‘It would be cowardly to resign’: union chief

The head of Sweden's Trade Union Confederation (LO), Wanja Lunby-Wedin, has said she has no intention of resigning in the wake of the AMF Pension bonus scandal.

“To do so would be cowardly,” she told union newspaper LO-Tidningen.

“I have the members’ trust. I can’t betray that trust,” Lundby-Wedin added.

Despite revelations that she approved a lavish pension package for former AMF Pension CEO Christer Elmehagen, Lundby-Wedin says that she remains credible in her criticism of high salaries and bonus programmes for company chiefs.

“We have never, ever pressed for higher wages. We have offered resistance. But there’s always the argument that we could have offered sterner resistance,” she said.

Lundby-Wedin said she regretted not making more of a fuss when the AMF board was dealing with the issue of Christer Elmehagen’s 60 million kronor ($7.4 million) pension package.

“I asked how there could be so much money involved and received the explanation that it was based on old agreements. I accepted the explanation I received and nobody else on the board asked any questions,” she said.