Authors have the right to manage their copyrights on their own. However, most makers of music use the services of collecting societies to manage copyrights. In this case, the collecting society is responsible for the practical management of the copyrights on behalf of the author on the basis of the authorization provided in the membership agreement. The membership agreement also defines the instances in which the author is responsible for negotiating the contracts (e.g. stage works'' rights).  The Finnish Composers' Copyright Society Teosto is the copyright organization for authors and publishers of music.
The Finnish Composers' Copyright Society Teosto was founded in 1928, and it is a not-for-profit organization. Teosto manages the copyrights of Finnish authors of music and promotes Finnish creative music and the creation of favorable conditions for it. In addition, Teosto represents foreign authors of music on the basis of reciprocal agreements with collecting societies in other countries. Teosto's mission is to represent the interests of the authors of music, to grant licenses required for using music, and to distribute collected royalties to the authors.  As such, Teosto is an important link between the authors and the users of music.
The supreme decision-making body in Teosto is the Annual General Meeting; all musician members of Teosto have the right to participate in the meeting. The Annual General Meeting elects the Board of Directors that is responsible for everyday operations and management. Both authors (composers, writers of lyrics, arrangers) and publishers of music are represented on the Board. In practice, the Board determines the terms of distribution and the amount distributed to the rights-holders. 
Notes and References
 Teosto Membership Agreement