Swedbank Makes Changes To The Top

Sandra Kilhof

10 February 2014

Stockholm-headquartered has proposed several changes to its board of directors, including the nomination of Anders Sundström as chair of the board.

The move also includes the nomination of Maj-Charlotte Wallin as a board member and the re-election of board members Anders Sundström, Ulrika Francke, Göran Hedman, Lars Idermark, Anders Igel, Pia Rudengren, Karl-Henrik Sundström and Siv Svensson.

This follows the resignation of Charlotte Strömberg and Olav Fjell, who are no longer available for re-election due to new regulations limiting the number of board positions to nine in total.

Wallin has been nominated following an extensive career infinancial services, having most recently served as the chief executive of the Swedish insurance firm, AFA Försäkring.

In addition, the bank said that it would consider raising the remuneration for the board of directors seeing as it has been unchanged since 2008, following an agreement between Swedbank and the Swedish National Debt Office under a government guarantee program. The agreement expires in 2014, and as such, Swedbank proposed changes in order to attain market remuneration levels.

In recent news, Swedbank reported a drop in fourth-quarter net profit as a rising interest income was unable to fully compensate for higher costs. Assets under management, however, rose sharply as the firm logged its full year results for 2013. Read more on that story, here.