When several US banks collapsed earlier this year, the Swedish pension giant Alecta lost almost SEK 20 billion after its investments in the banks. In the wake of the billion-dollar blow, both the head of equity management and the CEO were forced to resign, and Alecta appointed an inquiry into the company's investment strategy.
Watch the full SVT News broadcast from Alecta's press conference here.
Board of Directors and CEO released from liability
At today's Board meeting, the Board of Directors decided to approve the 2022 Annual Report, and increased fees by 4.1 percent. In addition, the Board of Directors chose to relieve Alecta's Board of Directors and CEO of responsibility for the previous financial year.
"There was nothing this afternoon to justify that the Board of Directors should not discharge the Board of Directors from liability in accordance with the auditors' clear recommendation, and also the CEO," says Kenneth Bengtsson, Chairman of the Board of Directors, during the press conference.
"The Board of Directors has to rely on its auditors, who are very close to all of this, and are reviewing this. They have advised us to grant discharge, and then it takes a lot of effort for us not to do so," he adds.
President: "You should feel safe"
SEK 20 billion has been lost in the high-profile bank investments, a relatively small amount in relation to Alecta's capital. For some, however, the blow may mean a reduced future occupational pension by 2.4 percent, SVT's review shows.
– You should feel confident that we have a secure financial position, your pensions are not threatened. We take what has happened very seriously and hope that we can earn back this money in our active management," says Ingrid Bonde, Chairman of the Board of Alecta.