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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

Pensions sector responds to "unnuanced" carbon report

In a new report, NGO Mellemfolkeligt Samvirke criticized the pension sector for its DKK 22bn investments in fossil fuel expansion. An industry organization has now responded, saying the report ignores the complicated nature of the issue.

Further reading

Latest news

Watch job

See all jobs

See all jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch