The entire SCA’s board of directors and former CEO Jan Johansson discharge. It was clear after the meeting voted on the matter at 18 o’clock on Wednesday evening. The revelations about expensive yachts and flights, sometimes with wives and children, were at the center during the dramatic meeting.
After a lengthy meeting it was time for a vote in the question of liability for the outgoing Chairman, Sverker Martin-Löf and the rest of the members.
After ten minutes of the vote was clear: the entire Board true CEO will be granted a discharge.
Many shareholders on the way to the meeting earlier in the day were outraged management’s traveler.
– It shows a lack of morals, ethics and judgment. Terrible, there are government officials, said Helene Frank to echo.
Retiring Chairman Sverker Martin-Löf was the first speaker at the meeting. His speech developed into a defense. Most of his speaking time was devoted to fight back against criticism for the use of business aircraft and hunting representation.
– Our acquisition strategy would not have been possible without access to business aviation, said Sverker Martin-Löf.
He urged shareholders to unite behind the lead.
– A setback now would be costly for shareholders.
He began his speech to point out to shareholders that the company’s value has increased by an average of 14 percent per year since joining the SCA in 1977. Above all, he was proud of last year.
– Happily it was the best year in SCA’s history. Our share price is almost every day on the all-time high, said Martin-Löf.
The Chairman’s speech was followed by the newly appointed CEO Magnus Groth.
– The public’s confidence in the company is damaged. Employees are concerned, especially in Sweden. This is serious, said Groth and pointed out that SCA now has a new policy for how business aviation should be used.
In particular, the CEO Jan Johansson, Chairman Sverker Martin-Löf and Member Anders Nyrén was most criticized by Swedish newspaper Svenska Dagbladet articles on how the company’s business aircraft used frequently.
Organization Shareholders Association has been most frequently in the debate but also the Swedish institutions have been disappointed that management’s airfare cost SCA millions of dollars in recent years.
First AP Fund’s Head of Corporate Governance said at the meeting that he would vote against that Anders Nyren may continue as a director of SCA. Ekdahl believe that Nyrén has failed in his work as Chairman of the Audit Committee of the Company. Ekdahl gave the lowest ratings to SCA’s management.
– Had this been a graduation had been disallowed and requirements to go for the academic year, said Ekdahl.
Anders Oscarsson, head of equities at AMF directed his harshest criticism of the auditor PWC.
– The auditor has slept well on his passport, said Oscarsson.
SCA’s new CEO Magnus Groth made several promises to shareholders during his speech at the meeting. He said among other things that SCA must do away with their aircraft.
– We will divest the business aviation we have.
The company will hiring in business aviation when needed. He also promised that SCA should only have hunting representation on their own land to come.
During the meeting also spoke Anna-Clara af Ekenstam from PWC in charge of the audit at SCA. She was noticeably squeezed because she criticized for having taken part in the hunt at SCA. She waved his criticism.
– We are independent and there has been no obstacle to the audit.
But she also gave a promise that there would be no more hunting trips.
– I will not attend the seminar with elements of hunting in the future.
She recommended the shareholders to give the entire board and former CEO: n Jan Johansson discharge.
To a CEO or board member should not get discharge requires the owner of more than ten percent of the shares wants it. Folksam expressed earlier in the day in Echo uncertainty about how it intends to vote. While other institutions have expressed doubts. It is also unclear how foreign owners stand on the issue.
Jan Johansson, Sverker Martin-Löf is both moving away from the company but Anders Nyren plans to remain on the board if he is re-elected. Just Nyréns future of the company looks like it could be a dramatic agenda item this afternoon.
Nyren’s Chairman of the SCA’s audit committee approved the Chairman Sverker Martin-Löf’s travels with the company aircraft. Many of these trips have gone to Jämtland where Martin-Löf, often staying at their leisure.
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