More than half of Finnish companies with turnover in the region of €100-300m (£86-258m) have no women serving on the board, compared to less than 20% of comparable Swedish companies, research from executive search firm Friisberg and Partners International shows.

The report also shows that Swedish boards give substantially greater importance to corporate and environmental responsibility.

Fourteen per cent of Finnish companies have a board member from another country, compared to 22% of the Swedish companies.

Friisberg and Partners’ report recommends Finnish companies get more women on their boards, and that both countries bring in more foreigners.