STOCKHOLM, Sweden, March 19, 2004 (PRIMEZONE) -- Skandia's Nominating Committee has now completed its work ahead of Skandia's Annual General Meeting on 15 April 2004. In a press release dated 16 March, the Committee announced that it is proposing Bernt Magnusson for new election to the Board and Bjorn Bjornsson for re- election to the Board, and that it recommends that these two individuals be appointed Chairman and Vice Chairman of the Board, respectively.
With respect to the Board in general, the Nominating Committee proposes the following:
Number of directors
The Committee proposes that the number of directors elected by the General Meeting be seven (currently five).
Election of directors
As previously announced, Eero Heliovaara has informed that he wishes to leave the Board in connection with the Annual General Meeting on 15 April 2004. As a result of Sampo's sale of all its shares in Skandia, Christoffer Taxell has also announced that he wishes resign from the Board at the forthcoming Annual General Meeting.
At the Extraordinary General Meeting on 28 January 2004, Karl-Olof Hammarkvist, Lennart Jeansson and Birgitta Johansson-Hedberg were all newly elected to the Board. Karl-Olof Hammarkvist was formally elected up until the Annual General Meeting on 15 April 2004, and the others formally until the 2005 Annual General Meeting.
The Nominating Committee proposes the re-election of Karl-Olof Hammarkvist and that Lennart Jeansson and Birgitta Johansson-Hedberg remain on the Board.
Further, the Committee proposes the new election of Kajsa Lindstahl and Anders Ullberg.
If the Nominating Committee's proposals are followed, the Board will have the following composition: Bernt Magnusson, Chairman, Bjorn Bjornsson, Vice Chairman, Karl-Olof Hammarkvist, Lennart Jeansson, Birgitta Johansson-Hedberg, Kajsa Lindstahl and Anders Ullberg. In addition, the Board will include the policyholders' representatives, currently Maria Lilja, who has been appointed by the Stockholm Chamber of Commerce, and the employee representatives.
Board fees The Nominating Committee proposes that the Board receive fees totalling SEK 5,100,000, as follows: Chairman SEK 1,000,000 Vice Chairman SEK 600,000 Directors SEK 300,000
It is proposed that a total of SEK 1,000,000 -- in addition to the ordinary fees - be paid to the Chairman and Vice Chairman as compensation for the extensive work for Skandia -- beyond normal board duties -- that is expected will be required of them during the coming year. This extra fee is expected to be paid only for the period up untilthe next Annual General Meeting. Further, it is proposed that SEK 700,000 be apportioned among the company directors in connection with committee work. No fees shall be paid to directors who are employees of the Skandia group. In addition, it is proposed that the fee of SEK 450,000, which according to a resolution at the 2003 Annual General Meeting was to be paid to the Vice Chairman, but was not paid since no Vice Chairman was appointed, is instead paid to Bjorn Bjornsson for the extensive work he has performed for Skandia during the past year which is beyond the call of what can normally be considered as ordinary board duties and for which no special compensation has been paid.
The Committee's proposals as set out above have the support of shareholders representing slightly more than 15% of the shares and votes in Skandia.
In a comment, the Nominating Committee notes that Skandia now acquires a good and well balanced board with a broad base of expertise and experience in important areas for Skandia. This should form a good foundation for Skandia to now be able to look forward and restore the confidence of customers and employees, to the benefit of the company's shareholders.
Kajsa Lindstahl was born in 1943. She is Chairman of Amnesty Business Group (ABG) and a director of Alfred Berg Asset Management Holding AB, Nordic Growth Market NGM AB, the Swedish Investment Fund Association and Huddinge Universitetssjukhus AB. Kajsa Lindstahl is a former CEO and Chairman of Banco Fonder AB.
Anders Ullberg was born in 1946. He is President and CEO of SSAB Svenskt Stal AB, and a director on that company's board. He is also Chairman of Eneqvistbolagen AB and the assembly of Jernkontoret. Furthermore, he is a director of Atlas Copco AB, SkandiaBanken AB, Skandia Fonder AB, the Confederation of Swedish Enterprise and TietoEnator Abp. Anders Ullberg has earlier on held senior management positions within the Celsius Group. He has communicated that if he is appointed to the Skandia Board, he will resign from the Boards of SkandiaBanken AB and Skandia Fonder AB.
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