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The patriarch of Sweden’s powerful Wallenberg family has railed against a sweeping change to shareholder voting rights that could loosen the grip of the industrial dynasty on the Nordic nation’s stock market.
“The ISS voting recommendation has no merit and goes against the policy direction of the European Commission,” said Jacob Wallenberg, 67, in the annual report of Investor AB, the company founded by his forebears in 1916. He is chairman of the investment firm that continues to exert considerable influence over corporate Sweden with a $65 billion portfolio that includes stakes in Ericsson AB, Atlas Copco AB and EQT AB.
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