Geopolitical discussions have been framed through the lens of the Global West, Global East and Global South. Recently, a fourth concept has started to emerge in strategic discussions: the Global North.

The term is usually used more broadly to describe the developed world as a whole. In this column, I deliberately narrow it to the Nordic region because it represents a distinctive institutional model.

I first encountered the idea when Finland's President Alexander Stubb discussed the possibility of the Global North as an emerging geopolitical force during an interview on Ykkösaamu, one of Finland's leading current affairs programmes, in February 2026.
Strong Nordic cooperation is one dimension of this thinking.

Are we moving towards a new geopolitical geometry? The significance of the North has grown in recent years through developments such as NATO's enlargement and the increasing strategic importance of the Arctic region. The Arctic has received unprecedented international attention, not only because of security concerns, but also because of its growing relevance for energy, infrastructure, logistics and critical resources. 

The growing strategic importance of the Nordic region is reflected for instance in NATO's decision to establish its Forward Land Forces Multinational Staff Element in Rovaniemi, creating a permanent NATO presence in Northern Finland.

In 2026, the U.S. Coast Guard moved forward with plans to procure 11 new icebreakers from Finland, relying heavily on Finnish icebreaker expertise and shipbuilding capabilities.

The Nordic Effect

For decades, the United States has been the world's dominant magnet for talent, capital and innovation. Yet recent policy shifts and a growing emphasis on "America First" raise a strategic question worth putting to a board: What if America First ultimately makes America less attractive to global talent, capital and ideas? It is a possibility worth exploring. What if a more fragmented geopolitical environment gradually disperses global flows of talent, investment and innovation? What if some of these flows begin seeking more predictable destinations? This is where the Global North starts to matter commercially.

The defining characteristics of the Nordic region include stable societies, low levels of corruption, strong educational systems, safety and security, a strong rule of law, well-functioning institutions, advanced innovation ecosystems and a long tradition of diplomacy and cooperation. These are often described as social strengths. In an increasingly fragmented world, they may also become strategic economic assets.
For instance The World Justice Project's Rule of Law Index 2025 ranked Denmark 1st, with Norway and Finland immediately behind among the strongest rule-of-law countries in the world. Nordic countries also perform exceptionally well in innovation: in the Global Innovation Index 2024

When political risk increases elsewhere, predictability itself may become a competitive advantage and characteristics of an attractive investment environment. 

How could your company benefit if the Nordic region became an increasingly attractive destination for talent, investment and innovation?

No Nordic country can compete with the United States or China on scale alone. Together, however, the region represents a globally relevant platform for innovation, technology, research and investment. The four Nordic exchanges — Helsinki, Stockholm, Copenhagen and Oslo — are already a single functioning market.

Another signal of deeper Nordic integration can be seen in capital markets. In August 2026, Bloomberg reported that the Nordic Compass initiative was exploring a common Nordic stock exchange bringing together the markets of Sweden, Denmark, Norway and Finland. The initiative includes major Nordic actors such as Wallenberg Investments, EQT, Nordea, Nokia, Kone, Nasdaq and the Novo Nordisk Foundation. Its stated ambition is to strengthen the region's ability to compete for capital and support growth companies at a scale that individual Nordic markets struggle to achieve alone. Such discussions suggest that the idea of the Nordics acting as a more integrated economic platform is already moving from geopolitical speculation into practical business strategy.

If the twentieth century rewarded scale and the early twenty-first century rewarded speed, the next decade may reward trusted collaboration.

Kokko becomes deputy CEO in December and chief executive on 1 April 2027, after five years on Arvo's board of directors. The nomination committee that selected him sits under the supervisory board, one level above that board; Arvo has not disclosed whether he keeps his seat.

On 1 September 2026, Arvo Sijoitusosuuskunta released as inside information that Teemu Kokko will become its chief executive. He starts as deputy CEO in early December 2026 and takes over on 1 April 2027.

Kokko joins from the insurance underwriter Arch Underwriters Europe Oy, where he is regional director. He has also been a member of Arvo's board of directors since 2021.

The committee sits one level up

Arvo is a cooperative. Its highest governing body is not the board of directors but the supervisory board which represents the members, has 18 to 30 seats, serves three-year terms and meets roughly three times a year. That body appoints a nomination committee from among its own members.

When Jari Pirinen announced on 8 September 2025 that he would retire in spring 2027 on turning 66, Arvo said management succession planning sat with that committee, and supervisory board chair Tuomo Tamminen said it would report on progress later.

So the body that selected Kokko is not the board Kokko sits on. It is drawn from a members' organ and answers to the members.

In a listed limited company there is no such layer. The board appoints the chief executive itself. That is the comparison for any Finnish board weighing one of its own directors as a successor: Arvo can point to a committee above the board; a listed board has to show its process instead.

Two things Arvo has not disclosed. The release does not say whether Kokko remains a member of the board of directors once he becomes deputy CEO in December or chief executive in April. Nor does it say how the board handled his candidacy, he has been a director throughout the period covered by the succession process announced in September 2025.

Arvo's board was re-elected in February 2026 and comprises Marjo Kolehmainen as chair (a director since 2018, chair since 2022), Mika Kiljala as vice chair (director since 2017), Juha Laakkonen and Kokko (both since 2021), and Titta Mantila (since 2024).

The handover runs 19 months end to end

Retirement flagged in September 2025. Successor named in September 2026. Four months as deputy chief executive from early December 2026. Handover on 1 April 2027. Pirinen then moves to special duties on the board of directors from that date, takes accrued leave, and retires on 31 May 2027.

That is a longer and more pre-committed sequence than Helsinki practice, where chief executive changes are often announced with an interim in place and a search still running.