iDeal Magazine

2013

Borenius Group magazine

Acceptance Social responsibility largely consist of voluntary acts and IS ALSO OFTEN CALLED SOFT LAW. Companies are increasingly building a commitment with their surroundings.

CSR specialists Mikko Routti from FiBS and Vesa Oksanen from Nordea explain what it takes to earn a social licence to operate.

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he clientele includes Nordic growth companies that operate in the American market. "Starting a business abroad is always a tough process that makes heavy demands on management,” says partner Jarno Vanto, in charge of Attorneys-At-Law Borenius LLP in New York. “Especially then, legal advice in one’s own language is much appreciated. A thorough understanding of the local business environment is essential too.”

Having lived for a decade in the U.S., Vanto knows the twists of local laws. “Employment

laws take many by surprise. For instance, contracts of employment are a rarity outside management level positions.”

“Businesses should also ensure that their liability insurance policies are up to date. On the other hand, software companies may benefit from broader opportunities to patent their solutions than in Europe.”

Vanto believes that the re-election of the President may create a positive mood in the U.S. economy. “Now we know where the country is heading”. Some cuts are expected in corporate taxation. w w w. b o re n i u s .c o m / n e w yo rk

EDITORIAL

S BORENIUS GROUP CONSISTS OF APPROXIMATELY 200 LAWYERS IN FOUR JURISDICTIONS IN THE FENNOBALTIC AREA. THE MEMBER FIRMS OF THE BORENIUS GROUP ARE INDEPENDENT AND SEPARATE LEGAL ENTITIES PRACTICING ADVOCACY FOR THEIR OWN ACCOUNT AND FOLLOWING THEIR RESPECTIVE LOCAL BAR RULES. WWW.BORENIUSGROUP.COM

ome five years ago, the first iDeal magazine was published. Since then we have seen major economic turmoil, as well as a time of revolution in the world of communications. For now, this will be the last printed iDeal magazine.

I recently came across the very first issue of iDeal, with a feature on corporate social responsibility. By chance, the circle is complete; our current Lead Story discusses the social licence to operate, which simply means the acceptance and support of the community influenced by a company.

Because this is something that touches companies of all sizes and industries, we gathered together expert views on the matter (opposite page).

What else has come about during recent years? Borenius Group remains one of the strongest legal alliances in the Fenno-Baltic Region. It has been very important for clients around the world.

On a global scale, this market is a small Borenius Group entity, and it is convenient to access remains one of local know-how on all four countries the strongest legal from a single source. alliances in the A newcomer to our group is the office in New York. It advises Nordic Fenno-Baltic Region. companies in the U.S. market, but also provides a gateway for American companies looking to do business in the Nordic and Baltic region.

During 2013, we’ll continue to assist our clients in achieving their goals. I wish you a happy and prosperous year!

Sten Luiga senior partner Attorneys at law Borenius (Estonia)

IN THIS ISSUE:

5 LEAD STORY Social licence to operate | 9 CASE PROFILE No ordinary acquisition | 12 MASTERCLASS Reduced deductibility

In this magazine Attorneys at law Borenius (Finland) refers to Asianajotoimisto Borenius Oy, registered in Finland; Attorneys at law Borenius (Estonia) refers to Advokaadibüroo Borenius OÜ, registered in Estonia; Attorneys at law Borenius (Latvia) refers to Zverinatu advokatu birojs Borenius, registered in Latvia and Attorneys at law Borenius (Lithuania) refers to Advokatu kontora BORENIUS / Švirinas ir partneriai, registered in Lithuania.

iDeal is Borenius Group’s magazine for business professionals. • Cover photo: Pauliina Salonen • Editor-in-chief: Hanna Laurila • info@borenius.com • Texts and layout: Otavamedia Customer Communications • Printed on environmentally friendly paper.

ONE-STOP STRATEGY

Social licence to operate The terms corporate social responsibility (CSR) and corporate citizenship refer to a set of voluntary actions that companies and organizations take to be accepted by the society. CSR is often divided into what is known as the triple bottom line: economic, environmental and social responsibility. The term ‘social licence to operate’ simply means the acceptance and support of the community influenced by the company or its projects.

LEAD STORY BY Heini Santos PHOTOS Pauliina Salonen

WHY GO THE EXTRA MILE? To maintain equilibrium between business and social acceptance, companies are taking their traditional role of making money for stakeholders and shareholders a step further. In the age of social media, the only way to prepare for public scrutiny is to clean out your closet.

Mikko Routti, executive director of Finnish Business & Society (FiBS)

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voluntary acts; building a commitment between the company and its surroundings has long-term effects on success. Moreover, many countries where Finnish companies operate still lack a basic safety net.

Self-regulation can be driven by individual companies, industry federations, and so on.

“For example, common issues in the alcohol and brewery industries are to minimise misuse and prevent the marketing of products to the under-aged. In Finland, the brewing federation has its own set of regulations on these matters,” Routti says.

In EU countries, there is a growing desire to keep the amount of new regulation to an absolute minimum, in order to avoid an unnecessary administrative burden on companies. This requires improved self-regulation. In addition, Germany has started to systematically evaluate every new law and amendment in terms of its influences on sustainability.

Routti mentions the German Sustainability Code as a good example of where things may be going. It is a voluntary structure similar to the Finnish Corporate Governance Code, signed by companies listed in the stock exchange but in the field of sustainability and corporate responsibility.

The hot topics are naturally not stagnant; once things improve around one subject, others will emerge. Routti recommends that companies look ahead to what their customers will be expecting in two years.

“For instance gene-manipulated food has been a lingering issue for a while, and companies should be prepared for the phenomenon regardless of whether medical evidence is found to back up public concern.”

DECISIONS THAT STAND THE LIGHT OF DAY

The environmental and economic expectations that different societal groups – citizens, organizations, neighbours and customers – have for companies are quite easy to grasp and already widely recognized. The expectations that do not fall into either of those categories deal with social responsibility.

“Social responsibility usually targets employees – how well they are taken care of, beyond what the law requires,” explains Mikko Routti, executive director of Finnish Business & Society (FiBS).

FiBS is dedicated to spreading the use of sustainable business practices in Finland by encouraging companies to do business in a responsible manner and providing information, tools, contacts, and media coverage.

“Despite the voluntary nature of social responsibility, it can many times be referred to as soft law. There is a wide body of knowledge along with contractual arrangements, and ultimately there can be negative consequences if the soft rules are broken. But there are also references, standards and tools for self-evaluation to deal with social expectations,” Routti explains.

BALANCE WITH LAW

The Nordic countries traditionally have very comprehensive legislation and good social welfare, which means that there has not been a lot of room for social responsibility within the country. Even so, there is something to be learned from Anglo-style

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Larger companies also place requirements on their local subcontractors, whose mistakes could damage the larger entity’s reputation, and so the ideas of CSR are slowly spreading to smaller businesses. They have realized the advantage of, for example, giving evidence on their sustainability and its effect on public procurements.

The most common way to demonstrate responsibility is to produce sustainability reports, either in stand-alone format or integrated into annual reports. The leading reference is the Global Reporting Initiative. Fortum, a Finnish energy company, recently won an award for its sustainability report, which reached an unusual level of openness: it even disclosed the numbers for relative basic salaries of men and women.

“Transparency is crucial,” Routti insists. “Companies are under constant scrutiny in the social media, and problems come out much faster than before.”

Companies engaged in consultation should also consider their responsibility for the advice they give. One should actively enforce recommendations, and explain to clients that finding loopholes may not be a good idea. Routti emphasizes the importance of field-specific experts who understand soft law and can guide clients even in grey areas.

“It is a business opportunity. A mining company that comes to Finland needs a comprehensive report on how things work here: not just the law but the general consensus around their business and the attitudes of non-governmental organizations.”

“From our perspective, it's about responsibility as an employer, an investor, and a lender.”

Vesa Oksanen, environmental specialist at Nordea

CONTINUOUS SCREENING

In the field of financing, a lot is based on trust and a company’s reputation. Environmental specialist Vesa Oksanen, who is part of the CSR team at Nordea, lists the three most important social responsibilities from his bank’s perspective: responsibility as an employer, an investor, and a lender.

In 2007, Nordea became the first Nordic bank to sign the UN Principles for Responsible Investment, and the principles have since become the norm in all of the company’s investment decisions in the asset management business. One third of the value of Nordea’s shares is owned by investor companies who have signed the same principles. Therefore major mistakes or success could show in Nordea’s share value.

All funds managed by Nordea are screened every six months in order to catch not only abuse of local legislation but also international ESG – environmental, social and corporate governance – norms.

"If we have evidence that there has been abuse by a company in which one of our funds has invested, we begin a process to find out if it is willing to improve its practices. The process can take a long time, but if we do not see improvement we will eventually make the decision to divest the shares,” Oksanen explains.

PERUSAL PER YEAR

When it comes to the lending business, financing of projects with capital costs of over USD 10 million falls under the scope of the Equator Principles (EP), a voluntary framework for financial institutions to manage environmental and social risks in project finance. Project finance is often used to finance large power plants, mines, oil or gas projects, pulp and paper mills, or transportation infrastructure. These are all cases where several parties are involved in the development or financing of the project.

“Such projects are subject to detailed environmental and social requirements on the international level, even if the project is undertaken in a developing country. The process involves independent environmental and social consultants who work on behalf of the lenders,” Oksanen explains.

In more typical cases of lending to companies, Nordea utilises tools called ERAT and SPRAT to identify and assess the environmental, political and social risks that the customer faces.

All customers are subject to an annual review, at a minimum, and the risk definitions build on commonly accepted international standards from the World Bank and the UN Global Compact. The credit decision is based on fulfilment of the ERAT and SPRAT requirements.

iDEAL Borenius Group magazine

[Latvia]

“A BROADER VIEW ON RISK MANAGEMENT” Identifying client’s social risks is business as usual for Attorneys at law Borenius.

“In modern corporate law we aim at a comprehensive partnership with our clients. The issues of corporate social responsibility or reputation management would be hard to overlook,” states Casper Herler, partner and head of the Environment & Infrastructure practice at Attorneys at law Borenius (Finland).

The social acceptance of companies has become an increasingly frequent topic recently in Finnish public discussion.

The media especially is aggressively trying to uncover dubious dimensions of businesses.

“A company’s role is based on the judicial system, but the standards of public debate vary and can be based on superficial evaluation, not on facts.”

He finds it problematic that companies operating perfectly legally seem to lose their civil rights to public outcry. These situations are difficult to manage – or even to predict. Social disapproval is also likely to have an effect, sooner or later, on the regulation of an industry. Thus legal consultation is not immune to the issue either.

“It is closer to public relations than to traditional legal consultation, but we look at it as a broader view on risk management.

If a social risk can be identified, we alert our client. It is in our interest, too, that their business prospers.”

WALKING THE TALK

In October, Attorneys at law Borenius, in Helsinki, signed the Finnish Diversity Charter alongside 17 other pioneering companies. The signatories committed to providing equal opportunities for all their stakeholders. The diversity commitment is part of the office’s new strategy.

“We want to be the best employer in the legal sector. To reach that goal, we renewed our corporate social responsibility programme and set the focus on our employees,” Herler explains.

“We have invested in comprehensive leadership training for our partners and launched the Crowded Years InitiativeTM. The initiative is a partly government-funded programme to create benchmarks for the professional services industry to respond to the needs of employees of different life situations. Basically we want our employees to be able to have a career and a life.”

(Read more on Crowded Years InitiativeTM on page 14.)

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“The Social License to Operate is a subject of increasing discussion in Latvia. Attorneys at law Borenius is part of a project called the Sustainability Index, which aims at making sustainable business and CSR more popular. The organisation educates enterprises on social responsibility and conducts an annual survey on the sustainability of Latvian businesses. A list, published once a year, indicates the level of sustainability in companies. A micro-index of smaller companies is also collected.” Read more on page 15.

Indrikis Liepa partner, Attorneys at law Borenius (Latvia), member of the Sustainability Index Council of Experts [Lithuania] “The Lithuanian community has become more active – even proactive – towards businesses, especially in the environmental and construction sectors. People are more apt to use their democratic rights to express their position. At Borenius we have consulted both oil and construction businesses and the community in social license matters.

The main thing is to find a common understanding between the parties. The practical approach is to diminish negative consequences by compensation, i.e. by improving the welfare of local communities.”

Dr. Dalia Foigt-Norvaisiene partner, Attorneys at law Borenius (Lithuania) [Estonia] “The concept of a social license to operate has been present in public debate in Estonia for decades although not by that name. The first time the public rose to demand better social conduct from a business was in the 80s during the famous “Phosphorite War”. Estonian businesses frequently encounter the issue of community acceptance, be it a landfill, building a prison, or establishing a windfarm to mention a few.” Legal counselling often deals with preparing reports on the case under debate.”

Karin Luiga marketing manager, Attorneys at law Borenius (Estonia)

NO ORDINARY ACQUISITION CASE PROFILE BY Lena Barner-Rasmussen PHOTOS Kaupo Kikkas, Shutterstock

Detective work was needed to protect AS Baltic Agro’s interests when it acquired Estonia’s only rapeseed oil plant. >> iDEAL Borenius Group magazine

“We really needed to know if we owned the plant or not. Otherwise we would have had a huge stock of rapeseed and nowhere to refine it.”

Ants Puusta, CEO, AS Baltic Agro

L Lush, bright yellow rapeseed fields are a common sight in Estonia in summertime. Much of the seed ends up as expeller, used for fodder, and the rest

iDEAL Borenius Group magazine

heads towards our kitchens as cooking oil.

The rapeseed refinery company Werol has been the flagship of Estonian agricultural enterprises since it was founded by the government in 1997. The aim was to encourage Estonian farmers to grow rapeseed and get even more income by refining it into oil. Werol was a channel for the farmers to sell their products.

More recently, however, the company was badly managed, and some of its business operations were suspect. In early spring its bankruptcy was imminent.

This was interesting news for AS Baltic Agro, which saw the potential in Werol’s operations.

The bankruptcy estate included an existing plant as well as an advanced plan for an additional plant that was under construction. But buying a bankruptcy estate can be a complicated affair, so Baltic Agro turned to Attorneys at law Borenius in Estonia.

“They had done some work for our Danish parent company, the DLA Group, who were very impressed,” says Ants Puusta, CEO of Baltic Agro.

BIG CHALLENGES

Aivar Taro at Attorneys at law Borenius headed the process, which involved several steps, each more complicated than the other.

“The first job was to negotiate the purchase of claims and mortgages from the bank. Baltic Agro became estate’s largest creditor,” says Taro.

Then he and his team made preparations for buying the property and carried out due diligence for the plant.

It may sound straightforward, but there was a lot of work involved. Buying from a bankruptcy estate is always tricky, especially if some of its operations have been questionable, as was partly the case with Werol.

“If it is not clear who the seller is, you need to check everything yourself. Once the deal is closed you can’t make a counterclaim.”

Fortunately Taro had a strong team of professionals. Jaanus Mody and Annika Jaanson took care of bankruptcy-related

matters while Kätlin Kiudsoo was responsible for merger control. Egon Talur handled tax-related questions and Heili Haabu looked into employment questions.

FISHY BUSINESS

Dealing with a bankruptcy estate presents a lot of challenges, particularly when the previous management has not been diligent.

“Many documents were missing and it was uncertain whether most of the equipment belonged to the seller or not.

Clarifying this was the biggest problem.”

The team had to become detectives and turn every stone. “We reviewed all the material and had long discussions with the bankruptcy trustee and the previous owners.”

Once they had a clear picture of the state of the affairs, they started the merger procedure. The acquisition required authorisation from Estonian competition authorities. This had to be done even before it was clear that Baltic Agro would be the successful bidder.

In this respect, the deal was a bit out of the ordinary. “It was the first time in Estonia that an approval procedure had been initiated before the results of the auction were clear.”

ond plant is well under way. Puusta is happy with the assistance he got from Attorneys at law Borenius.

“This was not a normal bankruptcy process; there were a lot of uncertainties and obstacles. But Taro and his team managed to work their way to a successful conclusion.”

“It was the first time in Estonia that an approval procedure had been initiated before the results of the auction were clear.”

Aivar Taro, partner, Attorneys at law Borenius

Ants Puusta (left) and Aivar Taro

UNDER TIME PRESSURE

They worked against the clock, before harvest started in late-July. Baltic Agro needed to secure the deal as early as possible in order to buy its raw material, rapeseed, from Estonian farmers.

“It is very capital-intensive and you have to pay in advance, so we really needed to know if we owned the plant or not. Otherwise we would have had a huge stock of rapeseed and nowhere to refine it,” says Puusta.

Many other parties were interested in buying the Werol bankruptcy estate but in the end Baltic Agro was the successful bidder. Taro and his team then had to close the transaction.

The whole process lasted less than six months, which is rather swift for a bankruptcy sale.

It was hard work for the lawyers but they are used to it. “In law, deadlines are a fact of life,” says Taro with a laugh.

Now Baltic Agro is the proud owner of the plant, and construction on the sec-

STEADY DEMAND FOR RAPESEED OIL

T

he plant acquired by Baltic Agro consumes about 72 000 tons of rapeseed per year. Two-thirds of what it produces is rapeseed fodder for cattle while a third is refined into rapeseed cooking oil. About one per cent of production is feed oil. The oil plant business was renamed Scanola Baltic Ltd as of 1 October 2012.

Baltic Agro is a subsidiary of Denmark’s DLA Group. The group’s Baltic activities are organised via Baltic Agro Holding, which owns companies in Latvia and Lithuania as well as Baltic Agro in Estonia. The companies oper-

ate in the grain trade and in sales of products and services for agriculture.

“Acquiring Werol’s plant was a natural step for us in developing our business,”, says Ants Puusta, CEO of AS Baltic Agro.

There are currently no plans for changing the scope of the plant. “We will continue producing the same main products, rape seed expeller and refined oil."

He doesn’t foresee any change in the demand for oil. “As long as people eat pancakes, there will be a steady need for it!”

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RESTRUCTURING FOR REDUCED DEDUCTIBILITY

BY Teemu Puutio ILLUSTRATION Pietari Posti

MASTERCLASS. Finland is going to restrict the deductibility of interest expenses. Is your financing structure ready for the new rules?

T

he upcoming changes in what interest expenses can be deducted in corporate taxation will have strong effects on domestic and foreign businesses operating in Finland and their financing structures.

“The forthcoming limitations on interest expense deductability are significant and our clients have started to prepare themselves. It has already been reflected in the workload of our tax group,” says Janne Juusela, partner with Attorneys at law Borenius in Helsinki.

SHORING UP THE NATIONAL TAX BASE

Earlier this year the Government introduced a bill proposing stricter rules on the deductibility of interest expenses for businesses operating in Finland. “The new regulation will enter

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into force on 1 January 2013 but it will be applicable in taxation as of 2014,” Juusela explains.

The underlying aim of the government’s proposal is to broaden the national tax base. The new rules are designed to address certain forms of tax planning, Juusela says. “At the same time, Finnish tax law will come to resemble more closely the law in many other countries, where the deductibility of interest expenses in taxation has already been restricted. This will level the playing field for domestic and foreign corporations.”

While the amended interest deduction rules will resemble the 2005 tax reforms as regards the tax-exempt sale of shares

“In certain cases, restructuring arrangements will be necessary in order to avoid detrimental effects." regarded as fixed assets, there are also clear differences: “The 2005 reforms contributed to the competitiveness of the Finnish market whereas the upcoming limitations on the deductibility of interest expenses will probably erode part of Finland’s competitive edge and make neighbouring Swedish markets more appealing to investors.”

A GLIMPSE OF WHAT IS AHEAD

The forthcoming amendments provide a strong reason for businesses operating in Finland to examine how their financing structures might be affected.

“Under the new regulations, intra-group net interest expenses cease to be deductible if they exceed 30% of the company’s EBITDA, or adjusted business profits,” Juusela explains.

This is a striking change from current business taxation rules, where interest expenses are broadly deductible.

Juusela points out that the new rules will hit domestic groups where the parent company borrows money to advance to a subsidiary.

The forthcoming amendments will have an effect on international investors as well. “Typically foreign investors operate in Finland by establishing or acquiring a Finnish limited liability company. The reduced deductibility of interest expenses will affect them directly through their subsidiary structures.”

BRACING FOR THE CHANGES TOGETHER

The wide impact of the new limitations on interest deduction means that many customers of Attorneys at law Borenius will have to take action. In some cases, the new rules would cause double taxation.

“Some of our clients need to carry out a thorough examination of their financing structures,” Janne Juusela notes. “In certain cases, restructuring arrangements will be necessary in order to avoid detrimental effects when the regulation takes effect in January 2013.” In order to curb these potential effects he encourages businesses operating in Finland to contact their legal advisor as early as possible.

“Now that the Government bill is in its final form, we can effectively predict how the reforms will affect each customer.”

For those who wake up late to the danger, Juusela offers some consolation. “We are used to providing assistance on tight schedules. No problem is beyond repair.”

IN BRIEF

BY Leila Uotila KUVA Ari Heinonen

[Finland]

BALANCING THROUGH THE CROWDED YEARS Attorneys at law Borenius wants to support its employees in balancing their work and private life. Creative ways for realizing this goal have been found through the Crowded Years Initiative™.

“In

professions where a high degree of specialization is needed, having employees that are committed to their job is important. We want to support the professional development of our employees and contribute to their job satisfaction,” says partner Maria Carlsson.

Financed by the Finnish Funding Agency for Technology and Innovation (TEKES), the Crowded Years InitiativeTM has particular relevance for young lawyers starting a family or raising small children. However, also other life situations like the supporting of elderly parents or even an enthusiastic tennis hobby may require balancing between work and private time.

“We aim to give our employees support during particularly challenging phases in life,” Carlsson explains.

Private mentors for returners With the help of a consultant, lawyers themselves, from different practices and with different life situations, have participated

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“We aim to give our employees support during particularly challenging phases in life.” in looking for ways to combine work and private life during the crowded years.

“As one of the results, we keep in touch with our lawyers during family leave, if they wish so. When returning to work they are provided with a private mentor. Joint leadership is applied in bigger projects, and the firm’s support personnel are trained to help with a variety of challenges.”

Even a bag of organic homemade food can be ordered to the office to help cope with chores at home, and a room for child care will be set up in the new Helsinki office. Also in the future, an internal work-life team will monitor work-life balance indicators.

[Latvia]

APPOINTMENTS

SYSTEMATIC SUSTAINABILITY Latvia’s Sustainability Index supports Latvian organizations in integrating responsible business practices into their operations. Attorneys at law Borenius contributes to the business environment by offering legal assistance to the entrepreneurs.

“In 2009, a group of leading Latvian consultancies realized there was a lack of knowledge on CSR issues in Latvia.

The Sustainability Index was created to help companies systematically measure, manage and integrate responsible business practices,” states Dace Avena, Chief Executive Officer at the Institute for Corporate Sustainability and Responsibility.

Initiated by the Free Trade Union Confederation and the Employers’ Confederation of Latvia, the Sustainability Index divides companies each year into four categories, based on the degree of sustainability in their processes.

“Companies follow a self-assessment process that aims to help them identify the strengths in their management and performance, as well as areas where future progress can be made,” Avena explains.

Attorneys at law Borenius wants to invest in developing the business environment.

“It is good for a company to have and follow a CSR programme, but it is not enough. Our strategic goal is that at least the majority of the 500 biggest enterprises in Latvia would be obliged to participate yearly in the Sustainability Index.

Social responsibility is spreading wider, which is a good tendency,” says partner Indrikis Liepa, a member of the Sustainability Index Council of Experts.

Read more: www.ilgtspejasindekss.lv

ATTORNEYS AT LAW BORENIUS (FINLAND) Attorney Johannes Piha has been invited to join the firm as a partner. He is a transaction lawyer with extensive knowledge in M&A's, private equity and investment funds.

[Borenius Group]

TOP LISTED IN BEST LAWYERS AND IFLR1000 A number Borenius Group’s lawyers were listed in a respected peerreview publication Best Lawyers in 2012. The list contains the names of 46 attorneys in Finland, Estonia, Latvia and Lithuania.

The Group was also rated highly in the IFLR1000 guide that annually ranks the leading financial and corporate law firms worldwide. Attorneys at law Borenius was acclaimed by clients especially in the fields of banking, capital markets, and mergers and acquisitions.

[Lithuania]

FIGHTING SOCIAL PROBLEMS Attorneys at law Borenius in Lithuania dedicated its annual client event, held in November, to preventing suicide. Local celebrities made personal donations to an auction, and the funds raised were used to improve the premises of the Youth Line Centre, which provides support for emotionally stressed people.

We welcome Oili Kela and Saara Paronen as specialist partners.

Leo Lagerstam has been appointed as senior associate in the Dispute Resolution and Insolvency practice group. Annamaria Mattila, Linda Ojanen, Heidi Rantakari, Anna Schuhel and Marius af Schultén have been appointed as lawyers in the same group.

Johannes Ahti has been appointed as senior associate, and Henri Isohanni and Mikko Saarve as lawyers in the Transactions practice group.

Johanna Norrback-Ilvessalo has been appointed as senior associate and Jonna YliÄyhö as lawyer in the Tax practice group.

Jarno Mäkelä has been appointed as tax specialist in the Tax group.

Mika Liitola, Juhana Nevala and Saara Lapiolahti have been appointed as senior associates.

Elli Gustafsson, Sofia Kallio, Susanna Karlsson, Lauri Leppänen and Johanna Rantanen have been appointed as lawyers in the IP & Technology practice.

ATTORNEYS AT LAW BORENIUS [LATVIA] We welcome associate Martins Dagis as a new member of the Litigation practice group.

Maris Simulis has been appointed as associate in the Employment law practice group.

Ieva Bandeniece has joined the Banking & finance practice group.

ATTORNEYS AT LAW BORENIUS (LITHUANIA) We welcome Inga Kazilioniene as marketing director. Previously she worked with marketing and business development in the CocaCola Company and SBA Holding.

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