A History of Transfers of Ownership Näringslivets Hus, March 26, 2010 Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Passionate Publishers through 7 Generations Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Founder, 1804 Gutkind Hirschel became Gerhard Bonnier Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Bonnier Group 2009: Bonnier Broadcasting & Books Business Press Digital Entertainment Magazines Morning Paper Evening Paper Bonnier Business Bonnier Bold Printing Bonnierförlagen Expressen Bink Homeenter Press International Corporation Group Bonnier Media Bonnier MTV Media Dagbladet Börsen SF Bio Dagens Nyheter Deutschland Publications Svensk Bonnier Publishing TV4 Dagens Industri Bonnier Tidskrifter SDS Group Filmindustri Cappelen Damm Sales: € 3.2 bn, 49% international Tammi Employees: About 11,000 Operations: 175 companies in 16 countries Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Core Values Passion for Publishing Commitment of a Family Power of the Individual Company Freedom of Speech Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Heirloom Symbolic capital Social capital Cultural capital Balance sheet Financial capital Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Bonnier Group History: 1804–2010 From entrepreneur to family office Generation Leader Ownership Business Strategy Gerhard 100% Book retailing Monoline 1 1778–1862 Albert 100% Book publishing Backward 2 1820–1900 integration Karl Otto 100% Book + newspaper Related 3 1856–1941 publishing diversification Tor 57% / 3 Book + newspaper + magazine Related 4 1883–1976 publishing diversification Albert 21% / 7 Book + newspaper + magazine Unrelated 5 1907–1989 publishing + filmproduction + diversification Lukas furniture, packaging, ferry, 1922–2004 engineering, etc. Carl-Johan Fragmented / Media Related 6–7 1951– 73 heads concentration Jonas Fragmented / Media Related 1963– 76 heads diversification Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 9 Generations – 76 Owners 11 working in different positions within the company 1 Gerhard (1778–1862) 2 Albert (1820–1900) 3 Karl Otto (1856–1941) 4 Tor Åke Kaj Generations 5 Albert Jr Johan Lukas Simon Karl Adam Michael Gerard Tomas 6 Charlotte Dan Jaquline Sam Mattias Giacomo Karl Otto Kaj Jeanette Hans-Jacob Daniel Betty Lisen Filippe Eva Marie Carl-Johan Jan Felix Tor Pontus Albert Peder Johan Åke Margaretha Jonas Adam Malena Louis 7/9 12 17 20 7 5 13 2 Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G3 to G4 Karl Otto (1856–1941) Tor Elin Åke Greta Gert Kaj • Primo genitor • Working in company Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G4 to G5 • Primo genitor and sharing • 1952 Kaj sold out Tor Åke Kaj Albert Jr Johan Lukas Simon Karl Adam Michael Gerard Tomas Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G5 to G6, 1989 – 1998 • Equal sharing between siblings • Buy back • From entrepreneur to clan • From ownership and learning the trade to ownership and professional competence Albert Jr Johan Lukas Simon Karl Adam Michael Gerard Tomas Charlotte Dan Jaquline Sam Mattias Giacomo Karl Otto Kaj Jeanette Hans-Jacob Daniel Betty Lisen Filippe Eva Marie Carl-Johan Jan Felix Tor Pontus Albert Peder Johan Åke Margaretha Jonas Adam Malena Louis Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G6 to G7 • Shareholders agreement 1952 – 50 y’s, 1998 – 30 y’s • Gutkind & Co, 1997 Charlotte Dan Jaquline Sam Mattias Giacomo Karl Otto Kaj Jeanette Hans-Jacob Daniel Betty Lisen Filippe Eva Marie Carl-Johan Jan Felix Tor Pontus Albert Peder Johan Åke Margaretha Jonas Adam Malena Louis 12 17 20 7 5 13 2 Marcus Martina David Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 “It is a company’s core challenge to discover, attract and retain new talents […] and give them the best possible opportunities as individuals.” Karl Otto Bonnier (G3) 1937 Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Governance Structure General Assembly 76 owners 1 meeting/year +2 shareholder info meetings Votes/share Votes/head Nomination Committee Albert Bonnier AB Bonnier Family Foundation ”Holding Company” ”Family related issues” Board: 12 family members (5+7) Board: 8 family members Chairman: Carl-Johan Bonnier Chairman: Hans-Jacob Bonnier Bonnier AB Operating Company Broad- casting & Business Entertain- Morning Books Digital Magazines Evening Press ment Paper Paper Board: 4 f.m. 5 non f.m. dir. 3 emp. Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Bonnier Family Foundation and its committees 24 family members take active part 10 family members compose the board (election 2nd year) 5 meetings per year Family Mansion Committee Education Committee Portrait Gallery Owner philosophy Rules & regulations Scholarships Financial Committee Family office Investment strategies Individual financial advice Family Archives Next Generation Photos, diaries, letters, films Gutkind & Co. / Board practice Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010.