Meeting the demands of today’s business environment Finnish Companies Act reform under consideration
Article by Jan Waselius and Tanja Jussila of Waselius & Wist Introduction In April 2001 the Finnish Ministry of Justice appointed a working group assigning to it the task to prepare a proposition to a new Companies Act. On May 6, 2003 the working group handed over to the Ministry of Justice its consultation paper comprising over 350 pages and a proposal to an entirely new Companies Act. The current Companies Act (osakeyhtiölaki 734/1978) has been in force since 1978 and, despite it having undergone considerable revision and several partial renewals during its 25 years in force, has publicly been considered not to meet the demands of today’s competitive business environment. Since 1978, the limited liability company as a company form has experienced a growth in popularity, particularly among smaller companies.
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