Solidium Oy is a
Finnish state-owned
investment company
An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under th ...
. 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
The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incum ...
.
In 2008, Solidium's mandate became the management of the listed minority shareholdings of the Finnish state.
Previously, the government directly owned the stock, and transferring it to a single company was the work of
Minister of Trade and Industry Jyri Häkämies. On August 1, 2022, the net asset value of Solidium was EUR 8,968 billion.
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
Outokumpu Oyj is a group of international companies headquartered in Helsinki, Finland, with 10,600 employees in more than 30 countries. Outokumpu is the largest producer of stainless steel in Europe and the second largest producer in the Americ ...
,
Rautaruukki,
Sampo
In Finnish mythology, the ''Sampo'' () is a magical device or object described in many different ways, constructed by the blacksmith and inventor Ilmarinen and which brings riches and good fortune to its holder, akin to the horn of plenty (corn ...
,
Sponda,
Stora Enso, and
Telia, and in 2009
Elisa
The enzyme-linked immunosorbent assay (ELISA) (, ) is a commonly used analytical biochemistry assay, first described by Eva Engvall and Peter Perlmann in 1971. The assay is a solid-phase type of enzyme immunoassay (EIA) to detect the presence of ...
.
Solidium acquired over 5% of
Outotec Mining Technology Company's shares in March 2012, while
Goldman Sachs
The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...
reduced its ownership to less than 5%. 5% is the limit of the obligatory stock information note in Finland.
Solidium has also bought
Talvivaara mining stocks and sold all shares of Sponda.
The 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
Finnair Plc (, ) is the flag carrier and largest full-service legacy airline of Finland, with headquarters in Vantaa on the grounds of Helsinki Airport, its airline hub, hub. Finnair and its subsidiaries dominate both domestic and international ...
(55.8%),
Fortum
Fortum Oyj is a Finland, Finnish Government of Finland, state-owned energy company located in Espoo, Finland. It mainly focuses on the Nordic countries, Nordic region. Fortum operates power plants, including co-generation plants, and generate ...
(50.8%), and
Neste Oil
Neste Oyj (international name: Neste Corporation; former names Neste Oil Corporation and Fortum Oil and Gas Oy; ) is an oil refining and marketing company located in Espoo, Finland. It produces, refines and markets oil products, provides ...
(50.1%).
Corporate governance
Solidium Oy managing director is Kari Järvinen. The members of Solidium's Board of Directors are 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
External links
Solidium
{{authority control
Financial services companies of Finland
Government-owned companies of Finland
Sovereign wealth funds