Aspo recently issued an invitation to the Annual Shareholders’ Meeting. The meeting day is one of our most important days. It is a great opportunity to meet with a large number of shareholders who are interested in us. That is why I will once again joyfully greet all attendees, just like I have done in previous years.
Aspo currently has over 9,000 shareholders. The number has grown steadily, and has increased by as much as 50% in the last four years. In addition to private investors, our new shareholders consist of major institutional investors.
We consider the increase to indicate a high level of confidence in us. We have a large number of long-term investors, and some of them are anchor investors. Our shareholding structure helps us develop the company in a persistent way. Perhaps that is why our shareholders also include a large number of major family enterprises – we are similar to them in many ways.
It is typical of Aspo that the Board of Directors, management and employees are major shareholders. The current members of the Board of Directors and the Group Executive Committee own in total approximately 15% of the shares in the company, and the Aspo personnel fund was the 34th largest shareholder at the end of February 2016. We all share the same goal of increasing the value of Aspo.
Representative shareholding
The shareholders elect Aspo’s Board of Directors at the Annual Shareholder’s Meeting. Committed shareholders can make their voices heard through the Board of Directors, and that is how it should be. Being a conglomerate, we have also taken this concept to the next level: shareholding shows in the management system, which underlines the role of the Boards of Directors of Aspo subsidiaries.
The four subsidiaries of Aspo have separate Boards of Directors, consisting of experts outside the Group. Aspo's CEO acts as the Chairman of all Boards of Directors; this improves Group-level development.
The role of the Boards of Directors of the subsidiaries has strengthened, and shifted to continuous monitoring and forecasting the operating environment and any opportunities presented by any changes therein. Most importantly, the Boards of Directors are responsible for planning the strategies of each subsidiary and appointing their management. The appointments also largely determine the success of Aspo.
Being the CEO of Aspo, one of my main tasks is to choose the Board members of the subsidiaries and to manage Board work. In this regard, the Aspo management system is representative shareholding because Aspo is the sole owner of all its subsidiaries.
Board composition is affected if a subsidiary faces major changes. Kaukomarkkinat is a prime example. The company has redefined its strategy and is seeking to be a leading specialist in mobile knowledge work and solution deliveries.
The company is in a good situation for seeking profitable growth and to tap the opportunities of digital working environments. That is why the new Board will also include this kind of competence.
Regarding the new Board members of Kaukomarkkinat, Juha Pankakoski, Konecranes, has experience in how demanding working environments are transformed by digitalization and the Internet of Things. Hanna-Mari Parkkinen, Fjord Design & Innovation, specializes in combining IT accessibility with making workplaces more efficient. Pirja Heiskanen, Futurice, will continue to be a Board member.
See you in April!
The Kaukomarkkinat renewal is one example of how Aspo has been developed further. We will invest in the future in all our subsidiaries because only companies on the growth path will create new wealth.
When I have discussed with shareholders, many of them have told me that they own Aspo shares particularly due to our long-term dividend policy. The figures show this. Aspo’s average dividend income was over 6% last year.
Aspo is also more widely known as a shareholder-friendly company. We are not trying to hide that – quite the opposite. Our mission is to increase shareholder value, and that principle is the backbone of everything we do. At Aspo, shareholding is truly valuable – and we also want to be trustworthy to all our shareholders.
We can discuss this and other matters in more detail at the Annual Shareholders’ Meeting. Do not hesitate to come and discuss with myself, other members of the Group Executive Committee, Managing Directors of the subsidiaries, and Board members. We all promote your interests.
Aki Ojanen
March 2016