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Expert Corporate Governance Service (ECGS)
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Telia Company April 10th, 2019

In general, Telia Company ("Telia") is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEMS 12.1-12.8, the (re-)election of the board of directors is proposed.  Under ITEM 12.2, the nomination committee proposed to newly appoint Mr. Rickard Gustafson as Member of the board of directors. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE.

Under ITEM 12.3, the nomination committee proposes to re-appoint Mr. Olli-Pekka Kallasvuo as Member of the board of directors. ECGS is not in favour of the re-appointment of any directors who were part of the board at the time of the fraud and money laundering abuse(s) in Eurasia in the past (see below). ECGS therefore does not support the re-election of Mr. Olli-Pekka Kallasvuo and accordingly recommends to vote OPPOSE to ITEMS 12.3 and 13.2.

In September 2017, Telia announced that a global settlement had been reached with the US Department of Justice (DoJ), Securities and Exchange Commission (SEC) and the Dutch Public Prosection Service relating to investigations regarding historical transactions in Uzbekistan. Telia has been accused of corruption, fraud and money laundering abuses when gaining entrance to the Uzbek market during the period 2007-2010. The Company has agreed to pay a total financial sanction of USD 965 million. The global resolution brings an end to all known corruption related investigations or inquiries into Telia.

Underlying
Telia Co AB

Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.

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Proxinvest
Proxinvest

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Expert Corporate Governance Service (ECGS)

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