Executive Team and Board of Directors reaffirm commitment to deliver strategy and continue compliance transformation journey
Ericsson's Executive Team and Board reaffirm their commitment to the company's strategy amid shareholder concerns. At the 2022 Annual General Meeting, a significant portion of shareholders opposed discharging the Board from liability for the financial year 2021. CEO Börje Ekholm acknowledged these concerns and committed to leading the company in its transformation and global 5G technology advancements. The Board supports Ekholm's leadership, emphasizing progress in ethics and compliance during his five-year tenure.
- Börje Ekholm's leadership has driven ethics and compliance progress.
- Support from the Board reinforces confidence in ongoing transformation efforts.
- Shareholder dissent with one-tenth voting against Board liability discharge raises governance concerns.
STOCKHOLM, March 29, 2022 /PRNewswire/ -- Ericsson (NASDAQ: ERIC) Executive Team and Board of Directors reaffirm commitment to deliver Ericsson strategy and continue compliance transformation journey.
At Ericsson's 2022 Annual General Meeting, it was recorded that shareholders representing at least one tenth of all of the shares in the Company voted against discharge from liability of the Board of Directors and the President for the financial year 2021 while also electing Board members in accordance with the Nomination Committee's proposals, which including re-election of all prior Board members.
Speaking after the general meeting, Ericsson's Chief Executive Officer, Börje Ekholm said: "I understand the concerns raised by our shareholders and these are important matters. I want to state my commitment to continuing to lead Ericsson in the transformation of our company and its culture, executing on global 5G technology leadership, and strengthening our ethics and compliance performance to ensure lasting change."
Ronnie Leten, Chair of Ericsson's Board of Directors added: "Börje and the Executive Team have the full support of the Board. We have made good progress but there is much still to do. Conducting business responsibly and with integrity is essential to driving real and positive change. During five years at the helm, Börje has led the focus on ethics and compliance and executed the performance turnaround of Ericsson. He has made the company a leader in 5G globally and established a course for growing in wireless enterprise."
"Ericsson's Board is committed in its support for the continued transformation journey both in the business, and ethics and compliance performance."
NOTES TO EDITORS:
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About Ericsson
Ericsson enables communications service providers to capture the full value of connectivity. The company's portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world. The Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com
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SOURCE Ericsson
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