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Swedbank withdraws proposal to re-elect board chair

SwedbankAB said March 30 that its nomination committee will not propose there-election of Anders Sundström as chair of the board of directors at thebank's 2016 annual general meeting.

The bank noted that the proposal to re-elect Sundströmfailed to receive sufficient support, and Sundström has been informed of thenomination committee's decision. The committee decided to propose the electionof current Deputy Chair Lars Idermark as chair of the board of directors untilthe end of the 2017 annual general meeting.

The committee decided that the number of members of theboard to be appointed by the meeting shall be eight.