AMWatch

AP7 CEO ready to lead more lawsuits after Facebook victory

Sweden’s AP7 pension fund hails its part in a major victory for shareholder power, as internet giant Facebook is forced to back down on plans to issue a new voteless class of share. CEO Richard Gröttheim tells AMWatch why it’s important to go to court to be an active owner, and says his fund would do it again.

AP7 was part of an shareholder group that forced Facebook to abandon plans for voteless shares. | Photo: /ritzau/AP/Matt Rourke

When Mark Zuckerberg, the founder of social media giant Facebook, announced he was withdrawing contentious plans to reclassify the firm’s share capital, Sweden’s AP7 national pension fund was not the only investor to cheer.

The fund, which manages the default option in the Swedish premium pension system (PPM), was co-leading a lawsuit in the US against Facebook in objection to the plan on behalf of many other investors.

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