SBB shareholders elect Lennart Sten as new chair
STOCKHOLM, June 28 (Reuters) -SBB's SBBb.ST shareholders elected Lennart Sten as the Swedish real estate company's new board chair on Friday, despite recommendations from proxy advisers for the annual general meeting to reject his candidacy.
Sten, until now a senior adviser to the SBB board, takes over from Lennart Schuss who held the position of chair since 2017.
Once a stock market darling, the highly leveraged SBB has seen its credit ratings sharply reduced and the share price fall to a fraction of its 2021 peak as soaring interest rates weighed on earnings.
Proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis had both recommended shareholders to vote against Sten's appointment, saying he could be considered to hold too many board positions, according to documents seen by Reuters.
ISS pointed to the fact that Sten already holds the role of chair at property companies KlaraBo and CLS Holdings.
Reporting by Marie Mannes and Greta Rosen Fondahn, editing by Terje Solsvik
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