Today, the Volvo Group is expected to announce that the shareholders will receive four billion kronor in dividends. At the same time, 860 former employees have received their last pay check.
Extensive protests are expected. Representatives from IF Metall will hand out flyers that demands the dividends should be abolished and redundancies withdrawn.
Including the expected four billion kronor for 2009, 35 billion kronor will have been handed out to shareholders in the last three years.
Not only are the unions critical of the high dividends. The Swedish Shareholders Association (Aktiespararna), the insurance company Folksam (who owns many shares in the Volvo Group), and Christer Gardell, who owns large amoutns of sharres in Volvo, are also critical of the decision.
The Shareholders Association wants to know if Volvo expects higher levels of indebtedness and how the company looks at their investment needs. Folksam worries Volvo plans to do a new share issue.
- You can't give dividends and then demand the money back, said Carina Lundberg Markow, from Folksam, to Göteborgs-Posten.
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