Turku Group’s Subsidiaries and Wholly-Owned Subsidiaries
OWNERSHIP POLICY OF THE CITY OF TURKU 2016–2020
Ownership policy is the city’s instrument for strategic management, with which it aims to promote systematic functioning, keeping the value of assets, and consistency in decision-making in the Turku group.
At the beginning of 2018, the Turku group had about 60 subsidiaries. Municipal wholly-owned subsidiaries refer to the entities where the municipality alone, or together with the other entities of the municipal concern, have authority. The most important and significant ones of them have been named as strategic entities at the City (24 in total at the beginning of 2018, and they are presented more precisely by business areas and companies below.)
The City of Turku also has a considerable number of so-called associated companies (share 20 - 50 %). A wholly-owned associated company is a company where the municipality, alone or together with other entities belonging to the municipal group, have a considerable share and significant influence. Some of the wholly-owned associated communities have been named as strategic entities, even though the city does not have authority in them.
Furthermore, the city has numerous other ownerships (share max. 20 %), most of which are minority holdings in e.g. small housing and joint-stock property companies.
The City group is managed and supervised by the City Board, but it has delegated a part of its jurisdiction to the Concern Section, whose responsibility is to take care of defining and monitoring the operational and economic objectives of the entities defined as strategic entities. The Section also monitors that the operational policies of these entities are consistent with the City’s objectives. The Concern Section uses the Mayor’s demonstration to prepare the naming of the governing body members for the strategic entities and works as the Nomination Committee for the administrations’ strategic entities.
Find more information of the consolidated financial statement and the concern supervision and risk management in the City's financial statement of 2017 (pdf in Finnish, page 31, summary of financial statements in English).
Listed below are the business areas that belong to the City concern and have been named as the City’s strategic entities.
The objective of housing business is to take care of a sufficient rental housing stock in the City of Turku region.
Property business solutions can be used to improve the financial position of the City or to indirectly produce added value related to e.g. social, cultural and industrial policies.
- Turun seudun sosiaali- ja terveyspalvelukiinteistöt Oy
- Turku Technology Properties
- The Student Village Foundation of Turku
- TVT Rental Housing
- Varsinais-Suomen Asumisoikeus Oy
The City develops businesses by creating good conditions for business practices and participates in competitive activity only in a limited manner. Operations by companies with industrial policy are practiced in cooperation witn the region’s universities, utilising their resources and know-how in business activity and creating jobs.
Production business companies have been founded to manage a task that is either productional or one that supports the City’s basic services, and apart from Turku urban transport, they function in the market on the grounds of business economics. Business activity of companies is aimed to be expanded, and they participate in competitive biddings arranged by the City and the subsidiaries.
- Arkea Oy
- Kuntec Oy
- Lännen Tekstiilihuolto Oy
- Turun Kaupunkiliikenne Oy
- Turun Seudun Rakennustekniikka Oy