SVENSKA HANDELSBANKEN AB
NASDAQ OMX Stockholm: SHB-A Meeting Date: 3/25/2015
Shareholders are undoubtedly aware of the eventful year for the individuals managing Industrivärden’s Swedish business empire, including directors and top management of Svenska Handelsbanken
The scandal, focused on personal use of the corporate jet and company-financed hunting trips, has involved board directors, management from Industrivärden (its major shareholder), and even SCA’s auditor, PricewaterhouseCoopers. Despite having two high profile directors stepping down, Industrivärden will keep tight control of the Company through the appointment of the new CEO and placing three of its most high-profile directors on the SHB board.
Scandals such as these tend to point to questionable corporate governance practices perpetuated by the tightly knit network of powerful individuals connected to Industrivärden AB and other select Swedish investors.
Finally, shareholders may take issue with other governance practices at the bank. Par Boman is moving from CEO to the Chairman position, a move which which is not encouraged as best practice. The justification of this move – which is required – is sparse. Furthermore, shareholders may be concerned that several Industrivärden affiliated directors on the board of Handelsbanken have yet to comply with the CRD-IV individual directorship cap requirement. Again, the company has not provided details of any FSA waivers or whether they may be sanctioned for this issue.
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