The Svea Court of Appeal's verdict against Birgitte Bonnesen on Tuesday – imprisonment for one year and three months for gross fraud – can have consequences, believes Gardell.
The verdict may affect how stock exchange CEOs communicate in the future, but it can also lead to demands for higher compensation from stock exchange company directors – as a risk premium for the increased risk that their CEO career may end in prison.
Increased risk in the job
"If the verdict stands, it is likely to lead to stock exchange CEOs demanding higher compensation to compensate for the increased risk in their job", he writes in an email to TT.
He also believes that it may become more difficult to get stock exchange CEOs to talk in the future and more responses in the style of "no comments" when the media asks questions.
"All companies are likely to carefully study the verdict to minimize the risk of communication with the market and media", he writes.
Gardell adds that he himself has not had time to read through the verdict, but that the case should be taken up for review in the Supreme Court "if it is unclear how 'misleading' is defined".
"Taking the verdict very seriously"
The verdict has also prompted Wallenberg's power company Investor, which is also one of the largest owners on the stock exchange, to react.
"We take the verdict very seriously. In addition to reading through and discussing internally, we will follow the development to see if there are any general lessons to be learned regarding communication", writes Investor's communications director Jacob Lund in an email to TT.
Bonnesen has denied all allegations in the indictment. The verdict has been described as unique, unexpected, and historic by anti-corruption expert Louise Brown, and according to lawyer Per E Samuelson, it will be appealed to the Supreme Court.
