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Swedish financial market minister Norman wants the change of culture of TeliaSonera board

Thursday, 04 October 2012
The Swedish government, which supposed to be the major owner of telecom giant Telia Sonera has been a passive observer of the operation of the company. But today, Financial Market minister, Peter Norman admitted that there is the need for the board of the company to be improved. This comes after the company has endured very negative press in relations to bribery in their international dealings.

The minister of Financial Market, Peter Norman in today's hearing at the Parliamentary Economy Committee, made it clear that he had no concrete information about what he thinks TeliaSonera should be doing differently after Swedish television reported the government owned company participating in what is being described as bribery dealing with the government of Uzbekistan.

Minutes before today's hearing, the Economy Committee held a chaotic press conference in the house of Parliament with the Financial Markets Minister, Peter Norman. He admitted that the government had acted passively as owner.

"My assessment is that TeliaSonera has not acted admirably in these complex markets, "he said.

After the hearing the parliamentary economic committee was satisfied that TeliaSonera CEO, Lars Nyberg seems to have acted right. He gave a very brief statement after the hearing.

"We have had a good meeting and I have been able to describe what we are doing. Of course, I have talked about the deal that is under investigation. I think they asked so many questions, some critical issues. I hope I manage to answer them to the best of ability, "said Lars Nyberg, and adding that he was not going to resign"

Peter Norman on his part did not say if he had confidence in TeliaSonera's management or not. However, he said that the government still has confidence in the Board and the Chairman, Anders Narvinger.
"The board has our confidence, given that it shows that you are taking these issues seriously."

Peter Norman said, however, that the government would require that one or more persons with expertise in human rights supplement the board so as to direct the company's future investment into more ethical areas.

Peter Norman repeated several times that TeliaSonera must be more active as a "role model" in dictatorship countries. But he had no concrete information on exactly what he wanted the company to do differently, for example, is Uzbekistan.

In addition, he did not call on the company to leave the dictatorship countries altogether.
By Scancomark.com Team

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