Volvo Chair Defends Laxer Bonus Rules After Covid Package: DI

Volvo Group chairman Carl-Henric Svanberg defended a decision to make it easier for executives to get bonuses after the company received taxpayer-funded pandemic support.

“We made the changes to save the company, Svanberg said in an interview with Swedish business daily Dagens Industri. “We didn’t reflect about government support at that time.”

Volvo has faced a growing public backlash over its decision to pay out 117.6 million kronor ($13.7 million) in bonuses to the truck maker’s executive board members. Meanwhile, Volvo has received more than a billion kronor in government support to help keep workers on its payrolls.

Investors, including ...