SVENSKA HANDELSBANKEN AB
NASDAQ OMX Stockholm: SHB-A Meeting Date: 3/26/2014
As one of the first major European financial institutions to hold its annual meeting after the implementation of the amended European Capital Requirements Directive (“CRDIV”), Svenska Handelsbanken is attempting to set a precedent for non-compliance with certain tightened governance rules. In particular, the Company is asking shareholders to allow it to indemnify directors against fines of up to €5 million for not complying with new overboarding standards that prevent directors of systemically important financial institutions from serving on more than 3 boards. Glass Lewis has already raised concerns about significant overboarding on Svenska Handelsbanken’s board for several years. Rather than seeking to improve its governance practices, it seems the Company would prefer to use shareholder funds to get around the rules.
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