SBB Faces Backlash With ISS Saying to Vote Against Chairman
- Proxy adviser cites overboarded chair, gender-diversity issues
- Landlord’s share voting structure and dividends also in focus
The building housing the headquarters of Samhallsbyggnadsbolaget i Norden AB (SBB) in Stockholm, Sweden.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Struggling Swedish landlord SBB is set for a showdown with shareholders at the end of the month after an influential proxy adviser said investors should vote against the company’s proposal to appoint a new chairman.
Institutional Shareholder Services Inc. isn’t supporting Lennart Sten as chairman at the annual general meeting of Samhallsbyggnadsbolaget i Norden AB, as the company is formally known, because the candidate is “overboarded,” meaning he sits on an excessive number of boards, according to a report seen by Bloomberg News.