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Komfie Manalo, Opalesque Asia: Structural differences in European and particularly the Nordic countries make activism easier than in the US, because "in the Nordic countries, we have a fairly straightforward procedure we can follow," said Henri Österlund, founder of activist investing firm Accendo Capital.
He told participants of the latest Opalesque 2017 Nordic Roundtable, "If you look at the Nordic countries where we mainly focus, activism is easier here because typically the procedure is that the largest shareholders form a nominating committee that appoints the Board of Directors, whereas in the U.S. the operating management has outsized influence on who sits on the Board of Directors. So if the company management doesn't like somebody or proposed changes, it's very difficult to get on the Board, which then means that the U.S. activist investors have to go in proxy battles or use public relations to pressure the companies."
Österlund added that Accendo's successful track record in its activism generally helps them gain influence. Often the other shareholders will take a position such as, "Okay, what you have done in the other companies has been very good for the
companies, and we will also like to see our share price going up. So we welcome you coming onto the
Board of Directors."
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