SCA has said an independent audit investigating claims its staff were involved in extravagant corporate perks found its representatives “acted in compliance with Swedish law and company policies”.
The company had been in the spotlight during 2014-15 over media allegations about its senior executives use of business aviation and hunting for hospitality purposes.
SCA said it appointed two independent audits: accounting firm PwC and Forsberg, authorised public accountant, Deloitte, and Johan Munck, former Justice of the Supreme Court.
In a statement SCA said: “The investigators have determined that the company and its representatives have acted in compliance with Swedish law and the company’s policies.
“The company’s auditors have also submitted an unmodified auditor’s report for 2014.
“Furthermore, the investigators concluded that there are no grounds for SCA to make financial claims against individuals and that the board of directors and the former president should be discharged from liability.”
It added that PwC’s investigation focused on the use of business aviation, while the second audit also included aspects as the hunts arranged for business hospitality purposes.
The statement said the investigations criticised SCA’s invoicing procedures and the high cost of business aviation, which was due to a number of reasons.
“The investigations’ findings that confirmed that all of the journeys taken by the former president and chief executive in the business aircraft were designated as business trips, that the journeys taken by the chairman of the board and the other board members complied with the company’s policy for business aviation and that all issues investigated were determined to be in compliance with Swedish law.”
In December 2014, SCA revised its policy on the use of business aviation, entailing that the family of employees and other external individuals are not permitted to travel on the business aircraft and that it may not be used in conjunction with business hospitality.
In February, it was announced that Jan Johansson was to step down as president and chief executive.
The company had been in the spotlight over media allegations that include extravagant corporate perks including the use of private jets.
At the time the on-going audits were understood to have cost the jobs of three of its senior executives.
SCA reported record profits in January 2015, with the group delivering its highest pre-tax profit ever, up 17% to SEK 10,888m year on year. Net sales rose 12% to SEK 104,054m.
