Solidium
Solidium Oy is Finnish state owned investment company that can be characterized as a National Wealth Fund. Solidium was founded to manage the property of SKOP Bank (Säästöpankkien Keskus-Osake-Pankki), which went bankrupt in the early 1990s recession.[1] In 2008 the purpose of Solidium was changed to manage the listed minority shareholdings of the Finnish state. Previously, the government directly owned the stock, and transferring them under a single company was the work of Minister of Trade and Industry Jyri Häkämies. On 30 June 2015 the net asset value of Solidium was EUR 6,854 million.[2]
Besides Solidium, the government still directly owns shares in three listed companies as a majority shareholder.
Holdings
Solidium took over the state owned shares in 2008 of Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda (real estate), Stora Enso and TeliaSonera and in 2009 Elisa Oyj (Finnish telecommunications company).
Solidium acquired over 5% of Outotec mining technology company's shares in March 2012 while Goldman Sachs reduced its ownership to less than 5%. 5% is the limit of obligatory stock information note in Finland.[3]
Solidium has bought also Talvivaara mining stocks [4] and sold all shares of Sponda Oyj.
| Company[5] | % of company owned |
|---|---|
| Elisa Oyj | 10.0 |
| Kemira Oyj | 16.7 |
| Metso Oyj | 13.0 |
| Outokumpu Oyj | 26.2 |
| Outotec Oyj | 13.2 |
| SSAB | 17.1 (capital) / 10.1 (votes) |
| Sampo Oyj | 11.9 |
| Stora Enso Oyj | 12.3 (25.1% of all votes) |
| Talvivaara | 15.2 |
| TeliaSonera AB | 3.2 |
| Tieto Oyj | 10.0 |
Finnish state also directly owns shares of certain publicly listed companies, deemed to be "strategically important", that are not in Solidium's portfolio. These include Finnair (55.8%), Fortum (50.8%), and Neste Oil (50.1%).[6]
Corporate governance
Solidium Oy managing director is Kari Järvinen. The members of Solidium's Board of Directors are:[7] chairman (interim) Heikki Bergholm, Markku Hyvärinen (Varma, Tradeka), Marketta Kokkonen (Espoo city), Anni Vepsäläinen (The Finnish Fair Corporation) and Eero Heliövaara (Ownership steering department of the Prime Minister’s Office).
References
- ↑ http://www.omistajaonline.fi/lehdet/12009/talouskriisi-vauhditti-solidiumin.aspx
- ↑ http://www.kauppalehti.fi/5/i/talous/uutiset/etusivu/uutinen.jsp?oid=20110155735http://www.e-julkaisu.fi/solidium/annual_report-2015/
- ↑ Outotec ei kommentoi omistusmuutosta Arvopaperi 7.3.2012
- ↑ Goldman Sachsin Outotec-osakkeet päätyivät Solidiumille Arvopaperi 7.3.2012
- ↑ June 2015 http://www.solidium.fi/en/investments/holdings/
- ↑ Finnairin kohubonukset poikkeus valtion pörssiyhtiöissä yle 13.3.2011 (Finnish)
- ↑ http://www.solidium.fi/en/corporate-governance/board-of-directors/
