Corporate Governance
Millicom International Cellular S.A. (“Millicom” or the “Company”) is a Luxembourg public limited liability company (société anonyme) governed by the Luxembourg Law of August 10, 1915 on Commercial Companies (as amended), incorporated on June 16, 1992, and registered with the Luxembourg Trade and Companies’ Register (Registre du Commerce et des Sociétés de Luxembourg) under number B 40 630.
Millicom’s shares are listed on Nasdaq Stockholm, in the form of Swedish Depository Receipts and on the Nasdaq Stock Market in the U.S., where Millicom is registered as a foreign private issuer since January 9, 2019.
Millicom’s Corporate Governance Framework is primarily based on the following legislation, principles and regulations:
| Publication | Authority | Philosophy |
| Swedish Code of Corporate Governance | Guiding Principles | Comply or Explain |
| Luxembourg Law | Legislation | Comply |
| EU Directives and Regulations | Legislation | Comply |
| Nasdaq Stockholm Issuer Rule Book | Regulation | Comply |
| Nasdaq Stock Market Rules | Regulation | Comply |
| U.S. Securities Laws | Regulation | Comply |
| Good Stock Market Practice | Guiding Principles | Corporate Citizenship |
Articles of Association
The Articles of Association of Millicom (the “Articles”)are prepared and maintained on the basis of the Luxembourg law of August 10, 1915 on Commercial Companies (as amended). The last update to the Articles was made at the extra ordinary meeting of the shareholders of Millicom on 7 January 2019.
Capital Increase (2011)
The most recent change in capital of Millicom occurred on 11 May 2011, whereby the authorised capital of the Company was set at 1333,333,200 shares with par value of $1.50 each.
Differences in Corporate Law
The main differences between Luxembourg and Swedish corporate law are summarized in the document below.
Summary of key differences between Luxembourg and Swedish Corporate Law
