Mika Savola to chair the Finnish Arbitration Institute and the Redemption Committee
Finland Chamber of Commerce has appointed Mika Savola, our partner and Head of Dispute Resolution in Helsinki, as the chairman of both the Board of the Arbitration Institute and the Redemption Committee of the Finland Chamber of Commerce as from 1 January 2013. Mika’s appointment follows the retirement of Gustaf Möller, a former Supreme Court Justice and leading Finnish arbitration specialist who has chaired the Institute and the Committee since 2002.
Established in 1911, the Arbitration Institute is an impartial body responsible for the administration of the settlement of domestic and international business disputes under the FCC Arbitration Rules. In addition, the Arbitration Institute appoints arbitrators in ad hoc proceedings where the parties have so agreed, and acts as the appointing authority under the UNCITRAL Arbitration Rules.
The Redemption Committee is a statutory organ responsible for the administration of the settlement of redemption disputes in squeeze-out proceedings. It appoints the arbitrators who decide on the redemption right and the share price in individual cases. Further, it requests the court to appoint a special representative to look after the interests of minority shareholders in the arbitration proceedings.
Apart from his new position at the helm of the Arbitration Institute and the Redemption Committee, Mika currently serves as the chair of the Working Group that is responsible for the drafting of the revised FCC Arbitration Rules. They are expected to come into force on 1 June 2013. The new FCC Rules will meet the highest international standards while promoting the classic virtues of arbitration as an expeditious, cost-efficient and confidential method of resolving commercial disputes. The revision is likely to enhance Finland’s reputation as a modern and reliable venue for cross-border arbitration proceedings, thereby contributing to the broader country brand effort to promote Finland’s economy and international status.