STOCKHOLM, Sweden, April 16, 2003 (PRIMEZONE) -- At Skandia's (Other OTC:SKNFF) (LSE:SFS) Annual General Meeting on April 15, 2003, in accordance with the recommendation of the Nominating Committee, Bengt Braun was elected as a new Director on Skandia's Board for a term extending through the 2005 Annual General Meeting, and Bjorn Bjornsson and Leif Victorin were elected as new Directors on Skandia's Board for terms extending through the 2004 Annual General Meeting.
Bengt Braun, born 1946, is President and CEO of the Bonnier Group, Chairman of Alma Media Oyj, Vice Chairman of Oriflame International, and a Director of AB Bonnierforetagen, Tieto-Enator AB and Hufvudstaden AB. He served as a Director on Skandia's Board 1989-2001. Bjorn Bjornsson, born 1946, conducts consulting business in the financial sector and is a Director of Bure Equity AB, Billerud AB, JM AB and Ohman Kapitalforvaltning AB, among others. Leif Victorin, born 1940, served as an Executive Vice President of Skandia 1986-1997, Head of Skandia's Nordic operations 1990-1996, President of Skandia Liv 1990-1996, and Chairman of Skandia International 1996-1997.
In addition, Oonagh McDonald, Lars-Eric Petersson and Clas Reuterskiold were re-elected as Directors of Skandia for terms extending through the 2005 Annual General Meeting.
As policyholder representatives on Skandia's Board for the coming year, the Swedish Consumer Agency and the Stockholm Chamber of Commerce appointed Boel Flodgren (re-election) and Maria Lilja (re-election), respectively.
Due to the fact that Willem Mesdag recently left the Board, the number of AGM-elected Directors decreased from eight to seven, in accordance with the Nominating Committee's recommendation.
Skandia's Board has the following composition: Bjorn Bjornsson, Bengt Braun, Boel Flodgren, Eero Heliovaara, Maria Lilja, Oonagh McDonald, Lars-Eric Petersson, Clas Reuterskiold and Leif Victorin, plus three employee representatives.
The Board's fee is unchanged from the preceding year. In contrast to previous years, there is no requirement to purchase Skandia shares. In addition, an appropriation of SEK 950,000 was made to be apportioned at the Board's discretion among the Directors in connection with their duties on Board committees.
Special Investigation
The Annual General Meeting resolved, in accordance with a revised proposal by the Swedish Shareholders' Association, to assign the Board with the task of commissioning a special investigation into certain, specifically indicated areas, for the purpose of restoring confidence in Skandia.
Nominating Committee
It was resolved that the Nominating Committee shall consist of six members appointed as follows:
-- one representative for each of the four largest owners (owner-groups)
of Skandia, to be appointed by the respective owners (owner-groups)
-- one representative for the small and medium-sized shareholders of
Skandia, to be appointed by the Skandia Shareholders' Association or
similar
-- one representative for the policyholders of Skandia Liv, to be
appointed by the Stockholm Chamber of Commerce
Skandia's Chairman shall be co-opted to the Committee and be responsible for calling the Committee, while the representative of the largest owner (owner-group) shall serve as chairman of the Committee. Representatives of the largest owners shall be appointed based on the ownership structure of Skandia in connection with the release of the third-quarter interim report, and it shall also be indicated in the report which persons have been appointed to the Nominating Committee. The representative of the small and medium-sized shareholders shall also be appointed at this time.
The Nominating Committee's mandate shall entail the drafting and presentation of recommendations concerning:
-- election of a person to serve as chairman of the General Meeting -- Directors' fees -- the number of Directors -- election of Directors -- Auditors' fees -- election of Auditors
Dividend
The Annual General Meeting approved a dividend of SEK 0.30 per share and set the record date for payment of the dividend at April 22, 2003. Dividends are expected to be distributed from VPC on April 25, 2003.
For further information, please contact:
Odd Eiken, Executive Vice President, Communication & Strategy, tel. Int. +46-8-788 28 80
Gunilla Svensson, Press Secretary, tel. Int. +46-8-788 42 97
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