Folksam welcomes Swedbank’s bar on bonuses

“We welcome the decision by Swedbank’s Board to stop all bonus payments for 2009,” says Carina Lundberg Markow, Head of Responsible Ownership at Folksam, commenting on this decision, announced today.

Carina Lundberg Markow thinks the structure and granting of the bonus system is important for Folksam as an owner, and hopes that Swedbank’s decision will enhance the long-term legitimacy of the whole financial sector. “All banks benefited from government action to ensure the stability of the financial system in 2009. As an owner, we also injected new capital in the year. In these circumstances, it’s also reasonable to review the remuneration principles. This is important for public confidence in the bank and the whole financial system.” “But I’d also like to point out that we’re anxious for the bank to have a remuneration system that ensures competitiveness with other market players. We think a combination of fixed and performance-related pay, compatible with the values of the surrounding world, is good for the bank in the long term. It’s good to bring together employees’ and shareholders’ interests,” concludes Carina Lundberg Markow. Folksam owns 9.3% of the shares and voting rights of Swedbank. For more information: Carina Lundberg Markow, Folksam’s Head of Responsible Ownership, tel: +46 (0)70 831 5971 Lotta Örtnäs, Folksam’s Press Officer, tel: +46 (0)8 772 6212, +46 (0)70 965 5636