Telecommunications and media company Millicom, headquartered in Luxembourg, yesterday announced the creation of a Nomination Committee ahead of its 2016 Annual General Meeting.
The Nomination Committee is comprised of Cristina Stenbeck as Chairman of the Board of Directors; Lorenzo Grabau appointed by Investment AB Kinnevik,; Mathias Leijon appointed by Nordea Investment Funds; and Marianne Nilsson appointed by Swedbank Robur fonder, with the Chairman to be chosen during the first Committee meeting.
Cristina Stenbeck and Lorenzo Grabau are members of Millicom's Board of Directors and both are dependent in relation to major shareholder Investment AB Kinnevik, deviating from the Swedish Corporate Governance Code. The 2015 Annual General Meeting resolved that the Chairman of the Board of Directors be a member of the Nomination Committee, acting as its convenor.
The Meeting also elected Cristina Stenbeck to be Chairman of the Board of Directors, with the members of the Nomination Committee agreeing that Stenbeck's experience of it would benefit Millicom, at an advantage or the company that both the Chairman of Millicom’s Board of Directors and the Chief Executive Officer of Millicom's principal shareholder take an active role in the Nomination Committee. Lorenzo Grabau, the CEO of Investment AB Kinnevik, was also cited as the natural choice for appointment to the Nomination Committee by Investment AB Kinnevik.
