Volvo is one of the companies that laid off most during the corona crisis. 20,000 employees are laid off in Sweden. The agreement with the union expires in September. If the layoffs continue to date, it could mean more than a billion in state layoffs, according to SVT's calculations.

Volvo performed well last year, and before the Corona crisis broke out, the company had planned to distribute a total of SEK 27 billion to shareholders this year. But earlier this spring, the board withdrew SEK 16 billion and postponed the general meeting. Whether the Board will retain the proposal to distribute the remaining SEK 11 billion at the AGM on June 18 is still unclear.

Alecta votes no

But Alecta, which is one of the largest owners in Volvo, already says from now on and believes that Volvo should not distribute money to the owners while seeking state aid. Therefore, Alecta intends to vote no if the Board proposes a dividend.

Ramsay Brufer believes that a stalled dividend means that the money is left in the company and can make good use of it, and may also remain for larger dividends next year if the situation is brighter.

- It is not reasonable to submit proposals for dividends. The money is not lost if you stop the dividend. Alecta does not stand and fall in dividends for one year, we are looking at long-term value growth, says Ramsay Brufer.

General support for dividend stops

SVT has been in contact with several other pension companies that are among Volvo's largest owners. None of them want to comment specifically on Volvo's dividend in advance, but the AFA and the Fourth AP Fund express general support for stopped dividends.

- We have a great understanding of boards that are shrinking or completely delisting dividends, says Communications Manager Karoline Hammar of the Fourth AP Fund.

Alecta has previously voted in favor of share dividends in companies that have sought redundancies, such as SKF, but now the question is different.

- When we voted in SKF, the state aid was not clear, had it been today we would have voted no, says Ramsay Brufer.