State representatives push through new board for TeliaSonera
Small investors demand to know reasons for change
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An extraordinary shareholders’ meeting in Stockholm pushed through changes to the Board of Directors of the telecommunications service provider TeliaSonera. Swedish commentators saw Thursday’s decision as truly extraordinary - and unique in the country’s economic history.
Five members of the board had to leave at the insistence of the main owners, the Finnish and Swedish states. The Finnish Chairman of the Board, Tom von Weimarn, was allowed to hold on to his position.
One factor in the process was the intention of Sweden’s new centre-right government to reduce its holding in the company. Other dramatic changes are also considered possible.
"Not immediately, but naturally we must recognise the fact that the aim of the Swedish state is to reduce its holding", said Tom von Weimarn after the meeting.
The shareholders’ meeting took longer than expected, even though the only items on the agenda involved replacing reshuffling the Board of Directors.
Small investors rose up against the proposed changes, and Gunnar Ek, who spoke on behalf of Swedish shareholders, repeatedly demanded to know why the operation was necessary.
Ek did not get an explanation that would have satisfied him; he said that small investors were worried that the new board would make it possible to empty the company’s considerable cash reserves into the pockets of risk investors.
"I am surprised at this dissatisfaction", Tom von Weimarn said. He added that he felt that suspicions raised against the board, and investor Christer Gardell, one of the major owners of TeliaSonera stock, were unreasonable.
In addition to the intentions of Sweden, there has been considerable speculation on the position of TeliaSonera CEO Anders Igel. According to recent speculation in Sweden, Igel might be on his way out. However, von Weimarn denies this.
"These matters have nothing to do with each other."
Igel, who was present at the meeting, pointed out that the company was doing well financially.
Tom von Weimarn also denied suggestions that the massive reshuffle would have been the result of internal conflicts within the old Board of Directors.
The five members that were voted out were Carl Bennet, an investor with close ties to Sweden’s previous Social Democratic government, as well as Eva Liljeblom, Lennart Låftman, Lars-Erik Nilsson, and Sven-Christer Nilsson. They were replaced by Maija-Liisa Friman, Conny Karlsson, Lars G. Nordström, and Jon Risfeldt.
Helsingin Sanomat
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| 18.1.2007 - TODAY |
 State representatives push through new board for TeliaSonera
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