Friday, February 7, 2020

Major Swedish Bank Considers Imposing 'Diversity Requirements' on Customers

From Sputnik:
While SEB CEO openly considered punishing company boards with only white men an “inspiring” idea, these plans struck a chord with the public.
SEB, one of Sweden's largest banks, is now seriously considering turning down corporate customers if the board is not “diverse” enough, the economic daily Dagens Industri reported.

According to the newspaper, SEB is taking cue from US-based multinational investment bank Goldman Sachs, whose CEO David Solomon stated during the recent World Economic Forum that from this summer on, diversity requirements will be imposed on its clients.

By his admission, Goldman Sachs won't take companies public anymore unless they have at least one “diverse” board member, which means not a white man. Starting from 2021, the bank will look for at least two diverse board members, Solomon warned. Goldman Sachs itself has four women on its board of directors, out of eleven total members. While Solomon is the chairman of the board, its lead director is Nigerian-born Adebayo Ogunlesi.

SEB CEO Johan Torgeby called Goldman Sachs's diversity requirements “extremely inspiring” and “very impressive”.

A similar solution may now be implemented at SEB, which has been owned by the Wallenbergs, a powerful tycoon family, since the mid-1850s, Torgeby implied.

“We must look at some type of diversity requirement on the board,” Torgeby said.
However, this idea didn't go over well with Dagens Industri readers, who went on to vent their displeasure in the comments section.....

Sweden will experience dramatic Y-chromosome diversity and Y-chromosome based haplogroups over the next forty years, might as well prep the banking services.
Now, about the diversity of SEB's owners and and senior directors:
Board of Directors
Marcus Wallenberg Chair
Chair since 2005
Director since 2002
Vice Chair of the Risk and Capital Committee, the Audit and Compliance Committee and the Remuneration and Human Resources Committee
Born 1956
Read more about Marcus Wallenberg

Sven Nyman Vice Chair
Vice Chair since 2017Director since 2013
Born 1959
Read more about Sven Nyman

Jesper Ovesen Vice Chair
Vice Chair since 2014
Director since 2004
Chair of the Risk and Capital Committee and Member of the Audit and Compliance Committee
Born 1957
Read more about Jesper Ovesen 

Johan H Andresen Director
Director since 2011
Born 1961
Read more about Johan H Andresen
Hmmmm... not seeing a lot of people of color.
Here's the rest of the board. Pretty pale bunch if you ask me.

Man, ditto for the executive officers.