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sells shares

Why Folksam sold its shares in Lundin Petroleum

Published onsdag 30 maj 2012 kl 18.24
"The allegations are so serious"
(6:53 min)
Carina Lundberg Markow says they tried to talk to the company for many years. Photo: Henrik Montgomery/Scanpix

The insurance company Folksam has sold all its shares in Lundin Petroleum. It has criticised Lundin for not allowing an independent investigation into the allegations that the company was complicit in human rights violations when extracting oil in Sudan and Ethiopia 1997-2003.

"We feel that we have tried in all ways possible to influence the board of Lundin to clean up its past. At the share holders meeting just over a month ago, they chose not to listen to the 22 percent that voted in favour of our proposal of an independent investigation," Carina Lundberg Markow at Folksam tells the news agency TT.

"Our judgement is that the company now seems pretty good when it comes to sustainability and that it has a good risk structure. But considering that they do not want to deal with the past, we have chosen to now longer be an owner."

According to the news agency TT, Folksam owned nearly 4 million shares or 1,2% of Lundin Petroleum on the 30th of March.

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