SBB Norden - comment
The loss of two directors in two days (albeit one for health reasons) is awkward for SBB but doesn’t change the metrics. Fredrik Svensson (who resigned today) represented Arvid Svensson Invest, the second-largest shareholder in SBB (12.68%). Svensson cited lack of time as the reason for departing. The board has limited influence, as generating liquidity to refinance maturities is the primary focus for the company. Also, SBB is morphing into a holding company for three separately managed businesses with SBB eventually a minority holder in two. The relevance of the board is reducing quickly.