Concerns raised over board impartiality at Haminan Energia amid sale to Capman Infra

Concerns have arisen regarding the impartiality of the board at Haminan Energia after the company announced last week that it would sell its electricity and district heating networks to the Capman Infra investment fund. Jan Montell, a board member of Haminan Energia, has ties to the buyer, as he serves as the chairman of Skarta Energy, which is heavily owned by Capman Infra. Montell was involved in preparing and deciding on the sale of the company’s subsidiaries to Capman Infra.

Montell claims there’s no conflict of interest in this transaction, stating, “I am not on Capman’s payroll or part of their bonus system. In Skarta, I specifically serve as an impartial chairman because there is another strong shareholder, Nyab oyj.”

According to Pirkka-Petri Lebedeff, a leading attorney from the Association of Finnish Municipalities, Montell likely does not have a disqualifying conflict regarding the sale despite his connection to Capman Infra. The regulations for disqualification under corporate law are less strict than those governing municipal management. “Under the current information, I believe the conditions for disqualification outlined in corporate law do not necessarily apply here,” Lebedeff added.

Both Ilari Soosalu, the mayor of Hamina, and Titta Erkkilä, chairman of the city council, reported that they were unaware of Montell’s connections to Capman Infra. Antti Pakkanen, who oversees municipal ownership, declined to comment on the issue.

The planned sale has sparked opposition in Hamina, with a petition against it gathering nearly 400 signatures. Opponents say the sale of critical municipal infrastructure to a private investment fund raises significant concerns.