Skandinaviska Enskilda Banken - AGM 29 June 2020
ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an
electronic meeting only. Consequently, it will not be possible to attend the AGM in
person.
In general, Skandinaviska Enskilda Banken ("SEB") is in compliance with the Swedish
regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 10 discharge of the board of directors & CEO is sought. ECGS notes that the
Swedish FSA has initiated ongoing investigations (among others) regarding SEB¶s
compliance with Anti-Money Laundering ("AML") regulation. As long as the results of
these investigations are unclear, ECGS is unwilling to grant discharge to the members of
the board of directors and the CEO. Accordingly, ECGS recommends to vote OPPOSE
to ITEMS 10.1-10.17.
Under ITEMS 14a(1) - 14a(10), the (re-)election of the board of directors is proposed.
In view of concerns over aggregate time commitments ECGS recommends to vote
OPPOSE to the (re-)election of: Mr. Marcus Wallenberg (ITEM 14a.10).
Under ITEM 14b the nomination committee proposes to re-appoint Mr. Marcus
Wallenberg as Chairman of the board of directors. ECGS has various concerns over his
re-appointment and therefore recommends to vote OPPOSE.
Finally, ITEMS 22 and 23 are proposals made by shareholders. ECGS recommends to
vote FOR both proposals.
Skandinaviska Enskilda Banken provides corporate, retail, investment and private banking services, as well as asset management and life insurance services. Merchant Banking provides wholesale and investment banking services to corporations and institutions. Retail Banking provides products mainly to private customers and small and medium-sized corporate. Wealth Management performs asset management and private banking activities and Life provides life, care and pension insurance. Division Baltic provides retail, asset management and private banking services in the Baltic countries. As of Dec 31 2013, Co. had total assets of SEK1,904.16 billion and total deposits of SEK821.47 billion.
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