107. Helena Norrman
It’s possible that Helena may not yet be very familiar to most members of the forum, despite being the first non-Finnish member of the Inderes board. I believe, however, that Helena can be a very valuable addition to the Inderes board as the company strives to succeed in the Swedish market. Let us also remember that success in Sweden is a central pillar of Inderes’ strategy.
I have had the honor of interviewing Helena two or three times and hearing her thoughts, for example, at Inderes’ general meeting. Based on what I’ve heard, I dare say that Helena is a rare combination of high-level expertise, pronounced kindness, and humility in the face of life’s and work’s complexities and challenges.
In my experience, wise people can consider matters from multiple perspectives and appreciate others’ viewpoints. Moreover, they understand the limits of their own expertise and are rarely, if ever, uncompromising.
I believe Helena approaches life with precisely this kind of wisdom and humility, which inspires great trust among those around her. I would happily entrust Helena with my house, garden, kids, and stock portfolio, knowing she’d return them in even better shape (perhaps with a shift in my portfolio’s focus from the disappointing Helsinki stock exchange to our western neighbor). 
When this life approach is combined with hard work, ambition, and an unwavering interest in her field, it’s no wonder that Helena rose to Ericsson’s management team and excelled there for many years. Drawing on that expertise, she now serves as a partner at Kekst CNC, a company whose critical role includes supporting communications for public companies. It’s hard not to feel excited that Helena is now also part of Inderes’ journey.
Before I go on any further and risk boring you with my praise, let’s move on to hear from Helena in her own words…
1. Could you tell us who you are in fifty words?
Forever fascinated by the power of communications. Competitive and curious. Business and customer focused. Like to lead. Proud mother of two sons. Happily married. Football fan and gardener. Enjoy food and travel. Like to be around people and to have fun.
2. Could you share three things that the (Inderes) forum members don’t know about you?
I watch more football games every week than most people despite never having played myself. I have a new idea for how to structure my e-mail every year, and no model has worked so far. I accidentally started working in communications when I was fresh out from university and I am equally fascinated now as I was then by the work.
3. What are your interests and hobbies? Please feel free to mention anything except investing.
I love gardening – for the beauty, not for growing things you can eat. I am also a big football fan following not only the teams my sons play for but literally everything. I play golf and piano (both quite badly, but with enthusiasm). I love food and travel – and best when it can be combined.
4. What does a typical weekday look like for you?
I am not a morning person, so I fight my way out of bed and through the commute to work in the city center of Stockholm. I seldom work at home – too lonely for me. I love coming to the office and meet colleagues, clients and the occasional office dog. As an advisor, no two days are the same. It all depends on my current clients and mandates.
5. How would you describe yourself as an investor?
Lazy.
6. Could you walk us through your investment history?
It is not very exciting. During my Ericsson years I mainly invested in Ericsson shares – mainly through different versions of share purchase programs. After I left Ericsson I sold off all of my Ericsson holdings and started a portfolio of mainly Swedish, large cap, industrial companies.
7. What does your investment portfolio currently look like? What are your three largest holdings?
My portfolio is a mix of individual stocks and funds. The individual stocks are mainly large cap Swedish companies, and my current three largest holdings are Volvo, Investor and Alfa Laval.
8. Could you explain your stock-picking process, step by step?
I am a “news nerd” and follow the media and many companies quite closely. Then I discuss with my husband and we compare views. At very irregular intervals we decide to invest into a new company – and many times we decide to increase in one of our existing holdings instead. Not a very structured (or active) process.
9. Why do you invest? Do you have any specific goals in mind with your investing?
Freedom, security and the possibility to do fun things.
10. You worked on Ericsson’s executive team for eight years. What would you say were the most valuable lessons and experiences from those years?
A difficult question. I learnt most things that I know at Ericsson… I came there when I was quite young and was immediately given a lot of responsibility. And then it continued like that – new challenges and new responsibilities in a very global and complex environment. Maybe those are the two most important learnings – on the one hand the leadership lesson to trust people and let them try their wings and professionally the ability to manage complexity and new situations almost every day.
11. You are now a partner at Kekst CNC, a communications and consulting firm. What inspired you to transition to this role, and what has being a partner/entrepreneur taught you?
I took the job because I wanted to run a business, a P&L, and not just be a cost center. My current role is a roller coaster of learning –in how to run a business and how to sell – but also in applying experience and knowledge to new situations, new industries and new clients in my advisor role at a pace that inhouse roles do not need.
This role has taught me to be brave and humble at the same time. Brave in reaching out to new people and new prospects and in being clear on my advise to clients and humble in my role as leader, especially in the first years when we were in a quite difficult spot.
12. At Kekst CNC, many of your clients are large publicly listed companies. Could you tell us more about the type of tasks you typically handle when working with these companies?
We typically start working with new clients when they face a situation where communications and stakeholder engagement is of utmost importance. It can be in periods of growth where new strategies, M&A and IPO’s are on the agenda, in periods of transformation and change that require professional communications support and and in periods when reputation needs protection. We work across financial communications, corporate communications and public affairs and support clients globally from offices in 11 countries.
13. You’ve likely seen a great deal of executive and board work across different companies. In what areas do you believe publicly listed companies’ A) executive teams and B) boards should focus on improving their skills and operations?
It probably comes as no surprise, but I think that more executive teams and boards should focus more on reputational and regulatory risks and opportunities – and make sure they fully understand not only the company’s view but also how important stakeholders asses the situation.
14. What went through your mind when Inderes contacted you about your interest in a board seat? How did you feel, and what ultimately led you to join the board of the small Finnish company Inderes?
I was very happy and proud to be asked to join the Inderes board. I have worked with a lot of boards through the years, but I have never been a board member and I have for some time wanted to find the right fit to try that role. Inderes is a company where I can really apply my experience and knowledge while also learning a lot new things (but not Finnish, that is too difficult).
15. What do you hope to bring (or have already brought) to the Inderes board?
My knowledge of the Swedish market is the obvious answer, but I also think (and hope) that I contribute with my knowledge about listed companies at large and my interest in understanding what really creates value for customers.
16. What are your first impressions of A) Inderes’ board work and B) Inderes’ business operations in general?
It has been a great experience to get to know Inderes as a company – both the business but also very much the culture and the people. When @Mikael_Rautanen first told me about the culture and playbook my question was: “does it really work?”. It is just so different to how most other companies operate. And it does work which is fascinating.
The Inderes board is very actively working to support the company when it comes to important topics such as growth, innovation and culture. It is dedicated and opinionated and the discussions are always interesting – and probably less formal than in many other boards.
17. How do Swedish publicly listed companies approach investor relations? From what perspective is investor communication typically handled?
Investor Relations is typically part of the Finance team in Swedish listed companies. The IR team is primarily focused on the financial aspects of communications and on the relationships with existing and prospective owners and financial analysts. Ten years ago, it was quite common to have IR as part of the Communications team, but that is quite rare today. Still, the IR and Comms teams typically collaborate closely on all matters relating to financial communications.
18. Based on what you know, what do you think are the biggest differences in investor communication between Finland and Sweden?
I know too little about IR in Finnish companies to be able to give an intelligent answer to that question.
19. In recent years, what have been the most significant trends in Swedish investor relations? In which direction do you think investor communication in Swedish publicly listed companies will evolve in the near future?
Many Swedish listed companies, especially the smaller ones, have seen a huge shift from growth strategies to focus on profitability in recent years. This means that equity stories and IR strategies have been re-set, following the increase in interest rates with subsequent needs to reduce debt levels and generate cashflows. While it is not strong enough to call it a trend yet, I personally think the introduction of generative AI tools will have a profound impact on the IR functions – but we are not there yet.
20. Is there anything you’d like to thank Inderes and the Inderes community for? What message would you like to send to the (Finnish) Inderes community?
I want to say thank you to Inderes and the Inderes community for taking me on board and putting your trust in me as the first non-Finnish board member. I will do my utmost to live up to that trust and contribute to the future success of the company.
A thousand thanks to Helena for the interview.
She didn’t just participate; she put genuine effort into her responses, delivered them exceptionally quickly, and seemed genuinely grateful and engaged with this opportunity.
It’s often said that, in the finance industry, interactions and activities can sometimes feel too cold, superficial, and focused on external success. However, in Finland, Inderes has succeeded in bringing a sense of community, warmth, and down-to-earthness to the field. Since Helena’s thoughts reflect a similar value system, I feel she is a perfect match with Inderes.
Perhaps Inderes, Helena, and we as investors will succeed in spreading this warm message of democratizing investing more widely in the Nordic countries.
With Helena’s interview, @sijoittaja-alokas and I wish you all a weekend filled with kindness, gardening, and football! 
There’s nothing more important than gardening
and even that isn’t so important.