– This is either a game for the gallery, or as they say more about what has been going on. It is not comforting for the board and management of Telenor if they just say that they are friends and well forlikte, ” says the prolific investor Jan Petter Sissener to E24.
He refers to the board of directors of Telenor, after two days of board meetings, has sent out a statement where they say that they maintain the trust of the ceo Sigve Brekke.
at the same time alerts Telenor that they will have a press conference at 11. Wednesday, where both the chairman of the board Gunn Wærsted and the Break will be present. Telenor does not want to comment on the case further before the press conference, and Break and Wærsted is also set.
“They need to come up with something more, this seems to be simply foolish,” says Sissener.
Investor Jan Petter Sissener.
– Difficult situation
the State is the largest owner in Telenor, with a share of about 54 per cent, through the ministry of industry. They write in an e-mail Tuesday evening that they are waiting until after the press conference before they have any further comments.
Sissener is not surprised that both Wærsted and Break is in Telenor now.
It is obvious that this should have taken place on the boardroom, not in the media. It is a difficult situation when the board is leaking, ” says Sissener, who hope that they can find out where the leak is, and that it be stopped.
Telenor’s internal audit process uncovered 11 violations of its own rules
the thing about fights in the Telenor management began early in the previous week, then the DN wrote that the chairman of the board Gunn Wærsted, according to the DN should have tried to get rid of the president and ceo Sigve Brekke – without having found support in its own board of directors.
Professor Aarebrot: – Brekke had been fired by Røkke
– Destroying
BI Norwegian business school professor Torger Reve says that it appears that the board has been settled two cases in the board of directors, which has resulted in that the board of directors today says that they still have the confidence to Break. The other is that the disagreements in the board of directors seems to have been resolved. Thus, also styrelederens position secured.
– It is not unusual that a board of directors disagree. The most objectionable in this case is that this discussion should have been held within the board of directors, says the Fox.
He says such leaks from the boardroom destroys for the work of the board.
Expert about the Telenor conflict: – They create more and more smoke. Finally comes the boom
– It is unfortunate that it is planted doubt about both the ceo and styrelederens position in a publicly traded company, but if they manage to ensure that this is resolved, so they can go on, ” says the Fox.
He says it is difficult to say whether this may have consequences for the composition of the board of directors at the next styrevalg.
– The one that is the most unsafe now is the one that has leaked from the board of directors, says the Fox.
He says that if the leak has come from the directors, as they have broken their styrerolle.
– If it has come from the administration, this is equivalent to unfair behavior, ” says Fox.
– Impaired
Also professor at the Norwegian School of economics, Karin Thorburn, says that it is not good that it is leaking from the board’s work, although it now has come a clarification from the board of directors.
Telenor is weakened in relation to where the company was before all this started, ” says the professor.
She would think it quite in order that both the Break and the Wærsted is sitting.
Torger Reve, professor of strategy and industrial competitiveness at BI Norwegian business School.
It is entirely possible for both to be seated. We do not have all of the information that the board has, and it is the board that determines whether the ceo needs to go or not. Now, the board has said that they have confidence to Break, and I trust their assessment. But it could not be ruled out that the evaluation change later, ” she says.
BI-professor Morten Huse believes his side that the controversy has not been particularly devastating for the company.
– It is, first and foremost, in the Uk there have been waves. Internationally, I don’t think it has been the major the damage, ” says BI professor.
Confidence
In the last month was Telenor drawn forward as one of the negative contributors in the fund Sissener Canoups.
Sissener tells that they have limited exposure in Telenor, which first and foremost reflects their view on the industry future prospects.
He said Friday that he had not any trust to Break.
What shall you gain the confidence to Telenor now?
I think the handling of Asia is crucial. I’m not impressed with the handling of the sale of work at vimpelcom, sales in India seems to be stalling. I will sit on the fence a long time yet, ” says Sissener, and adds that this is a “wait-and-see-share”.
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