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Swedish truckmaker, AB Volvo, Wednesday, announced the postponement of its already revised Annual General Meeting, citing the uncertain and accelerating developments in the wake of COVID-19 as the main reason.
According to an official statement, the decision of the Board of Directors of AB Volvo was informed by the fact that in recent days, a number of government authorities around the world have continued to introduce measures that directly impact the Volvo Group’s operations and customers.
“These decisions include closing borders, minimizing freedom of movement for citizens and closing businesses. Most of the Group’s manufacturing plants are currently closed and employees in several countries have been temporarily laid off.
“Recent developments have a direct effect on economies important for the Volvo Group and the assessment is that the prevailing situation will lead to weaker demand for the Group’s products and services. As already indicated, this will have a material negative effect on the Group’s financial development,” the statement said.
Also, Carl-Henric Svanberg, Chairman of the Board of AB Volvo, was quoted as saying: “In light of the above, the Board of Directors of AB Volvo has decided to postpone the Annual General Meeting in order to give the company and the Board a better opportunity to further evaluate the situation.’
He added: “The Board is closely monitoring the development and how this very difficult situation that the world finds itself in will affect the Volvo Group and in particular the demand for its products and services.
“We believe that, in the current situation, it is responsible to postpone the Annual General Meeting, to assess how the situation develops.”
According to AB Volvo, the 2020 Annual General Meeting will now be held on June 30, at the latest, in accordance with applicable legislation even as it stressed that a new notice will be distributed well in advance of the Annual General Meeting.
