Latour

"When my empire-building later started, the relationship came to include board assignments for both, with Fredrik becoming chairman of our industrial holding company Latour, among others"

"From the financial trial by fire and the personal witch hunt during the mid-1980s, I gained important experiences that became fundamental for our investment company Latour, the name our investment operations finally received in 1987. When we reached safe ground in the fall of 1986, I finally had time to focus on long-term work and begin shaping our ownership philosophy, business idea, strategies, and culture. Fundamental was a long-term perspective that would foster loyalty among the management teams, employees, and shareholders in Latour and its portfolio companies. The long-term approach gains credibility from active ownership, where my family and I are firmly committed through our significant ownership and the entire family's participation in corporate governance, along with a strong belief that "our" CEOs, in turn, should be committed through substantial personal shareholdings in their companies."

"Latour's business idea is, in short, to invest in sound companies with their own products, strong development potential, and good future prospects. We decided to operate the business in two branches, one with wholly-owned companies primarily in industry, but also service companies if they have exceptional opportunities for profitable growth. In this part, we also have room for partially owned unlisted companies with good future prospects. The second branch is our listed portfolio, which might sound detached, but entails just as much responsibility through active board work where we, as the main or major owners, are involved in crucial decisions."

"Latour – an ownership built on people and principles"

"Napoleon had the requirement to appoint generals himself—to say nothing of marshals—and used to ask the question: "A-t-il de la chance?"—Is he lucky? I am well aware that I am not entirely deserving of everything I own, and it can probably be said that in business, luck is often close to 50 percent of success. The imbalance between what was given to me and what was made available to me makes me inclined to gather wisdom along the way and in my professional practice seek out people with whom I can create value together, preferably those with that little extra Napoleon wanted to see in his leaders. For human creativity is the most important resource in our world. With that knowledge, Latour has evolved."

"The family has its main ownership in Latour via two privately owned companies, Förvaltnings AB Wasatornet and Wasatornet Holding AB. These companies, in turn, own shares in some companies but do not engage in competitive business with any of the listed companies. My family and I own seventy-seven percent of the share capital and control eighty percent of the votes in Latour."

"What distinguishes these leaders, among other things, is an almost supernatural ability to understand and develop the culture that exists in a company. They listen to it and become catalysts. As owners, it is important to capture those who have this catalytic ability. They are unique in being able to unleash the creative in the company and create confidence. It is difficult to move forward if many employees worry about not being on board. These leaders know that self-esteem, being seen, and feeling needed are powerful human drives and cornerstones in the culture that require respect and understanding from everyone all the way up to the owners. I always see strong culture in companies that are doing well. In Securitas, it existed even before the successes came, but it was somewhat sidelined in the security guards. Melker Schörling's crucial contribution was that as CEO he unleashed this culture, aligned the organization with the culture, and made people grow. It became a company where people talked about values and principles. When the company's management fixed and highlighted them, conditions for rapid growth were created. In this belief in people, Latour's employees grow, and so do I."

"That employees should be compensated according to their importance is an opinion I have long had to fight for. Especially one shareholder was quite upset over what they considered a terrible deal when Melker Schörling negotiated the right to buy 9.9 percent of Securitas with the option for more when I appointed him as CEO of the group. I have found it very difficult, as the main owner, to be moved by this concern for my own best interest that the shareholders showed me then. Instead, I have rejoiced over one of the best decisions I have made in my life. As the main owner, I have always advocated for significant shareholding for the CEOs of the companies and have facilitated such risk-taking on commercial terms. Then it is a given that Latour conforms to the norms applied by Swedish listed companies, including through the Swedish Corporate Governance Code, regarding the processes for compensation."

"It constantly surprises me to what extent many companies waste energy on things that are vaguely connected to the company's core business. Behaviors are allowed to grow and become approaches, hierarchies, working methods, mindsets, and finally a culture that has a far too loose connection to the company's purpose, the production of benefits for buyers that ensures long-term survival. At Latour, we systematically strive with mostly gentle guidance to steer our companies towards effective organizations that lead to focus and frugality with scarce resources."

"In recent years, I have had a feeling that Sweden has entered a more entrepreneurial phase, not least thanks to the development of digital technology, and it pleases me greatly. Many of our digital entrepreneurs are celebrated as business heroes in the media, and it's important for young people to have role models that compete with idols in sports and entertainment. Sweden's digital successes are encouraging, but they require a lot of risky capital, and that's not Latour's street. However, we are part of driving the demand and use of what is vital to increase productivity and renew our companies' products and services."

"The years have taught me what constitutes a good board and good board work. With few exceptions, a principal owner should be the chairman in the companies he or she owns. It is, so to speak, the physical and mental manifestation of the ultimate responsibility - "the buck stops here," as the Americans say. It is also the expression of an active and lively interest in how the company is managed. Leading board work with competent members encourages one to strive to be really proficient in all relevant issues and to be able to match more specialized members. In the case of many owned companies, one must rely on non-owner chairmen, who can advantageously be sought within one's own sphere, trusting that they are familiar with the ownership philosophy and have the time and benefit of such a demanding assignment. At Latour, it is natural that our CEO Jan Svensson is the chairman in most of our wholly-owned companies."