By Helene Auramo

Hello!
Monday is here again, which means it’s time for Listeds Pulse Nordic — your weekly briefing on the most relevant leadership shifts shaping Finland’s listed companies. We’re also close to rolling out Swedish coverage, so stay tuned. 🙂

Coverage window: 22–28 September 2025

• Board changes: 3

• Management team changes: 3 moves, no major shifts

• Spotlight case: Pallas Air added two new board members

• Spotlight insight: Women on boards — the 2026 requirement

Management changes

Last week we tracked several moves. At Canatu, congratulations to Thomas Gädda, appointed CPO, Semiconductor BU.

Meanwhile, Fodelia announced that its CFO Kati Kokkonen has resigned to pursue a new opportunity. Her last working day with the company will be 25 November 2025, and the recruitment process for her successor has already begun.

Spotlight: Pallas Air

Pallas Air appointed Marcus Mauch and Risto Salo to its board. With these appointments, the company has an all-male board. This year it doesn’t yet matter legally — but from 30 June 2026, all listed companies must ensure that at least 40% of board members represent the underrepresented gender under the Corporate Governance Code’s “comply or explain” rule.

About Pallas Air:
Founded in 1988, Helsinki-based Pallas Air develops clean air technologies ranging from air purifiers and respirators to ventilation hygiene solutions. Their products are used in homes, schools, offices, and industrial facilities.

• 2024 revenue: €8.3m (2023: €3.5m)

• 2024 EBITDA: –€4.3m (2023: –€2.9m)

• Employees: 42 (average)

Gender balance in Finnish boards – and what is about to happen

The Pallas Air case highlights a broader trend: gender balance remains a challenge in Finnish listed companies. We examined 176 Finnish companies listed in Nasdaq Helsinki and found out that 64% of them (112 companies) have fewer than 40% women on their boards. This isn’t about “good or bad” in one company — it’s a systemic challenge that many boards will face ahead of the June 2026 deadline.

The Legal Landscape

Companies Act (Osakeyhtiölaki, 6:9a §)

Binding 40% requirement, but applies only to the largest listed companies (250+ employees and either €43m+ balance sheet or €50m+ revenue).

Corporate Governance Code

Extends the 40% gender target to all Nasdaq Helsinki–listed companies and First North Premier companies. It is based on the “comply or explain” principle, which means companies are expected to follow the Code — but if they don’t, they must publicly explain why. In practice, this gives some flexibility: companies can deviate from the rule as long as they are transparent and provide a justified reason. Full compliance is required by 30 June 2026.

How Listeds can help with finding women for boards

At Listeds, we automatically track leadership changes across all listed companies. Our database includes a complete, always up-to-date list of women with board experience in Finnish PLCs. This makes it easy for nomination committees, investors, and advisors to spot qualified candidates and follow diversity trends in real time.

If you want early access to this data and a head start in preparing for the 2026 requirements — let’s talk. You can email me: Helene@listeds.com 🙂

Articles

Interim executive appointments in publicly listed companies in Finland. Read more on Nordiclistedleaders.com

Open leadership positions

Director, Wärtsilä Marine Marketing and Communications. Read more here.
WithSecure - Head of Marketing – Cloud Protection for Salesforce. Read more here.
Wolt – Head of Marketing Strategy & Operations. Read more here.

Do you know of any open management team or board positions? Let us know