SVENSKA CELLULOSA AKTIEBOLAGET SCA
NASDAQ OMX Stockholm:  SCA.A            Meeting Date: 4/15/2015

Svenska Cellulosa AB (“SCA”) is the focal point of a headline-stealing corporate-spending scandal that has been unfolding since late 2014 and involves some of Sweden’s most high profile directors and executives, a few institutional investors and PricewaterhouseCoopers, SCA’s independent auditor. Shareholders may rightfully question SCA’s governance practices and use of shareholder funds at the upcoming annual meeting.

SCA has allegedly used corporate resources for uses that stretch into personal domains. The accusations involves hosting grand-scale hunting events, sending a helicopter to buy liquor in connection with a hunting session, the building of a SEK 100 million hunting facility and several situations where members of the board and management used SCA’s corporate jet to bring their families to sporting events.

The guest list of SCA’s events is both long and prominent but we suspect that some focus at the upcoming annual general meeting will be on SCA’s independent auditor, PricewaterhouseCoopers. PricewaterhouseCoopers’ role in the scandal is currently under investigation but it has so far admitted to having representatives using SCA’s corporate jet and taking part in moose hunts.

In the wake of chairman Martin-Löf and CEO Johansson’s resignations, we expect the spotlight will switch to Martin-Löf’s long time business partner Anders Nyrén, who as SCA’s audit committee chairman may be held responsible for poor internal controls and a culture of poor internal governance practices.

 

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