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Alecta, AP2 involved in Electrolux board choice

SWEDEN – Swedish pension institutions Alecta and Andra AP-fonden are among investors that have been drafted in to help nominate board members at household products firm Electrolux.

“In accordance with the nomination procedure for election of Board members that was approved by the AGM in April 2004, the chairman of the board should contact at least three of the largest shareholders during the fourth quarter of the year,” the firm said.

It added that the shareholder representatives contacted are Anders Scharp of Investor, Ramsay Brufer of Alecta Mutual Pension Insurance, Marianne Nilsson of Robur Investment Funds and Carl Rosén of AP2.

“These representatives will under the leadership of the chairman jointly prepare a proposal for members of the board of directors and the fee to the board of directors which will be presented to the AGM for approval.”

Earlier this month IPE reported that top executives in the Swedish pension industry – including Björn Andersson of SHB/SPP, Tor Marthin of AMF Pension and William af Sandeberg of AP1 – were working with industrial group Atlas Copco on putting together a proposed board of directors.

Electrolux said that its cash flow for the first nine months was “negatively impacted” by a payment of around 300 million crowns to the US pension fund – as well as a decline in income and increased capital expenditure.

The Stockholm-based company said third-quarter profit dropped 12% to 677 million crowns.

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