In April 2001 the Finnish Ministry of Justice appointed a working group to prepare a proposition to a new Companies Act. On 6 May, 2003 the working group handed its consultation paper comprising more than 350 pages and a proposal to an entirely new Companies Act to the Ministry of Justice.
The current Companies Act (osakeyhtiolaki 734/1978) has been in force since 1978 and, despite it having undergone considerable revision and several partial renewals during its 25 years, has publicly been considered not to meet the demands of today’s competitive business environment.
