When Lena Almefelt sums up her 30 years in the business world, one of the most central problems lands on an unexpected word: mini-me’s. She is referring to the homogenized recruitment practices in Swedish company boards – a phenomenon she believes is holding back growth. We met with her to talk about the path to board positions, future demands on corporate governance – and not least why she believes Interim Management can be a powerful tool for growth and change.
Creating your own path to the boardroom requires courage, competence, and a clear idea of what you want to achieve. Lena is today a sought-after board member of several companies – both listed and unlisted – where her experience in business and law combines with a strategic ability to look beyond the legal paragraphs.
From law firm Vinge to top boards
“I’ve always been results-driven and fearless. My journey began with law studies and a traditional trajectory through district court, followed by a career at the law firm Vinge – first in Gothenburg, then in Stockholm. Initially, I worked a lot with insolvency, which suited me well – complex, but structured. When I came to Stockholm, I specialized in M&A and capital markets issues.”
It was through a smaller company – Pantbanken – that Lena received her first board assignment. It was a fairly small role at first, but the assignment grew, and so did the company. Ten years later, the business was international – and Lena was the board chair. “I’ve always been interested in corporate governance. When I later moved on to become General Counsel at EQT, the next major piece of the puzzle fell into place. It was an incredibly educational period – a journey from partnership to a listed global multi-strategy firm. After more than ten years, I felt I no longer wanted to be operational, but instead wanted to control my own time and, above all, work dedicatedly on company development through board work.”
Diversity – More Than Just Gender
Lena has always been selective with her board assignments. She prioritizes companies in development and growth phases, where she can contribute and make an impact. She explains, “For me, it’s crucial that I can add value. I join environments where there is a will to change or develop – and there must be people in the room with drive and intellectual spark.”
When it comes to the composition of Swedish boards, she is clear: diversity isn’t optional – it’s a necessity. “Gender balance is important, yes. But it’s about more than that. Different perspectives create better decisions. There’s too much of the ‘mini-me’ phenomenon in some boards, where people tend to recruit those, they recognize and understand. The quota debate has had a positive effect by forcing companies to think more broadly.”
The regulatory burden threatens Innovation
“More and more of the board’s time is now consumed by an expanding regulatory framework, not least driven by EU directives. There’s a risk of becoming a ‘gatekeeper’ instead of a strategic advisor. The regulatory framework needs to be handled smarter so that it doesn’t restrain innovative thinking. It’s about finding the right balance. To be an effective part of a board requires integrity and courage. You must dare to question, dare to coach, and understand financials. It’s not about knowing everything yourself – but about knowing what you don’t know, and making sure the right competencies are at the table. And above all: be curious and attentive. That’s how you can make a difference,” says Lena.
Interim Management – a flexible path to competence
Lena has experience in leveraging interim solutions. “In companies where I’ve been active, we’ve engaged various interim roles with very good results. I think it’s an excellent tool when going through change or when competence needs to be brought in quickly – without committing long-term.”