Finnish boards recognise the importance of diversity, but don’t yet utilise its potential to the fullest
03.11.2026
The Board Diversity study conducted by Boardman together with Otantatutkimus in autumn 2026 examined the experiences of people working in Finnish boards regarding the importance, implementation and impact of diversity on decision-making. According to the survey results, the business potential of diversity is widely recognised, but its utilisation in boards is not yet systematic.
The results of the survey, which had a total of 126 respondents within the Boardman network, were published on the 3rd of November. Most respondents currently serve, or have recently served, on the boards or executive management teams of unlisted companies. Based on the responses, the average score on the Board Diversity Maturity Index was 55 out of 100, indicating boards that are still in a developmental stage of diversity management. The index examines strategic commitment, processes and governance, and inclusive culture.
Diversity is not yet Systematically Managed in Boards
Of respondents, 54% reported that their organisation aims to increase international or cultural diversity, but only 4% said this objective was clearly defined. Only one fifth reported having documented diversity objectives, and diversity was included in board evaluations at fewer than half of the organisations represented.
Nine in ten respondents believe diversity has a positive impact on business success. Overall, 44% felt that diversity is reflected in board decision-making. Respondents serving as board chairs were more than twice as likely to hold this view as respondents serving in executive management roles.
International Experience is Valued More Highly Than Cultural Diversity
Respondents placed particular value on strategic competence (76%) and international business experience (52%) among board competencies. Internationalisation was primarily viewed through the lens of competence and experience. Cultural background and nationality were considered significantly less important. This was also reflected in current board composition: in 49% of boards, at least half of the members had substantial international experience, yet 73% of surveyed boards had no non-Finnish members.
Risk-Awareness and Analytical Thinking Dominate Thinking Styles and Behavioural Patterns
Almost every respondent (98%) regarded diversity of thinking styles as important. However, respondents perceived their boards to be dominated by analytical thinking (80%) and risk-conscious thinking (79%). Visionary, intuitive, status-quo-challenging and risk-taking thinking styles were recognised considerably less often. As many as 26% of respondents did not recognise any of these thinking styles on their own board.
Boards in which renewal-oriented thinking was recognised were also more than twice as likely to pursue diversity than boards where no renewal-oriented thinking style was identified. Respondents serving on such boards also more frequently reported that diversity had influenced or changed board decisions.
“Analysis and risk identification provide a sound foundation. However, for Finland’s growth and the renewal of its businesses, it is important that boards are also able to identify new business opportunities and challenge existing operating models. The findings raise the question of whether the boards of Finnish unlisted companies have sufficiently diverse thinking to support strategic choices and renewal,” says Taru Lindeman, CEO of Boardman.
Closed Networks Challenge the Development of Board Diversity
The main obstacles to increasing board diversity were identified as existing board culture (62%), resistance to change (43%), and shortcomings in recruitment practices and limited networks (both 39%). Most respondents (81%) considered the Finnish board appointment market to be closed, and board positions were widely perceived to be concentrated among a relatively small group of people. According to respondents, recruitment of board members relies particularly on owners’ networks and recommendations (63%) and recommendations from current members (33%). Approximately one third reported that their organisations use external executive search firms for board appointments, while open recruitment remains rare (5%).
“Diversity should be viewed as part of a board’s strategic capability. Different perspectives and ways of thinking are needed, but they must also be actively led and utilised. Our findings challenge company owners, nomination committees and board chairs in Finland to develop practices that genuinely enable different perspectives to influence decision-making,” Lindeman continues.
Of respondents, 83% considered board diversity more important today than five years ago, and 82% expect it to increase over the next three to five years. Respondents believe that the shift toward more diverse boards will be accelerated particularly by external pressures such as internationalisation, increased foreign ownership, public debate and regulation.
“This study contributes a new perspective to the discussion by examining the competencies and thinking styles represented on boards and how these perspectives can influence decision-making. The Diversity Maturity Index used in the study may also offer a method for establishing a baseline and tracking future progress,” says Mia Ahlström, CEO of Otantatutkimus, which conducted the survey.
Further Information:
Taru Lindeman
CEO
Boardman Oy
taru.lindeman(at)boardman.fi
+358 40 730 3914
Mia Ahlström
CEO
Otantatutkimus Oy
mia.ahlstrom(at)otanta.com
+358 40 1412912
The Board Diversity 2026 study was conducted in September–October 2026 as an email survey among members of Boardman’s competence network. The objective was to examine experiences and perceptions of diversity in Finnish boards. Otantatutkimus carried out the study on behalf of Boardman. There were 126 respondents, most of whom currently serve or have previously served as board chairs, board members or senior executives. The represented companies were primarily SMEs and family-owned businesses.
Boardman is a think tank and competence network that plays a significant role in developing competent ownership, board governance and leadership in Finland, as well as fostering networks among decisionmakers. We create and share new knowledge to support collaboration and decision-making between owners, boards and executive management. Our network includes more than 800 company owners, board members and executives.
Otantatutkimus is a Finnish research and advisory company that provides insights and evidence for strategy development, leadership and competitive advantage. The company has completed more than 4,700 research projects in 23 countries across five continents. Its clients represent both the public and private sectors and a wide range of industries. Otantatutkimus combines qualitative and quantitative research expertise, business understanding and practical development support. Its services also include employee and diversity studies, as well as analyses of thinking and behavioural styles.