Ericsson CEO Carl-Henric Svanberg

Americans Block Ericsson Bonuses

American shareholders in Swedish telecommunications giant Ericsson have blocked a proposed bonus programme for the company’s workers.

The group, which owns 11 per cent of shares, opposed the plan to give shares to more than 6000 employees, without the rewards being performance-related.

Swedish Radio News reports that the Swedish Justice Ministry is now considering whether the law which allowed the shareholders to vote down the plan needs to be changed.

There’s a strong protest movement in the United States against high company bonuses but analysts says Ericsson’s management wasn’t prepared for such dramatic consequences in Sweden.

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