SwedBank, March 28, 2019
In general, Swedbank is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM.
Under ITEM 10, discharge of the board of directors & CEO is sought. ECGS notes that Swedbank appears to have become increasingly involved in the same money laundering scandal that hit Danish competitor Danske Bank A/S, following an episode of a Swedish investigative television programme. In connection with said programme, Sweden's Financial Supervisory Authority launched an investigation into the Company together with the equivalent authority in Estonia, since many of the suspicious transactions took place in the Baltic states. 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.
Under ITEM 15, the nomination committee proposes to newly appoint PricewaterhouseCoopers as Swedbank's statutory auditor. As a matter of principle, ECGS favours a regular change of auditor and deems the proposal sufficiently motivated. ECGS therefore recommends to vote FOR.
Finally, ITEMS 23 and 24 are proposals made by shareholders. ECGS recommends a vote in favour of ITEM 23 but does not support the other proposal.
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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