One of Europe’s leading industrialists has lambasted proxy adviser Institutional Shareholder Services for attacking a central plank of Swedish capitalism, accusing it of misusing a law to take aim at unequal voting rights.

Jacob Wallenberg, whose family investment vehicle owns large stakes in companies such as Ericsson, Nasdaq, Electrolux and Saab, told the Financial Times he was troubled by a proposal from ISS that from next year it would recommend voting against directors at businesses that have different classes of shares with unequal voting rights.

“If they’re successful, it would mean a significant change to the Swedish stock market,” he said. “There is a reason why all shareholders have agreed to this set-up. I don’t see why a third party should force through a change because they have a different view.”

Sweden’s Jacob Wallenberg hits out at ISS over dual-class share attack | Financial Times