Swedbank – AGM 28 May 2020
In general, Swedbank is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM.
ECGS notes that Sweden's Financial Supervisory Authority has launched an investigation together with its Estonian equivalent into Swedbank, in connection with possible breaches of anti-money laundering (AML) regulation in the Baltic states. In addition, ECGS notes that the Company is also being investigated by the ECB and US authorities regarding the same matter. All investigations are currently still pending.
Under ITEMS 10a-10u discharge of the board of directors & CEO is sought. ECGS notes that the discharge from liability shall be made by separate, individual decisions for each board member. As long as the results of the ongoing investigations by the Swedish and Estonian FSA are unclear (see above), ECGS is unwilling to grant discharge to any member of the board of directors who served on the board of directors during the period January 1, 2019 June 19, 2019 (date of the EGM). Directors appointed after this date are likely not to blame given their recent appointment.
Under ITEM 18 authorisation is sought to repurchase own shares. Although the authority requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.
ITEMS 21-23 are proposals made by shareholders. ECGS recommends to vote FOR ITEM 21, but does not support ITEMS 22 and 23.
Swedbank provides financial services and products in its home markets of Sweden, Estonia, Latvia and Lithuania. Co. has four segments: Swedish Banking, which is responsible for all its Swedish customers except corporates and financial institutions; Large Corporates and Institutions, which is responsible for large corporates, financial institutions and banks as well as for trading and capital market products; Baltic Banking, which operates in Estonia, Latvia and Lithuania; and Group Functions and Other. At Dec 31 2013, Co. had 731 branches and 1,396 automated teller machines. Also as of such date, Co. had total assets of SEK1.82 trillion and deposits of SEK620.85 billion.
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