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Government‐owned companies in Finland: pragmatic change and modernization
Author(s) -
Meklin Pentti,
Ahonen Pertti
Publication year - 1998
Publication title -
public administration and development
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.574
H-Index - 44
eISSN - 1099-162X
pISSN - 0271-2075
DOI - 10.1002/(sici)1099-162x(199808)18:3<265::aid-pad16>3.0.co;2-x
Subject(s) - modernization theory , corporate governance , government (linguistics) , business , public sector , private sector , companies act , public administration , accounting , finance , economics , corporate law , political science , economic growth , economy , linguistics , philosophy
The last 10 years in Finland have witnessed significant developments in the reform of government agencies, corporations and companies with the aim of streamlining the public sector and reducing the government's shareholding in both long‐established and much more recently created companies. This article concentrates on the companies, which in some cases are governed not just by the Company Act but also by special Acts that recognize their importance to the ‘public interest’. The process of reform, covering matters of ownership, management, financing and regulation, has been pragmatic and systematic. The government is increasingly concerned to act as a normal business owner in relation to those companies which it retains, and to structure their governance in accordance with the best practices of international private sector companies. © 1998 John Wiley & Sons, Ltd.