The Second Swedish National Pension Fund/AP2 has today decided to relinquish its interest in Skandia. Now that Old Mutual has secured a controlling interest in the company, Skandia can no longer remain independent.
The option to retain a minority interest remains. However, since the Second Swedish National Pension Fund/AP2 lacks confidence in Old Mutual’s leadership and ability to make the most of Skandia’s intrinsic qualities, the Fund sees no reason to retain its interest in Skandia.
During the negotiations concerning Skandia’s future, it has also been made abundantly clear that Old Mutual has no intention of addressing the interests of minority shareholders to any reasonable extent.
Inadequate protection of the minority rights of shareholders in Swedish insurance companies is an additional factor that has contributed to the Second Swedish National Pension Fund/AP2’s decision. For example, minority shareholders are unable to appoint a minority auditor or accountant.
As a consequence of the fact that the Second Swedish National Pension Fund/AP2 will cease to retain its interest in Skandia, the Fund will no longer be represented on Skandia’s election committee.
“An independent Skandia, with an unchanged business strategy, has been the Fund’s consistent objective in the drawn-out battle for control of the company,” says Petter Odhnoff, CIO, Second Swedish National Pension Fund/AP2.
For further details, please contact Petter Odhnoff, or the Second Swedish National Pension Fund/AP2’s head of Corporate Governance & Communications, Carl Rosén, on +46 (0)31 704 29 00.