Sandvik (SAND SS) Sweden
Industrials
Following publication of its 2022 annual report, Iron Blue increase their SAND score to 24/60 from 22/60 to reflect higher stripped out one-off costs (restructuring and wind-down of Russian operations) and changed DB pension liabilities assumptions (higher discount rate, lower salary increase expectations vs. peers). Regarding governance, Iron Blue continues to flag that half of the board could be deemed non-independent and non-audit payments made to PwC are above average.
Edition: 168
- 01 September, 2023