Our Story
I joined Sonera as the Managing Director of
Sonera Corporation United States (Sonera U.S.). As a condition
of employment I requested and Sonera agreed to provide a
long-term incentive compensation scheme that gave our Sonera
U.S. team a small stake in the fruits of our labors.
Sonera’s representative reported that Sonera’s leadership
promised “from the highest level” that competitive incentive
schemes would be put in place within six months of my employment.
Following a lengthy delay, Sonera
dumped our Sonera U.S. Team into a forward-focused incentive
compensation scheme. This incentive scheme effectively denied us
any opportunity to reap any of the fruits of our labors.
While employed by Sonera U.S., I repeatedly sought to arrange
the promised incentive scheme for our Sonera U.S. Team. Sonera’s
leaders repeatedly assured me that they were working “at the
highest levels” to create several promised incentive schemes. I
relied on those promises as I divested common shares held in a
prior employer and resigned from a directorship to facilitate
transactions that generated great value for Sonera.
Our Sonera U.S. team provided the leadership and personal
contacts that created critical strategic investment
relationships for Sonera in the United States. These
relationships resulted in key investments and $2.0 billion
of financial gains before Sonera approved any new incentive
schemes. Importantly, I surrendered substantial benefits
earned at a prior employer to support and strengthen these
strategic relationships. Sonera ultimately realized
gains of more than $1.8 billion as a direct result of our Sonera
U.S. team’s successful work in the United States.
 The
Government of Finland, Sonera’s majority
controlling shareowner, guided if not dictated Sonera’s
decisions and actions. Sonera and Finland leaders feared a
firestorm of public criticism if they retroactively granted our
Sonera U.S. team the promised stake, the small share, of the
results we produced. So Finland’s leaders made up an excuse to
“throw us under the bus;” and did so. Then Finland’s leaders
approved retroactively priced US-style incentive schemes for
three other internationally focused and money losing business
units. Shortly thereafter, Sonera’s fears were realized when the
State of Finland replaced eight of Sonera’s nine Board members
following a firestorm of criticism of these incentive schemes.
See Sonera
2000-2001 Internet Book for a report on Sonera’s
numerous management and corporate governance challenges.
Later Sweden-controlled Telia merged with Sonera to form to
TeliaSonera. Today Sweden is TeliaSonera’s largest and
controlling shareowner. Today TeliaSonera,
Sweden and Finland all support
the earlier decision to “throw us under the bus.”
In a self-concerned and Nordic-centric way two trusted U.S.
allies expropriated property
conservatively valued at $110 million from US citizens. Two trusted
and valued US trading partners continue to support decisions and
actions that violate international agreements and constitutional
bans on discrimination and expropriation of property. Two
respected Nordic countries support decisions and actions that
violate the moral values and high ethical standards TeliaSonera
trumpets in its
Code of Ethics.
I look forward
to being a part of a fair resolution of this situation that
respects all parties’ interests.
Murray Swanson
Nordic Ethics
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