Vake’s proposed strategy: The company will become a driver of digital and environmental investments

The Programme of the Government led by Prime Minister Antti Rinne includes a clear instruction that governmental assets should be used to more actively create new economic activity, underlining the importance of Vake’s role in supporting the Programme of the Government. Following intense strategy work, The Finnish State Development Company Vake’s Board of Directors presented Minister of Local Government and Ownership Steering Sirpa Paatero a proposal of the company’s renewed role as a driver of digital and environmental investments. The Government’s policy on ownership steering is expected to be finalised at the turn of October-November.

”The owner has required that Vake’s tasks be assessed in order to support the realisation of the Programme of the Government and requested that Vake’s Board of Directors present a proposal for Vake’s new role by mid-September. As requested, we have prepared a strategy that meets the owner’s wishes, which can be efficiently carried out. During our strategy work we have heard over one hundred stakeholder representatives. In the course of the work it became apparent that especially digitalisation and climate change call for more innovations, investments and commercial level scalability of manufacturing,” comments Vake’s Chair of the Board Reijo Karhinen.

Vake’s CEO Paula Laine provides background: ”We must accelerate the incorporation of digitalisation throughout society and the service system, in particular to prepare for changes in the population’s age structure. Concurrently, advancing towards carbon neutrality creates considerable growth opportunities for Finland as a forerunner. Both digitalisation and climate change generate significant investment needs in the upcoming 10-15 years. At present, these investments are not being realised in the necessary scope and time span to meet challenges. The message from our stakeholders was clear: Vake’s contribution as a driver of investments would be a necessary and welcome supplement to our innovation system.”

According to the proposal Vake shall provide capital and accelerate public, commercial and public-private-partnership platforms, and industrial scalability for new technology solutions, with a substantial, over 100MEUR annual investment.

”The owner will assess its definition of policy regarding Vake during autumn. Vake’s strategy work provided valuable input and analysis to steer its future role and operational focus,” says Minister of Local Government and Ownership Steering Sirpa Paatero.

Additional information and interview requests:

Public Affairs Director Saara Mattero, tel. 0400 114 777, saara.mattero@vake.fi

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The company’s comment to Jouni Hakala’s investigation:

The state owner commissioned Jouni Hakala to investigate state-owned companies at the same time that it requested a strategy proposal from Vake’s Board of Directors. Evidently due to the overlapping schedule, Hakala’s report primarily assesses Vake based on its earlier strategy and operational focus. As in Vake’s strategy work, Hakala’s investigation also outlines the need for driving innovation and investments and acknowledges the urgency of meeting needs created by megatrends such as digitalisation and climate change. In its new strategy, Vake’s Board of Directors suggests directing the company’s assets to support these goals. The company’s assets are critical in order to accomplish the company’s strategy and instructions presented in the Programme of the Government. Both the Board of Directors’ strategy proposal and Hakala’s investigation are now background material for the owner’s decision making, and decisions are now in their hands.

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