• Sweden edition
 
TeliaSonera approves government bonus ban
TeliaSonera board members at Wednesday's tense AGM at Cirkus in Stockholm

TeliaSonera approves government bonus ban

Published: 08 Apr 2010 09:28 GMT+02:00
Updated: 08 Apr 2010 09:28 GMT+02:00

According to Urban Karlsson, the secretary of state who represented the government's interests at the meeting, the position over bonuses is clear, regardless of business sector. Similar bonus bans have been introduced at state-owned firms such as Vattenfall, SJ, LKAB, Sveaskog and Svenska Spel.

Financial markets minister Mats Odell expects the TeliaSonera board to follow the decision taken at the AGM and renegotiate bonus arrangements with senior managers.

"It should not take too long," Odell told journalists after the meeting.

TeliaSonera's AGM represented something of a comeback for Odell, who was forced to back down regarding bonus payments in the face of opposition from Finnish insurance concern Sampo and other major shareholders at finance firm Nordea's AGM.

All the major institutional shareholders, including the AP pension funds, voted against Odell and the Swedish state. But despite vocal opposition from the Finnish state the Swedish state's view won over at the TeliaSonera meeting by virtue of the fact that they controlled 52 percent of the votes.

"I am surprised that the Swedish government does not respect all the other major shareholders' viewpoints in this issue. 19 of the 20 largest owners, everyone except the Swedish state, considers the board's proposal to be well thought through. This was regrettable," said Kari Järvinen who represented the Finnish state at the meeting.

Günther Mårder at the Swedish Shareholders' Association supported the Finnish state position against Sweden arguing that Odell's directive was "very strange" and "politically motivated".

This is the second time running that the TeliaSonera AGM has voted to introduce a ban on bonuses, but in 2009 the ban proved legally unworkable and would have been too expensive to force through, according to former chairperson Tom von Weyman.

Von Weyman's successor, Anders Narvinger, is hopeful of being able to implement the changes although he was currently unwilling to speculate on the extent to which this could be achieved.

"We have another situation today, with a different AGM decision. But I do not want to anticipate what we are going to do," he said.

TT/The Local (news@thelocal.se)

Your comments about this article

11:12 April 8, 2010 by Nemesis
This is a very good move.

Hopefully this will start to spread across Europe.
11:55 April 8, 2010 by Audrian
This is window dressing; the senior staff will come to it next year or even the year after and receive compensation. Profit motive is capitalism's modus operandi. If you take it away you do not have capitalism.
12:37 April 8, 2010 by JulieLou40
The woman in the front row looks well gutted!
12:52 April 8, 2010 by DAVID T
If a company performs well then they should pay bonus otherwise the key staff will move elsewhere and your left with lemons
03:51 April 9, 2010 by Davey-jo
@ DAVID T

How can a company "perform well" without exploiting the work force and make profit through under paying it's wokers? What is "performing well" other than a statement of successfully screwing of the workers? So why should the capitalist bosses get anything other than a good kicking?
Today's headlines
Elections 2014
Ex-Prime Minister: Sweden is falling apart
Former Swedish Prime Minister Göran Persson. Photo: Leo Sellén/TT

Ex-Prime Minister: Sweden is falling apart

Former Swedish Prime Minister Göran Persson has said that the election success of the Sweden Democrats is a "slap" in the face for the Stockholm establishment. READ  

National
Trio prosecuted for hate attack against Somalis
Somali nationals taking part in a demonstration against deportations in Stockholm. File photo:Björn Larsson Ask/SvD/ TT

Trio prosecuted for hate attack against Somalis

Three young men in southern Sweden suspected of attacking Somali refugees with stones and screaming "sieg heil" have been indicted on charges of racial agitation. READ  

National
Swedish airfares to get cheaper in 2015

Swedish airfares to get cheaper in 2015

Sweden is set to buck the European trend of rising air prices with fares expected to drop next year according to a new report. READ  

National
Swede's homemade submarine nets fortune
Eric Westerberg's homemade submarine Isabelle. Photo: PS.nu

Swede's homemade submarine nets fortune

A Swedish submarine enthusiast who spent over 3,500 hours making his own vessel has sold his prized possession for 705,000 kronor ($98,500) in an online auction. READ  

National
Cops reported for making 'Roma' comment

Cops reported for making 'Roma' comment

Police in northern Sweden have been reported to the Equality Ombudsman for describing a wanted suspect as having a "Roma appearance." READ  

Donald Duck and Zlatan get Swedish votes
A political career for Zlatan? Some fans seem to want to see that. Photo: Peter Dejong/TT

Donald Duck and Zlatan get Swedish votes

The Bilderberg Group, the Satanic Initiative and Adolf Hitler all received votes in Sweden’s general election, according to a list released by the country’s electoral authority. READ  

Sport
Stockholm fails bid to host Euro 2020 games
The Swedish team in action. Photo: TT

Stockholm fails bid to host Euro 2020 games

Sweden's capital has missed out on a chance to host any Euro 2020 games, with Copenhagen the only Scandinavian city among the thirteen winning locations. READ  

Vicar: God rejects fans of women priests
Antje Jackelén, Archbishop of Uppsala, is the first woman to head the Swedish church. Photo: Stig-Åke Jönsson/TT

Vicar: God rejects fans of women priests

A Swedish priest has been fired after telling his congregation that people who support female priests would be rejected by God - despite the fact that his own church is led by a woman. READ  

Analysis
Women set to dominate top post-election jobs
Margot Wallström (right) could become Stefan Löfven's new Minister of Foreign Affairs. Photo: TT

Women set to dominate top post-election jobs

Sweden could soon get a female Foreign Minister, Fredrik Reinfeldt's ousted Moderate Party is preparing for its first woman leader and the grandmother of actor Hugh Grant's son is being tipped as Parliament's next Speaker. READ  

National
Sweden protests over Russian plane incursions
A Gripen plane was scrambled to see off the Russian planes. Photo: Johan Nilsson/TT

Sweden protests over Russian plane incursions

UPDATED: Sweden has summoned the Russian Ambassador for a dressing down after two Russian planes violated Swedish airspace last week. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
The 'black gold' of Sweden's west coast.
National
West Sweden prepares for the 2014 lobster premiere
Society
What's on in Sweden
Politics
How Sweden Democrats went mainstream
Politics
Scandinavia and Scotland: closer links?
Gallery
Property of the week - Eskilstuna
Blog updates

20 September

How a Frog Can Save the Environment (Stockholm in my American Heart) »

"What we do we imagine when we think of children enjoying nature? Perhaps it’s fishing, marveling at lightning bugs on a muggy July day or blowing on the wispy petals of a dandelion to make a special wish. But perhaps most iconic of the playful innocence in childhood is hopping after and trying to catch..." READ »

 

19 September

Editor’s blog (The Local Sweden) »

"Happy Friday readers! It sure has been a exciting week in Sweden, where we’re set to get a new Prime Minister after Fredrik Reinfeldt stepped down following Sunday’s elections. The Local blogged live from the key political gatherings across Stockholm. Why not re-visit the action by taking a look at our photos, tweets, videos and analysis? Since the..." READ »

 
 
 
Sponsored Article
How to start a business in Stockholm
Society
How I became a surf blogger when I moved to Sweden
Gallery
People-watching: September 13th
Society
Why is Stockholm's Södermalm so cool?
Gallery
People-watching: September 11th
Gallery
People-watching: September 13th
Politics
Five possible election outcomes
Politics
Sweden elections: How do they work?
Politics
Sweden elections: Who's who?
Gallery
Property of the week - Hornstull, Stockholm
Analysis
Five differences between the UK and Sweden
Welshman Jonny Luck is now a chef in Sweden
Society
How I opened my own restaurant in Sweden's Malmö
Sponsored Article
Stockholm tech fest: relive the magic
Gallery
People-watching September 8th
Photo: TT
Politics
Feminists fight for first seats
Politics
Immigration cut push from Sweden Democrats
Sheryl Sandberg says women have "low expectations"
Tech
Facebook exec talks women's limits in Swedish business
Politics
Left Party calls for justice and equality
Politics
Green Party wants 'better world' for kids
Lifestyle
The five best Swedish songs of the month
Sponsored Article
Introducing… Insurance in Stockholm
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

867
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN