Foundation Asset Management AB (FAM AB) is a Swedish asset management company, founded by the three largest Wallenberg foundations in order to manage their assets , by means of direct ownership as well as through management and consultancy agreements. It is chaired by Marcus Wallenberg who also chairs Wallenberg Investments AB, which is the holding company that directly owns FAM AB.
34-575: These foundations and their donations are administered and handled through a subsidiary. The Wallenberg Foundations refers to 16 non-profit foundations founded by members of the Wallenberg family which makeup what is described in Sweden as the Wallenberg ecosystem. FAM AB is owned by Wallenberg Investments AB, a company that is fully owned by the three largest Wallenberg foundations consisting of
68-558: A merger agreement between Stockholms Enskilda Bank and rival Skandinaviska Banken in 1971. Soon after, tragedy struck when Marc Wallenberg committed suicide, observers suggested that the act came possibly because Marc Wallenberg felt himself inadequate to the task of leading what was to become the Scandinavia banking giant Skandinaviska Enskilda Banken . The merger went through in 1972. Marcus Wallenberg (junior), and younger son Peter Wallenberg (senior), focused their interests on
102-571: A seat or office of authority since the middle of the 17th century; its earliest citation in the Oxford English Dictionary dates to 1658–1659, four years after the first citation for chairman . Feminist critiques have analysed Chairman as an example of sexist language, associating the male gender with the exercise of authority, this has led to the widespread use of the generic "Chairperson". In World Schools Style debating , as of 2009, chairperson or chair refers to
136-429: A deputy CEO at Stockholms Enskilda Bank in 1953, before taking over as CEO in 1958. After a power struggle between Jacob Wallenberg and his younger brother Marcus Wallenberg (junior), Jacob Wallenberg resigned from the board of directors in 1969. The resignation opened a seat on the bank's board of directors to Peter Wallenberg (senior), younger son of Marcus Wallenberg (junior). Marcus Wallenberg (junior) pushed through
170-660: A market capitalization of around $ 60 billion. The family is also heavily involved in philanthropy through the Wallenberg foundations , especially the Knut and Alice Wallenberg Foundation . The earliest known member of the Wallenberg family is Per Hansson (1670–1741) who, in 1692, married Kerstin Jacobsdotter Schuut (1671–1752). Their son, Jakob Persson Wallberg (1699–1758) married twice. The children of his first marriage called themselves Wallberg and those of his second called themselves Wallenberg. Jakob Persson Wallberg
204-442: A neutral manner, not directly implying the gender of the holder. In meetings or conferences, to "chair" something (chairing) means to lead the event. Terms for the office and its holder include chair , chairperson , chairman , chairwoman , convenor , facilitator , moderator , president , and presiding officer . The chair of a parliamentary chamber is sometimes called the speaker . Chair has been used to refer to
238-576: Is sometimes called the American model. Having a non-executive chair is common in the UK and Canada; this is sometimes called the British model. Expert opinion is rather evenly divided over which is the preferable model. There is a growing push by public market investors for companies with an executive chair to have a lead independent director to provide some element of an independent perspective. The role of
272-487: The Riksdags first chamber ( Parliament of Sweden) 1907–1919. In 1916, new legislation made it more difficult for banks to own shares in industrial companies on a long-term basis. Investor was formed as an investment part of Stockholms Enskilda Bank . Knut Agathon Wallenberg's younger brother Marcus Wallenberg (senior) carried on the tradition and took over as the bank's CEO in 1911, replacing his older brother who
306-659: The 1970s, the Wallenberg family businesses employed 40% of Sweden's industrial workforce and represented 40% of the total worth of the Stockholm stock market. The most famous of the Wallenberg family, Raoul Wallenberg , a diplomat, worked in Budapest , Hungary, during World War II to rescue Jews from the Holocaust . Between July and December 1944, he issued protective passports and housed Jews, saving tens of thousands of Jewish lives. Their flagship company, Investor AB , has
340-520: The CEO; unlike an executive chair, a non-executive chair does not interfere in day-to-day company matters. Across the world, many companies have separated the roles of chair and CEO, saying that this move improves corporate governance. The non-executive chair's duties are typically limited to matters directly related to the board, such as: Many companies in the US have an executive chair; this method of organization
374-734: The Presidium of the Presidium of the Supreme Soviet ". In Communist China, Mao Zedong was commonly called "Chairman Mao", as he was officially Chairman of the Chinese Communist Party and Chairman of the Central Military Commission . In addition to the administrative or executive duties in organizations, the chair presides over meetings. Such duties at meetings include: While presiding,
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#1732791762802408-441: The Wallenberg sphere, the Wallenberg sphere is a large group of companies where their investment company , Investor AB , or foundation asset management company, Foundation Asset Management (FAM) , have the controlling interest . Chairman The chair , also chairman , chairwoman , or chairperson , is the presiding officer of an organized group such as a board , committee , or deliberative assembly . The person holding
442-579: The airline's restructuring after the COVID-19. Sources: Full list of holdings . This article about an organization based in Sweden is a stub . You can help Misplaced Pages by expanding it . Wallenberg family The Wallenberg family is a prominent Swedish family renowned as bankers , industrialists, politicians, bureaucrats and diplomats, present in most large Swedish industrial groups, like EQT AB , Ericsson , Electrolux , ABB , SAS Group , SKF , Atlas Copco , Saab AB , and more. In
476-646: The board . During the War the Bank collaborated with the German government. The Secretary of the US Treasury, Henry Morgenthau Jr. considered Jacob Wallenberg strongly pro-German, and the US subjected the Bank to a blockade that was only lifted in 1947. The fourth generation of Wallenbergs joined the family business in 1953, including heir apparent Marc Wallenberg , eldest son of Marcus Wallenberg (junior), who became
510-481: The chair has the power to discipline them. There are three common types of chair in public corporations. The chief executive officer (CEO) may also hold the title of chair, in which case the board frequently names an independent member of the board as a lead director. This position is equivalent to the position of président-directeur général in France. Executive chair is an office separate from that of CEO, where
544-415: The chair in a private equity-backed board differs from the role in non-profit or publicly listed organizations in several ways, including the pay, role and what makes an effective private-equity chair. Companies with both an executive chair and a CEO include Ford , HSBC , Alphabet Inc. , and HP . A vice- or deputy chair, subordinate to the chair, is sometimes chosen to assist and to serve as chair in
578-412: The chair should remain impartial and not interrupt a speaker if the speaker has the floor and is following the rules of the group. In committees or small boards, the chair votes along with the other members; in assemblies or larger boards, the chair should vote only when it can affect the result. At a meeting, the chair only has one vote (i.e. the chair cannot vote twice and cannot override the decision of
612-440: The chairman was the master of ceremonies who announced the performances and was responsible for controlling any rowdy elements in the audience. The role was popularised on British TV in the 1960s and 1970s by Leonard Sachs , the chairman on the variety show The Good Old Days . "Chairman" as a quasi-title gained particular resonance when socialist states from 1917 onward shunned more traditional leadership labels and stressed
646-592: The change in leadership marked a final moment in the family's more than 100-year dominance of the Swedish banking and industrial sectors . Yet Peter Wallenberg (senior) rose to the challenge, guiding Investor and Sweden's industry into a new era. In 1990, it was estimated that the family indirectly controlled one-third of the Swedish Gross National Product . Peter Wallenberg (senior) stepped down from leadership of Investor in 1997. In 2006,
680-599: The collective control of Soviets (councils or committees) by beginning to refer to executive figureheads as "Chairman of the X Committee". Lenin , for example, officially functioned as the head of Soviet Russian government not as prime minister or as president but as "Chairman of the Council of People's Commissars ". At the same time, the head of the state was first called "Chairman of the Central Executive Committee " (until 1938) and then "Chairman of
714-452: The family's investment companies, Investor and Providentia. Investor now became the family's new flagship business, and, under Marcus Wallenberg (juniors) leadership began actively promoting the restructuring of most of the industrial companies under its control, replacing board members and promoting younger CEO and other management. Peter Wallenberg (senior) took over after Marcus Wallenberg (junior's) death in 1982. For many outsiders,
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#1732791762802748-420: The fifth generation took over the Wallenberg sphere. Marcus Wallenberg , son of Marc Wallenberg, Jacob Wallenberg and Peter Wallenberg (junior) both sons of Peter Wallenberg (senior). The Wallenbergs have a very low-key public profile, eschewing conspicuous displays of wealth. The family motto is "Esse, non Videri" ( Latin for "To be rather, than to seem). Wallenbergs business empire is often referred to as
782-410: The following: The Wallenberg Foundations benefit from all dividends earned by Wallenberg Investments AB, of which 80% is then funneled in grants by the foundations and 20% is reinvested via Wallenberg Investments AB. The Wallenbergs, through FAM AB, were major shareholders of Swedish flag carrier SAS since 1946, controlling a stake of 7.5% of the company. Their stake in the company ended as part of
816-419: The group management board in 2006, HSBC's chair essentially held the duties of a chief executive at an equivalent institution, while HSBC's chief executive served as the deputy. After the 2006 reorganization, the management cadre ran the business, while the chair oversaw the controls of the business through compliance and audit and the direction of the business. Non-executive chair is also a separate post from
850-433: The group unless the organization has specifically given the chair such authority). The powers of the chair vary widely across organizations. In some organizations they have the authority to hire staff and make financial decisions. In others they only make recommendations to a board of directors , or may have no executive powers, in which case they are mainly a spokesperson for the organization. The power given depends upon
884-595: The latter's absence, or when a motion involving the chair is being discussed. In the absence of the chair and vice-chair, groups sometimes elect a chair pro tempore to fill the role for a single meeting. In some organizations that have both titles, deputy chair ranks higher than vice-chair, as there are often multiple vice-chairs but only a single deputy chair. This type of deputy chair title on its own usually has only an advisory role and not an operational one (such as Ted Turner at Time Warner). An unrelated definition of vice- and deputy chairs describes an executive who
918-429: The office, who is typically elected or appointed by members of the group or organisation, presides over meetings of the group, and is required to conduct the group's business in an orderly fashion. In some organizations, the chair is also known as president (or other title). In others, where a board appoints a president (or other title), the two terms are used for distinct positions. The term chairman may be used in
952-413: The person presiding is said to be "in the chair" and is also referred to as "the chair". Parliamentary procedure requires that members address the "chair" as "Mr. (or Madam) Chairman (or Chair or Chairperson)" rather than using a name – one of many customs intended to maintain the presiding officer's impartiality and to ensure an objective and impersonal approach. In the British music hall tradition,
986-585: The person who controls the debate; it recommends using Madame Chair or Mr. Chairman to address the chair. The FranklinCovey Style Guide for Business and Technical Communication and the American Psychological Association style guide advocate using chair or chairperson . The Oxford Dictionary of American Usage and Style (2000) suggested that the gender-neutral forms were gaining ground; it advocated chair for both men and women. The Daily Telegraph 's style guide bans
1020-414: The titleholder wields influence over company operations, such as Larry Ellison of Oracle , Douglas Flint of HSBC and Steve Case of AOL Time Warner . In particular, the group chair of HSBC is considered the top position of that institution, outranking the chief executive, and is responsible for leading the board and representing the company in meetings with government figures. Before the creation of
1054-435: The type of organization, its structure, and the rules it has created for itself. If the chair exceeds their authority, engages in misconduct, or fails to perform their duties, they may face disciplinary procedures. Such procedures may include censure , suspension, or removal from office . The rules of the organization would provide details on who can perform these disciplinary procedures. Usually, whoever appointed or elected
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1088-411: The use of chair and chairperson ; the newspaper's position, as of 2018, is that "chairman is correct English". The National Association of Parliamentarians adopted a resolution in 1975 discouraging the use of chairperson and rescinded it in 2017. The word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings,
1122-408: Was appointed Stockholms Enskilda Bank chairman of the board . Jacob Wallenberg, eldest son of Marcus Wallenberg (senior), became the bank's CEO after Joseph Nachmanson died in 1927, joined by younger brother Marcus Wallenberg (junior) as the bank's deputy CEO. In 1938, Knut Agathon Wallenberg died. He had no children. Marcus Wallenberg (senior) was appointed Stockholms Enskilda Bank chairman of
1156-458: Was the great-grandfather of André Oscar Wallenberg who, in 1856, founded Stockholms Enskilda Bank , the predecessor of today's Skandinaviska Enskilda Banken . André Oscar Wallenberg's son Knut Agathon Wallenberg took over as CEO of Stockholms Enskilda Bank in 1886. Like many other Wallenberg relatives, Knut Agathon Wallenberg was also involved in Swedish politics and diplomacy becoming Minister for Foreign Affairs 1914–1917, and member of
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