SEB’s management team, in agreement with the board of directors, has decided to forgo compensation beyond their base salaries as of 2008. With these changes, SEB meets requirements regarding top-management compensation for participation in the guarantee programme.
“When the board redesigned the compensation system for the bank’s management, we strived in earnest to find a system that fulfils the guarantee programme’s requirements while being sustainable and neutral from a competitive point of view. We removed the short-term incentives and lowered the total compensation,” says SEB’s chairman of the board, Marcus Wallenberg
“After a continued dialogue with the Swedish National Debt Office it is clear that further adjustments are necessary. Since the purpose of the changes – to meet requirements for the guarantee programme – could not be realised, the board and the management agree on these changes. We consider it important for SEB to be able to participate in the government’s guarantee programme, and thereby contribute to confidence and financial stability in society,” Wallenberg concludes.
“I acknowledge the great damage inflicted on confidence and trust in SEB and me by the discussion about management compensation in the past days. For us, a bank society’s trust and confidence is crucial, just as it is important to society that SEB is a stable and respected authority,” says SEB’s president and chief executive officer, Annika Falkengren.
“I can not apologise enough for how wrong this turned out. We in SEB’s management will do our utmost to restore confidence among customers, employees and shareholders, as well as with the public,” Falkengren concludes.
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