rahastojuuresta

Rahastojuuresta is a concept in Finnish capital market regulation and investment law related to the issuance of shares with delayed voting rights. It allows companies to issue new shares with different voting rights to shareholders, typically with voting rights linked to the holding period of the shares.

This concept is based on the idea that investors with long-term commitment to a company are more likely to have its best interests at heart than those who buy and sell shares quickly for short-term gains. In a rahastojuuresta-linked share, investors with short-holding periods have reduced voting rights or are unable to vote at all.

Rahastojuuresta is often associated with controlled shareholding structures, where significant shareholders use their influence to maintain control over the company despite owning less than a majority of the shares. This raises concerns about management independence and transparency.

In 2019, the Finnish parliament passed a law implementing the European takeovers directive, which requires companies to disclose any agreements or arrangements that would grant a shareholder influence over the management or control of the company. This change aims to increase transparency and clarify relationships between shareholders and the management.

As a consequence, companies listed on the official list of the Helsinki Stock Exchange are required to disclose holdings meeting certain thresholds within specific timeframes. This greater transparency is likely to benefit investors by providing a clearer picture of the ownership and control structures within the company.

Regulatory frameworks for shareholding structures and dual-class shares remain subject to ongoing debate and scrutiny. This has led to the development of various regulations aimed at promoting transparency and simplifying the complex relationships between companies, their management, and major shareholders.