Rejlers and Multiconsult's nomination committees have jointly presented a board of directors proposal for the combined company, Finansavisen reported.

The procedural filing advances the engineering consultancy combination toward a binding shareholder vote. Rejlers trades on Nasdaq Stockholm; Multiconsult on Oslo Børs. Both firms operate in engineering design, energy consulting, and infrastructure advisory across the Nordic region.

What does the nomination committee proposal do?

A nomination committee in Nordic corporate governance is a shareholder-appointed body that vets and recommends director candidates before an extraordinary general meeting (EGM) — a shareholder vote convened outside the regular annual cycle. Its recommendation typically defines the slate shareholders will consider, with limited alternatives permitted on the ballot.

A joint committee structure signals negotiated alignment between the two firms' largest owners. In a combination framed without a dominant acquirer, the slate often reveals pre-agreed positions on board size, chairmanship, and national representation.

What is missing from public disclosure?

The Finansavisen headline did not list the proposed directors. No quotation from either committee chair or company executive appeared in the available text. Neither committee has issued a standalone press release captured in public channels.

That omission matters. Investors evaluating board independence, sector expertise, and leadership continuity cannot form a view until the director list, committee assignments, and institutional shareholder representation become public.

What does this change for shareholders?

Practically, shareholders now have a defined decision point ahead. Both Rejlers and Multiconsult require separate EGM approvals for the combination, each typically needing a two-thirds majority under Nordic merger statutes. Until those votes, the two stocks continue trading independently on their home exchanges.

A caveat follows the procedural progress: nomination committee proposals in Nordic combinations rarely fail at EGMs, yet they can expose fault lines when minority shareholders field alternative candidates. No activist challenge has surfaced in the available reporting.

The skeptical read

This is governance plumbing, not a strategic decision. The strategic call sat with both boards when they signed off on the combination framework. Committee work now addresses architecture: how many seats, which nationality holds the chair, and where committee leadership lands.

Watchers will parse the proposal for chairmanship signals. A Norwegian chair typically signals Multiconsult's cultural dominance; a Swedish chair would indicate Rejlers' governance DNA prevails. The proposal structure, once fully disclosed, will answer that question.

For the Nordic engineering sector, the combination would consolidate capacity in energy transition advisory and infrastructure projects. Scale logic exists; integration costs typically consume a meaningful share of combined revenue in the first 18 months, a consulting M&A rule of thumb that the combined entity's eventual guidance will either confirm or revise.

The bottom line

Rejlers and Multiconsult have cleared a procedural checkpoint. The decisive shareholder vote remains ahead. Until director names, chairmanship, and full merger terms reach the public record, investors should treat the committee proposal as governance plumbing rather than strategic inflection.