The Wallenberg sphere
(First of three parts) Marcus Wallenberg, the chairman of Swedish bank Skandinaviska Enskilda Banken (SEB), Saab AB, Wallenberg Investments AB, FAM AB, Patricia Industries and The Royal Swedish Academy of Engineering Sciences (IVA), quietly flew to Manila last week for a quick three-day visit to renew ties with Philippine government officials and meet with members of top conglomerates the Ayala Group, the Aboitiz, the Gokongweis, the Sys and the Lopezes.
He was likewise scheduled to meet MPIC chairman Manny Pangilinan but was not able to do so. Similarly, Mr. Wallenberg was also not able to meet with San Miguel Corp.’s Ramon S. Ang who was out of the country.
It was, thus, an honor to be invited to exclusively interview Mr. Wallenberg on the first part of his two- nation visit to Southeast Asia, with his first stop being in the Philippines before proceeding to Vietnam.
Marcus Wallenberg is not a familiar face to most Filipinos, but the companies owned by the Wallenberg family are very well-known to the Philippine government and the business community.
In the Philippines, the Wallenberg sphere’s business investments are in 11 sectors.
• ABB which involves the electrification, motion, process automation, and the robotics and discrete automation business.
• AstraZeneca which is a biopharmaceutical company, and which developed and provided the Philippines with 14.6 million doses for the COVID-19 vaccine during the pandemic.
• Atlas Copco which is a leading provider of innovative compressed air and vacuum solutions, energy solutions, pumps, power tools and assembly solutions. • Electrolux which is a leading global appliance company. • Epiroc which provides mining and construction equipment.
• Ericsson which is in the digital and telecommunications business.
• Husqvarna which provides professional forest, park and garden products.
• Nasdaq which is a leading technology provider to the global financial system.
• Saab AB which is involved in defense and security needs such as command-and-control systems and is vying for a defense and security contract with the Philippine government for the Gripen fighter jets. The company also offers air traffic management solutions, naval and surface radars and Signals Intelligence as part of active and passive electronic warfare systems.
• SKF which manufactures a diverse range of bearings and related products used in numerous machineries and also now offers reliability systems.
• And lastly, Wärtsiläwhich is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets.
Marcus also serves on the boards of Investor AB, AstraZeneca Plc, EQT AB and the Knut and Alice Wallenberg Foundation. He is also the former chair of LKAB and Electrolux AB, and held the position as chairman and honorary chairman of the International Chamber of Commerce from 2006 to July 2010. He likewise serves on several international advisory boards, including those of Singapore’s Temasek International Panel and the Climate Leadership Coalition (CLC).
Furthermore, Marcus is also a member of the Asia Business Council and co-chair of the Saudi-Sweden Joint Business Council and India-Sweden Joint Business Round Table.
The Wallenberg family has actively worked on a longterm basis to support enterprise and research in Sweden, and internationally, ever since André Oscar Wallenberg founded SEB over 160 years ago.
What is commonly referred to as the Wallenberg sphere includes 16 non-profit foundations, the public investment company Investor AB and the private holding companies Wallenberg Investments AB and FAM AB, including Navigare Ventures AB and their respective holdings.
Today, members of the fifth generation – Jacob, Marcus and Peter Jr. are leading the family’s activities.
The Wallenberg Foundations is the collective name for the public and private foundations formed by the Wallenberg family or established in memory of family members.
The largest Wallenberg Foundations are the Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation and the Marcus and Amalia Wallenberg Foundation. The foundations focus mainly on funding research in the fields of medicine, technology and the natural sciences, although donations are also made to support research in the social sciences and the humanities.
The foundations grant funding to excellent researchers, research projects and education beneficial to Sweden, and have since 1917 granted almost 42 billion SEK, of which 11.4 billion was granted in the past five years. In 2022, the Wallenberg Foundations granted a total of 2.6 billion SEK.
The assets of the Wallenberg Foundations are managed through engaged ownership, a tradition that has existed with the Wallenberg family since 1856. The assets of the foundations are primarily managed on a long-term basis through direct or indirect holdings in companies with worldleading market positions.
The largest assets of the Wallenberg Foundations are the partly owned investment company Investor AB, and the wholly owned holding company FAM.
Wallenberg Investments AB is responsible for managing the capital of these holdings and their corporate governance on both a short-term and long-term basis as well as the administration and finances of the foundations.