Nasdaq Stockholm’s disciplinary committee has today decided to impose a fine of 1.96 million Swedish crowns (approximately 180,000 euros) on SAS as a result of the company’s information handling in connection with the outbreak of SAS’ pilot strike on July 4, 2022.
The interest in the mediation between SAS and SAS Scandinavia’s pilots’ unions was very high from both domestic and international media. In connection with the mediation ending and the start of the strike on July 4, it was important to inform about the strike as quickly as possible in order to minimise the consequences of the strike for SAS customers.
SAS published a regulatory press release regarding the strike as soon as it was possible but due to technical reasons, the press release was published a few minutes after the news reached the reporters outside the premises where the mediation took place.
That the news reached the media a few minutes before the regulatory press release was published is of course very unfortunate, and Nasdaq Stockholm’s disciplinary committee has consequently decided to impose a fine on SAS corresponding to 3 times SAS’s annual fee to the stock exchange.
SAS has taken measures to strengthen the procedures aimed at ensuring that insider information does not reach the media before the company has completed the distribution of a regulatory press release.