Notification from the Board of Directors of Swedbank AB

Swedbank’s Board of Directors has at a board meeting on 22 February 2017 decided not to make any claim for damages against the bank’s former CEO and former Chair.

At Swedbank’s annual general meeting on 5 April 2016, it was resolved, against the auditor’s recommendation, not to grant the bank’s former CEO Michael Wolf and former Chair Anders Sundström discharge from liability for the financial year 2015. Discharge from liability was denied because shareholders representing at least ten per cent of all shares in the bank voted against discharge from liability for these officers.

According to the Swedish Companies Act, a possible legal action for damages, on behalf of a company, against officers for whom discharge from liability has not been granted, must as a main rule be brought not later than one year from the annual general meeting, i.e., in case of the bank not later than 5 April 2017. Under these circumstances, such an action can be brought by the company, represented by the board of directors, or owners of at least ten per cent of all shares in the company.

Having evaluated the information available so far, Swedbank’s Board of Directors has found no ground for the bank to bring a legal action for damages against the bank’s former CEO or former Chair in relation to the financial year 2015.

– The Board of Directors has resolved not to bring a legal action against the former CEO or the former Chair because we have not found any ground for such an action. The decision is in line with the recommendation made by the bank’s external auditor at the annual general meeting a year ago, says Lars Idermark, Chair of Swedbank’s Board of Directors.

For more information
Gabriel Francke Rodau, Head of Group Communication, Swedbank, phone +46 70 144 89 66

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