All companies, cooperatives and associations to be given the possibility to organise virtual meetings

The Government proposes a legislative amendment that would provide all limited liability companies, limited liability housing companies, cooperatives and associations with the possibility to hold their meetings completely remotely. The aim is to improve the opportunities of shareholders and members to participate in the meetings.

According to the proposal, all participants would have full rights of participation during a meeting, whether it be an exclusively virtual meeting or a so-called hybrid meeting with some of the participants present at the meeting venue and some of the participants attending via remote connection. 

Provisions on virtual meetings would have to be included in the articles of association or rules of the corporate entity in question. A company or a corporate entity could decide to amend its articles of association or rules by a majority vote. In addition, the board of directors of a company or a corporate entity could decide on hybrid meetings. 

A company or a cooperative could also provide other means of participation to its shareholders or members, such as an opportunity to vote in advance or to exercise the right to be heard in writing before or during the meeting.

It is also proposed that during the current year, listed companies could decide on making the amendment enabling virtual meetings to their articles of association so that only advance voting would be conducted on the proposed decision. 

The proposed acts are scheduled to enter into force at the beginning of July when the temporary act on remote participation and virtual meetings expires. The temporary act has been in force during the COVID-19 pandemic.

Inquiries: Jyrki Jauhiainen, Senior Ministerial Adviser, tel. +358 29 515 0074, [email protected]

Government.fi/decisions (in Finnish)