Governance

Tesi is a state-owned venture capital and private equity company. We comply with all applicable recommendations of the Corporate Governance Code for Finnish Listed Companies, in addition to existing legislation and the provisions of the company’s Articles of Association. Our goal is transparency, international comparability and the promotion of good corporate governance practices in line with the Code, as well as the harmonisation of information-related procedures.

Management
Board of Directors
Tesi Advisory Board

Corporate Governance Statement 2022
Remuneration Report 2022

Management

Susanna Aaltonen

Susanna Aaltonen

Director, Communications
Henri Hakamo

Henri Hakamo

Chief Strategy and Research Officer
Jussi Hattula

Jussi Hattula

Director, Growth & Industrial Investments
Matias Kaila

Matias Kaila

Director, Funds
Maija Soininen

Maija Soininen

Head of People & Culture
Juha Lehtola

Juha Lehtola

Director, Venture Capital
Hanne Stenman

Hanne Stenman

General Counsel

Board of Directors

Jacob af Forselles

Jacob af Forselles

Chair
Riku Huttunen

Riku Huttunen

Vice-chair
Mia Folkesson

Mia Folkesson

Member
Anniina Heinonen

Anniina Heinonen

Member
Minna Helppi

Minna Helppi

Member
Timo Leino

Timo Leino

Member
Jaakko Weuro

Jaakko Weuro

Member

Tesi Advisory Board

The Advisory Board functions as an advisory body to the Board of Directors and promotes the company’s public relations. The Board does not have any responsibilities under commercial law. New members of the Tesi Advisory Board, appointed in autumn 2023, are:

  • Jacob af Forselles, Chair (Chief Strategy Officer, Konecranes; Chair, Tesi’s Board of Directors)
  • Arno Ahosniemi, CEO (Finance Finland)
  • Pauli Heikkilä, CEO (Finnvera)
  • Inka Hopsu, Member of Parliament (The Greens)
  • Anne Horttanainen, CEO (Finnish Venture Capital Association (FVCA))
  • Jyri Häkämies, CEO (Confederation of Finnish Industries)
  • Antti Kaikkonen, Member of Parliament (Centre Party)
  • Aki Kangasharju, CEO (ETLA Economic Research)
  • Nina Kopola, CEO (Business Finland)
  • Riitta Mäkinen, Member of Parliament (Social Democratic Party)
  • Riikka Pakarinen, CEO (Finnish Startup Community)
  • Matti Putkonen (Finns Party)
  • Reima Rytsölä, CEO (Solidium)
  • Minna Vanhala-Harmanen, CEO (The Finnish Family Firms Association)
  • Antti Vasara, toimitusjohtaja (VTT Technical Research Centre of Finland)
  • Ben Zyskowicz, Member of Parliament (National Coalition Party)

Group structure

The Group comprises the parent company, Tesi (Finnish Industry Investment Ltd), and its subsidiaries:

  • FEFSI Management Ltd. (100% owned by parent company)
  • Tesi Fund Management Ltd. (100% owned by parent company)
  • Tesi Industrial Management Ltd. (100% owned by parent company)
  • EAKR-Aloitusrahasto Ltd. (100% owned by parent company)
  • Aker Arctic Technology Ltd. (66.4% owned by parent company)

Tesi is a minority investor. Our holding in portfolio companies is always less than 50%, although in some investments the aggregated holding of investors may exceed 50%. The only exception is Aker Arctic, in which Tesi has a majority holding.