English
Svenska

Quotation


"Yes, in one text there is a certain figure and in the other there is only a reference to a considerable amount of money, so that is a difference."
Bengt Braun, CEO, Bonnier AB, compares a draft with the final protocol from the board meeting.

Read and listen


S avsljade polisen Brauns bonusbluff
Resum 2005-11-17

Brauns bluff avsljad i frhr
SvD Nringsliv 24, 2005-11-17

Find out more


Granskningsrapport (Skandiarapporten) by Otto Rydbeck and Gran Tidstrm
25 November 2003 (Published in Privata Affrer 1 December 2003)
www.privataaffarer.se

Archives
 
Hard Rain    No 4    November 28, 2005
The subtle face of greed
It is nothing less than a sensation that Skandia's former president, Bengt Braun, in police hearings admits that he actually knew that the bonus programs would cost the company an extra 100 million Euro.
 
Every corporate bonus program is normally based on a decision of the board. With that decision follows responsibility. The board assures that the decision is good for the company and for its owners. It should as well be understood that the president and the other board members "understand" the program and are aware of the costs.

When it appears, as in the Skandia case, that the bonus costs look totally different than expected, it should be rather difficult for the board to avoid the responsibility. If the directors of the Skandia corporation happen to share an extra one hundred million Euro, you can't just blame the directors? But this is exactly what has happened.

After all the rides on the carousel the only one indicted for treacherous behavior is the former CEO Lars-Erik Petersson.
  That is the reason why it is nothing less than a sensation that Skandias former president, Bengt Braun, in police hearings admits that he actually knew that the relevant bonus programs would cost the company an extra 800 million SEK (100 million Euro). At first he wasn't willing to recognize these facts, but the documents at hand were overwhelming.

Bengt Braun not only was aware of the figures. He also did what he could in order to smother them. "800 milj. kr." in a draft was changed to "a considerable amount" in the signed protocol of the board. The change was made on a direct request from Bengt Braun in a fax to his secretary.