Solidium

Solidium Oy is Finnish state-owned investment company. Founded in 1991, Solidium's original purpose was to manage the property of SKOP Bank (Säästöpankkien Keskus-Osake-Pankki; fi), 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 Government. 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]

Aside from 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, Stora Enso and Telia and in 2009 Elisa.

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.

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
Tieto Oyj 10.0
Nokia Oyj 3.3

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 municipality), Anni Vepsäläinen (Finnish Fair Corporation), and Eero Heliövaara (Ownership steering department of the Prime Minister’s Office).

References
  1. "Archived copy". Archived from the original on 2010-09-06. Retrieved 2012-03-09.CS1 maint: archived copy as title (link)
  2. http://www.kauppalehti.fi/5/i/talous/uutiset/etusivu/uutinen.jsp?oid=20110155735%5B%5Dhttp://www.e-julkaisu.fi/solidium/annual_report-2015/
  3. Outotec ei kommentoi omistusmuutosta Arvopaperi 7.3.2012
  4. Goldman Sachsin Outotec-osakkeet päätyivät Solidiumille Arvopaperi 7.3.2012
  5. June 2015 http://www.solidium.fi/en/investments/holdings/
  6. Finnairin kohubonukset poikkeus valtion pörssiyhtiöissä yle 13.3.2011 (in Finnish)
  7. http://www.solidium.fi/en/corporate-governance/board-of-directors/
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