How diverse are Finland’s listed IT companies?

As ESG expectations intensify, gender diversity and pay equity are becoming defining metrics for corporate leadership in the Nordic tech sector. Our latest review of 19 publicly listed Finnish IT companies reveals both progress and persistent gaps.

Defining what qualifies as an "IT company" wasn’t always straightforward, the lines are blurry in today’s tech-driven economy. So, we broadened our scope slightly to include companies with significant tech-driven operations or digital business models.

Women at the table: Boardroom and executive presence

When it comes to gender diversity in Finnish tech company leadership, progress is uneven—and the disparities between boardrooms and C-suites remain stark.

At the top of the diversity charts, Solteq and F-Secure lead the way on boards, each with 43% female representation (3 out of 7 members). Solteq goes further still in its management team, where women make up half of the leadership—a rare and noteworthy achievement. WithSecure, a spinoff of F-Secure, bucks the usual trend by faring better at the executive level: 63% of its management team is female, compared to just 29% on its board.

Other solid performers include Siili Solutions, Vincit, and Witted Megacorp, all with 40% female board presence. Yet among these, only Siili matches that level in its management team—most see female presence fall sharply from boardroom to corner office.

The worst offenders are stark. Digitalist Group has no women on either its board (0 out of 6) or in management (0 out of 1). SSH Communications Security and Detection Technology aren't far behind, with female representation on executive teams hovering at or near zero, despite modest board-level presence.

There’s also a cautionary tale in the form of Nokia. Finland’s tech titan boasts 40% female board membership but a paltry 18% in executive leadership—a gender drop-off that reflects a broader structural problem across the industry.

On average, boardrooms outperform executive teams on diversity—a trend consistent across most firms. The reasons are manifold: more pressure and regulation on board composition, greater turnover at executive levels, and persistent cultural or hiring biases in operational roles.

The gap between boardroom virtue-signalling and real executive inclusion will need to close if companies are serious about harnessing the full spectrum of talent. For now, too many women are still stuck knocking on the executive suite door.

The pay equity wake-up call: Gofore confronts a surprising gap

Gofore has been seen as a frontrunner in workplace equity. In Finland, women at Gofore earned 99.9% of men’s salaries in 2023. Last year, this figure was slightly lower, at 98%. 

Chair of the Board Timur Kärki acknowledged the surprise:

It is always important to understand the reasons behind these changes and look deeper into the numbers. Naturally, not everyone receives the same salary, but gender or other non-work-related factors should not affect pay.

While the Finnish numbers show a small decline, the broader Gofore Group-wide pay gap stands at 6%, reflecting the company’s expansion into Germany, Estonia, Spain, and Austria. This was the first time we reported a group-wide figure, and I must say, it really surprised me. I don't yet know the details about this matter.

Moving forward, we should focus on a more in-depth analysis to understand the causes of these differences. This will help us identify and address any disparities, ensuring we can better promote pay equity across the entire organization."

This approach of analyzing the data before taking corrective action shows that Gofore is focused on understanding the underlying causes of pay gaps, rather than simply reporting them. It is an important step in addressing disparities and working towards greater equity in the workplace.

What’s next: Transparency legislation is coming

Finland is gearing up to implement comprehensive pay transparency legislation, in line with the EU Pay Transparency Directive (2023/970) — a landmark regulation that aims to close the gender pay gap across the Union.

This EU directive, adopted in 2023, gives member states until June 2026 to transpose the rules into national law.

One of the most transformative aspects of the directive is its impact on recruitment. Employers will be required to disclose salary ranges in all job postings or, at minimum, provide this information before interviews begin. This aims to reduce information asymmetry and ensure fairer pay negotiations, particularly for underrepresented groups.

In addition, companies will no longer be permitted to ask job applicants about their salary history.

Companies will also face new obligations to report on gender-based pay disparities:

• Employers with 250 or more employees must submit gender pay gap reports annually.

• Employers with 150–249 employees will report every three years.

• Employers with 100–149 employees will also report every three years, beginning in 2031.

These reports must include data broken down by job classification and level, offering a clearer picture of where inequities lie within the organization.

If an employer’s report reveals an unexplained pay gap of more than 5%, they will be required to conduct a joint pay assessment in cooperation with employee representatives. This assessment must identify the root causes of disparities and include plans for corrective action.

Importantly, the burden of proof in discrimination cases will shift from employee to employer. In other words, companies must now demonstrate that pay differences are based on lawful and gender-neutral criteria.

These changes won’t just affect HR departments; they’ll reshape how companies manage compensation, internal equity, and employer branding. For publicly listed firms, where investors increasingly expect transparency and ESG accountability, the implications are particularly significant.

Already, companies like Gofore have taken voluntary steps by publishing their gender pay gap data. As Chair Timur Kärki noted, even companies considered leaders in this space are discovering hidden disparities once global operations are factored in.

With legislation on the horizon, such initiatives may soon move from optional to obligatory. But for forward-looking companies, pay transparency isn’t just a compliance issue, it’s a strategic opportunity to build trust, retain talent, and lead by example.

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