STOCKHOLM: Swedbank’s second and third largest shareholders said in separate statements they would vote against granting chief executive Birgitte Bonnesen freedom from liability for 2018 at the company’s annual general meeting on Thursday.
Freedom from liability is a special feature of Swedish company law and a mandatory vote for Swedish companies. Granting freedom from liability would limit the ability to seek legal action against management or board members at a later date.
Money laundering allegations against Swedbank, which first came to light last month, have sparked fears that the largest lender in the Baltic region will become embroiled in a scandal engulfing rival Danske Bank, and face the threat of lawsuits, fines and other sanctions.