and founded a modest mining business, as well as several of Norrland’s first metal
industries. He left two sons, Birger and Gottfried, and they were the ones who laid
the basis for the high-finance Vanger clan.
“Do you know anything about the old inheritance laws?” Vanger had asked. “No.”
“I’m confused about it too. According to family tradition, Birger and Gottfried
fought like cats—they were legendary competitors for power and influence over
the family business. In many respects the power struggle threatened the very
survival of the company. For that reason their father decided—shortly before he
died—to create a system whereby all members of the family would receive a
portion of the inheritance—a share—in the business. It was no doubt well-
intentioned, but it led to a situation in which instead of being able to bring in
skilled people and possible partners from the outside, we had a board of directors
consisting only of family members.”
“And that applies today?”
“Precisely. If a family member wishes to sell his shares, they have to stay within the
family. Today the annual shareholders’ meeting consists of 50 percent family
members. Martin holds more than 10 percent of the shares; I have 5 percent after
selling some of my shares, to Martin among others. My brother Harald owns 7
percent, but most of the people who come to the shareholders’ meeting have only
one or half a percent.”
“It sounds medieval in some ways.”
“It’s ludicrous. It means that today, if Martin wants to implement some policy, he
has to waste time on a lobbying operation to ensure support from at least 20
percent to 25 percent of the shareholders. It’s a patchwork quilt of alliances,
factions, and intrigues.”
Vanger resumed the history:
“Gottfried Vanger died childless in 1901. Or rather, may I be forgiven, he was the
father of four daughters, but in those days women didn’t really count. They owned
shares, but it was the men in the family who constituted the ownership interest. It
wasn’t until women won the right to vote, well into the twentieth century, that
they were even allowed to attend the shareholders’ meetings.”
“Very liberal.”