Europe’s largest activist is calling for sweeping reforms in Ericsson’s corporate governance in an attempt to restore confidence at the embattled telecoms equipment maker after its shares lost a third of their value over possible payments to the Isis terror group in Iraq.
Cevian Capital, which is the second-largest shareholder in Ericsson in terms of capital, is arguing for the power of its two large traditional investors to be curbed.
Investor, the investment vehicle of the Wallenberg family of industrialists, and its main local holding company rival Industrivarden both hold vote-heavy A class shares that allow them to dominate Ericsson’s board through a deputy chair position each.
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