ITF Unions in Maersk
ING: Maersk CEO not free in his job
16 July 2008
Mc-Kinney Møller family seen as over-dominant.
The CEO of AP Moller-Maersk , Nils Smedegaard Andersen, has limited freedom to push through his reforms as the Mc-Kinney Møller family retains undue influence over the group, according to Dutch bank ING.
“I have difficulty believing the new management, with Nils Smedegaard Andersen at the head, has the necessary freedom to service the ordinary shareholders in relation to the family,” says Axel Funhoff, analyst at ING to the RB-Børsen news agency.
He says he has been told by sources within the company that there is much internal sympathy for the idea of servicing shareholders better, but that the family is putting a halt on moves towards greater openness.
“Investors ought to be able to understand better the business areas that Maersk finds valuable. That’s why transparency is important.” He says Maersk should be holding capital market days, analyst conferences, and provide access to the management for analysts – i.e. what most regular companies do.
He adds that if the company was serious about serving shareholder interests it would have the disposal of non-core assets high up its agenda – these include holdings in Danske Bank, the Dansk Supermarked retailing operation and shipyards.
Mærsk Mc-Kinney Møller will hand over the chairmanship of the AP Møller and Chastine Mc-Kinney Møller Foundation to his daughter Ane Mærsk Mc-Kinney Møller Uggla when he retires, according to the company magazine Maersk Post. He has just turned 95, and still not announced a retirement date. He still has a lot of influence over the business his father founded.
The family’s AP Møller and Chastine Mc-Kinney Møller Foundation is the majority shareholder in AP Moller-Maersk. Uggla is already Vice-Chair of AP Moller-Maersk’s board of directors and the family foundations.
Although relatively unknown, Uggla has for years been regarded as one of the richest women in Sweden thanks to her shares in the family business. Her personal fortune is estimated at DKK2.1bn (US$450m).
