Handelsbanken

"The 1970s witnessed the rise of a decentralized governance philosophy influenced by two successful CEOs: Hans Werthén, former CEO and chairman of Electrolux, and Jan Wallander, former CEO of Handelsbanken."

"Wallander introduced an incentive system that was aligned with the shareholders. He called it “The Octagon,” a long-term profit-sharing system that prioritized better profitability and return on capital over the company’s competitors while aligning incentives with sustainable success. This collective incentive system has created numerous millionaires among regular loyal Handelsbanken employees."

"A couple of years earlier, in 2005, Nordic Capital had bought the subcontractor Plastal and begun building it into one of Europe’s largest in its niche, plastic components for the automotive industry. In 2007, Plastal had more than doubled in size through acquisitions, to 6,000 employees, of which 500 in Sweden, sales of 12 billion kronor and operations in about thirty countries. Nordic was looking for a buyer. But it was too late. The financial crisis crushed all such plans, and instead the venture capitalists were forced to put in more money and lay off 400 employees. In March 2009, it was over; bankruptcy was a fact. The bankruptcy administrator tried to sell the company in parts, and that summer the largest creditor, Handelsbanken, took over part of the business. Nordic Capital’s founder Robert Andreen says in the book “Swedish Billionaires” that it would not have helped if the company had zero kronor in loans; it was the market that collapsed. But the more capital a company has in the bank, the greater its chances of survival, of course. Nordic owned two more subcontractors, the roof rack manufacturer Thule and Finnveden-Bulten, and they managed to save those."