Ericsson’s major shareholders have announced that they will vote against discharging the board members of liability.<\/p>\n
This implies that some board members will be held accountable over an issue that borders on the possible payment of bribes to militant organizations in Iraq.<\/p>\n
Shareholders planning to vote against the proposed law include Cevian Capital (less than 5% of the shares in Ericsson), Norway’s wealth fund (1.9%), Swedbank Robur (3.9%), \u00a0Nordea Funds (1.1%), Lansforsakringar Fondforvaltning (0.3%), and Avanza Fonder (less than 1%).<\/p>\n
Since shareholders have almost reached the 10% threshold, they are likely to get the right to sue board members in the future under Swedish company law.<\/p>\n
Swedish company law allows a company or shareholder to sue board members or the CEO of a group representing at least a 10% stake in the company votes against ratifying acts of the CEO in the past year.<\/p>\n
Investor AB, Ericsson’s largest shareholder backed by the Wallenberg\u00a0family plan to vote in favor of the discharge of liabilities. The group expressed full confidence in Ericsson’s board and CEO.<\/p>\n