State donates Neste shares to Itla Foundation

As part of a legislative motion approved by parliament, the government plenary session on Thursday decided to donate the state-owned shares of Neste Corporation to Itla Children’s Foundation.

The foundation will receive 922,168 shares worth a maximum of EUR 50 million in honour of the centenary of Finland’s independence, said a government press release.

Itla Children’s Foundation promotes and supports the wellbeing, equality and position of children and families with children living in Finland and contributes to building a good future for them.

The foundation can also promote and support parenthood as well as children’s growth environment and their upbringing. The foundation was established in 1987 to mark the 70th anniversary of Finland’s independence.

Due to the donation, the state will in future hold less than 50 per cent (49.74%) of the voting rights carried by the shares in Neste Corporation.