Having scaled back its annual general meeting after Sweden's public health agency upgraded the risk of spread of the new coronavirus in the country and banned public gatherings of more than 500 people, heavy truck and construction equipment maker Volvo AB has now decided to postpone the AGM "given the uncertain and accelerating developments in the wake of COVID-19".
"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.
"In light of the above, the [board] has decided to postpone the AGM in order to give the company and the board a better opportunity to further evaluate the situation."
The 2020 AGM will be held by 30 June at the latest in accordance with applicable legislation.