State-Owned Enterprises (SOEs) in Sweden
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1 State-Owned Enterprises (SOEs) in Sweden Jan Sturesson, Global Leader Government & Public Services 29 October 2012
2 General facts 60 SOEs in Sweden Whollyowned Partially owned Employ ~102,000 people (~ 190,000 when including associated companies) Sectors include energy/power generation, forestry, mining, finance, telecom, postal services, gambling, and liquor retail sales Overall objective is value generation and, where applicable, ensure that specially commissioned public assignments are carried out. Value creation involves a long-term approach, efficiency, profitability, development capacity and sustainable taking of environmental and social responsibility. Responsible Minister: Minister for Financial Markets, Peter Norman Source: Annual Report for State-owned companies 2010, Ministry of Finance, Sweden. 128
3 Active ownership & corporate governance Purpose & Mission Why do we own this company? What is the new multidimensional scorecord for SOEs of the future? How do we govern, direct and manage our SOEs? Scorecard- Value creation Governance - Owner, board & CEO 129
4 Financial results SEK bn 400 Joint turnover 6% SEK bn 60 Profit after tax 60% SEK bn Dividends 85% Total estimated value 600 SEK billion Source: Annual Report for State-owned companies 2010, Ministry of Finance, Sweden. 130
5 Gender balance Board members CEO 49% 25% Female Male Board chairman 37% Senior management 39% Target is to have at least 40% of each gender in every board. The proportion of women on the governing boards of SOEs is now 49% in wholly state-owned enterprises, compared to 24% in publicly listed companies. The proportion of women who are chair of the board is also on the rise and is now at 37% (a vast improvement from 2005 when it was just 22%), compared to 3% for publicly listed companies. There has also been a substantial increase in the proportion of women in the senior management of SOEs. As of 2010, almost 25% of the CEOs are women (compared to 11% in 2009). The proportion of women in senior management has also risen to 39% (from 35% in 2009). Source: Annual Report for State-owned companies 2010, Ministry of Finance, Sweden. 131
6 GRI-based sustainability reporting SOEs The 100 largest publicly listed companies 92% 30% Yes No In November 2007, the Swedish Government decided that all SOEs would produce a sustainability report in accordance with the Global Reporting Initiative (GRI) s international guidelines (Sweden was the first country in the world to do so). Accordingly, 92% of all SOEs published a GRI-based sustainability report for 2010 (compared to just 15% in 2007); the equivalent figure for the 100 largest publicly listed companies was 30%. Source: Annual Report for State-owned companies 2010, Ministry of Finance, Sweden. 132
7 Governance SOEs operate under the same laws as private companies, although the government appoints board members representing the owners. Like private companies, SOEs have appointed boards of directors, and the government is constitutionally prevented from direct involvement in the company s operations through the ban against direct Ministerial involvement. Like private companies, SOEs publish their annual reports, and they are subject to independent audit. Sources: Annual Report for State-owned companies 2010, Ministry of Finance, Sweden; Investment Climate Statement Sweden, Bureau of Economic, Energy and Business Affairs, US Department of State (March 2011).
8 CEO remuneration During the period , total remuneration to the CEO in all SOEs rose by 3.4% per year, which was lower than the market s rate of increase of 5.0% per year. The salary trend for total remuneration for the CEO has been below the market average and, in terms of salary level, the majority of CEOs, 30 out of 56, are around the lower quartile of the market. The total remuneration for the CEO is above the market s upper quartile in one case. Four CEOs have a total remuneration of over SEK 5 million, although, in relation to the market average, it is not above the upper quartile. Among the eight SOEs active in the financial industry, total remuneration in five is above the median level of the market average but not above the upper quartile. Source: Annual Report for State-owned companies 2010, Ministry of Finance, Sweden. 134
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