She has broken the glass ceiling twice, becoming the first woman to lead EVA and the first woman to serve as editor-in-chief of the Finnish business weekly Talouselämä. She has written three books about investing for women together with Ninni Myllyoja. 

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Leaders

Quotas treat the symptom. Finland’s real problem sits deeper.

Quotas treat the symptom. Finland’s real problem sits deeper.

·

5 min read

Credit: Emilia Kullas

Credit: Emilia Kullas

EU gender quotas regulating the composition of listed companies’ boards will enter into force this year. According to Emilia Kullas, attention should shift from the numbers to the underlying causes and structures.

As in other EU countries, a directive will come into force in Finland this year, introducing gender quotas for the boards of listed companies. The directive applies to all listed companies operating in the EU with more than 250 employees. In practice, the change means that at least 40 percent of non-executive board seats must be held by the underrepresented gender, as an NLL article points out. 

Emilia Kullas, director of the Finnish Business and Policy Forum EVA (Elinkeinoelämän Valtuuskunta), argues that quotas may correct the numbers, but they cannot compensate for decades of narrow leadership pipelines and cultural assumptions about who belongs at the top.

“I’ve been critical towards the quotas because I think that the quotas don’t solve the Finnish structural problems,” Kullas says, adding that while quotas mandate outcomes, they do little to prepare candidates for board and governance roles. 

Kullas has been leading EVA since 2019. EVA is a think tank that is funded by the Confederation of Finnish Industries (EK) and the Confederation of Finnish Industry and Employers (TT) Fund.

The numbers, at first glance, suggest steady progress. Across the EU, women hold 34 percent of board positions in the largest listed companies, unchanged from the previous year, according to the Gender Equality Index 2025. Finland’s score is 38 percent, whereas market leader France has 47 percent. France has had a law on gender quotas for the boards of large listed companies in place since 2011. The quotas have since been extended to also cover companies’ executive management teams.

Yet even in countries with long-standing quotas, the underlying talent structures have proved slow to change.

The pipeline narrows early

In Kullas’ view, the bottleneck sits much earlier and cuts both ways. Career choices in Finland remain highly gendered, and breaking that pattern requires change from individuals and institutions alike. It would be beneficial, she argues, for both men and women to choose a wider range of professional paths. 

At the same time, companies themselves need to broaden their assumptions about what leadership potential looks like. Senior executives and nomination committees should consciously expand their recruitment lens instead of defaulting to familiar profiles.

“Diversity is well established in research as a source of organizational strength. Repeatedly selecting the same kind of candidate may feel safe, but it also limits perspective and reinforces the very pipelines that quotas are meant to correct.”

These structural constraints help explain why regulatory pressure is now being felt so acutely inside companies.

Boards feel the pressure

Inside Finnish companies, the upcoming rule update is already influencing behaviour, Kullas says.

“The effect has already been felt for at least a year. Especially on the smaller side, companies are scrambling to get new members to their boards who are not men.”

From a low starting point, progress can look dramatic. “At the beginning of the year 2000, if you took the 10 biggest listed companies in Finland, probably one or two had women on the board,” Kullas says. “The rest of them didn’t.”

Since then, representation has improved. But the pipeline feeding boards has remained selective. “Our path to the CEO position used to be very, very narrow,” she says. “And that hasn’t changed a lot in the bigger picture.”

Cultural norms are set long before board nominations

Part of the reason is education. “In our society, you end up being a CEO if you’re an engineer or if you have studied economics, especially finance,” Kullas says. “Studying marketing and ending up being a CEO of one of our biggest companies, it’s not possible if you’re a Finnish woman.”

These filters operate long before board nominations begin. Education choices, cultural expectations, and early career signalling narrow the field decades in advance. “In Finland, we have men’s careers, and we have women’s careers. We have very, very strict gender roles still. It starts so early, when kids are nine or 10 years old.”

By the time board nominations are discussed, the pool of candidates has already narrowed. “The quotas don’t fix that,” she says. Quotas do not change the process as they intervene only at the final stage.

Another constraint lies in how Finnish companies define board competence. “Owners tend to prioritize prior experience, and in Finland, this emphasis is particularly strong,” Kullas says, adding that as a result, the average age of board members remains high.

Few companies, especially large ones, treat board seats as an opportunity for structured sparring by deliberately bringing in younger individuals with different professional backgrounds. “This is a pity and a missed opportunity,” Kullas laments.

Why quotas still matter

Despite their limitations, Kullas is clear that quotas are not meaningless. “They are already having an effect,” she says.

“One good thing about quotas is that they force the nomination committees to make an effort,” Kullas says. “Very often you need to open up your eyes and start looking.”

Once that effort is made, change tends to accelerate. “Once you have one or two women board members, it’s much easier for the company to continue on that path,” she says.

Talent has never been the constraint

But does Finland have enough qualified talent? 

“Absolutely. Of course, we have enough qualified women,” Kullas says, recalling some counterarguments. “That was the main explanation in the early 2000s. They said women are not interested, or that there’s nobody on this level. “They just didn’t see them.”

Still, for Kullas, quotas should remain a means, not an end. “A quota is a vehicle,” she says. “It shouldn’t be a goal in itself.”

Lasting success, in her view, would be visible far beyond board statistics. It would show up in broader educational paths to leadership, more women founding growth companies, and fewer assumptions about what a chief executive is expected to look like.

Whether the new rules coming into force next year will meaningfully bend Finland’s cultural norms remains an open question. Kullas is cautiously optimistic, noting that Finnish companies tend to take compliance seriously. 

“Positive change is not only possible,” she says. “It’s also likely.”

About Emilia Kullas:

Emilia Kullas is a director of Finnish Business and Policy Forum EVA. She has broken the glass ceiling twice, becoming the first woman to lead EVA and the first woman to serve as editor-in-chief of the Finnish business weekly Talouselämä. She has written three books about investing for women together with Ninni Myllyoja. 

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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

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

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Market Signals

Rainmaker buys Inhouse Group to close its B2B gap ahead of a possible First North listing

Oct 7, 2026

Rainmaker has agreed to buy all shares in Yellow Holding, owner of B2B sales outsourcer Inhouse Group, and is investigating a listing on Nasdaq First North Growth Market Finland. The Finnish sales and customer service outsourcer had 2025 turnover of EUR 45.9 million.

Rainmaker buys Inhouse to close the gap on its EUR 7 million B2B target 

Rainmaker aims to grow its B2B business to around EUR 7 million by the end of its 2025 to 2027 strategy period. B2B sales revenue was EUR 1.6 million in the first half, up from EUR 1.0 million. Two pilot assignments did not move into production, and volumes in its SDR service fell in spring before recovering in early summer. Inhouse covers prospecting, customer acquisition and appointment booking, and will keep its own brand. The purchase price was not disclosed.

“Inhouse Group has built a strong position in demanding B2B solution sales and developed operating models that perfectly complement Rainmaker's business entity. The acquisition supports our strategy to grow and strengthens our position as a growth partner for our customers,” says Tapio Korttilalli, CEO of Rainmaker, in the press release.

Inhouse follows two acquisitions in the first half of 2026

In February, Rainmaker bought telephone sales company Myyntimestarit and its roughly 60 sales professionals. It also bought Digizer's e-commerce customer service business.  First-half revenue rose 14.2% to EUR 24.6 million, with organic growth of 10.6% and acquisitions adding 3.6 percentage points. Comparable EBITDA rose to EUR 1.7 million, or 7.0% of revenue, the bottom of its 7 to 10% medium-term target range.

The balance sheet has been rebuilt for a listing since spring

In June, pension insurer Veritas subscribed EUR 2.0 million of new shares, equal to 11.76% of shares after registration. “The company's growth prospects and market position create a solid foundation for the company's future development and it is really great to be part of this story,” says Theo Laakso, portfolio manager at Veritas.

Interest-bearing net debt fell to EUR 5.6 million from EUR 9.7 million a year earlier, or 1.5 times rolling EBITDA. In July, several loan arrangements were replaced with a single long-term facility with fewer covenants.

Two holding companies own more than 90% of the shares

Before the Veritas shares were registered, GTW Group held 58.56% of Rainmaker and Divest Group 34.34%. The company says a listing would strengthen its capital structure and fund organic and acquisition-driven growth. A new company form, an outside equity investor and simpler debt all point the same way. The Inhouse deal gives prospective investors a first look at what a listing would pay for.

Leadership Moves

Boreo names Lassi Simola CFO, ending nearly a year of a split finance function

Oct 6, 2026

Boreo has appointed Lassi Simola, currently Workout and Restructuring Executive at Nordea, as Chief Financial Officer and a member of the Group Management Team. He starts no later than 4 January 2027, ending an interim arrangement that has divided the finance role between two people since February.

Boreo brings back a CFO after deciding in February to manage without one

In December 2025, Boreo announced that CFO Jesse Petäjä would step down and said it had started recruiting a successor. In February 2026, it changed course and decided not to appoint a CFO for the time being. Rafael Osmanov became Head of M&A and Financing, and Vice President Finance Sami Hanerva took over financial reporting.

Once Simola starts, Hanerva will report to him in his current role. Osmanov will support the onboarding, and his contract ends by the end of March 2027.

The new CFO and the CEO both come from private equity and consulting dealmaking

Simola has more than 15 years in finance, over 10 of them in private equity, and is a CFA charterholder. Tuomas Kahri, CEO since 1 April 2026, was previously a partner at McKinsey & Company and Intera Partners. The hire is the first CFO appointment under Kahri.

“Lassi brings to Boreo strong expertise in mergers and acquisitions and corporate finance. He has extensive experience working with small and medium-sized companies and possesses an excellent understanding of the challenges and opportunities these businesses face,” says Tuomas Kahri, CEO of Boreo, in the press release.

Boreo has spent 2026 preparing its balance sheet for acquisitions

Boreo grew 2025 net sales by 14% to EUR 153.3 million and operational EBIT by 17% to EUR 8.0 million, and its board proposed no dividend to strengthen the financial position. The April 2026 AGM approved that proposal. First-half 2026 net sales rose 14% to EUR 84.6 million, operational EBIT rose 21% to EUR 4.3 million, and operating cash flow improved to EUR 3.7 million.

The portfolio is moving in both directions. In July, subsidiary Floby Nya Bilverkstad sold its vehicle painting business Lackmästar'n. On 1 October, Boreo bought technical textiles maker TEXpro for an enterprise value of EUR 1.6 million, paid from existing cash.

“With its strengthened financial position and renewed focus on acquisitions, I believe the company is well positioned to pursue its growth strategy,” says Lassi Simola.

TEXpro, with EUR 1.7 million in net sales, shows the scale of Boreo's deals so far this year. A CFO hired for his acquisition record suggests the board expects that scale to grow.

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