• 24.09.2025 at 06.45
• Performance audit

Company-specific ownership strategies of special assignment companies

The ministries steering special assignment companies have succeeded well in their work. As competitive markets are not driving the companies towards cost-effectiveness and it is also difficult to measure the success of implementing the special assignment, the National Audit Office of Finland (NAOF) recommends that the ministries continue to develop the assessment of the companies’ effectiveness.

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The audit carried out by the NAOF assessed the ownership strategy work of the authorities responsible for ownership steering, particularly from the perspective of promoting the companies’ special assignment. The assessment also focused on the primary objective of the companies, i.e. the effective implementation of the special assignment. Special assignment companies have a specific task or a special exemption, which means that they do not operate like other limited liability companies, which operate primarily on commercial terms, for profit. A total of 36 special assignment companies are under the ownership steering of eight ministries and one government agency.

The grounds for the state’s holdings in companies is grouped into strategic interest, financial interest and performance of a special assignment. It is important that the ownership steering of each company in the state’s portfolio of companies is audited, as each category requires different kind of steering. In the category of special assignment companies, the ownership focuses mainly on the performance of the special assignment, the strategic-level societal impact targets set for the company and their cost-effective implementation. In 2023, the turnover of the special assignment companies totalled around EUR 8 billion, their combined balance sheet total was around EUR 80 billion, and they had in total around 14,000 employees.

The narrowing of Parliament’s budgetary power must be considered when central government activities are transferred from on-budget entities to a limited liability company. A limited liability company majority-owned by the state can be the most appropriate instrument for a special assignment, but company form per se does not guarantee effective operations, but good business management and good ownership steering are also required. The steering ministries have succeeded well in their work, although there are some differences in how professional and systematic the work is and how effective the use of steering instruments is. This is partly due to the diversity and number of the companies steered and the operating culture of the ministries.

Based on the audit, all ministries responsible for ownership steering should continue to develop indicators for and qualitative assessments of the success and effectiveness of the implementation of the company’s special assignment. The definition of indicators often requires company-specific tailoring.