The Chef British TCI Fund, Chris Hohn, rises in a letter to management and Supervisory Board of VW serious accusations against the leadership of the Wolfsburg Group. He calls for reforms, as the shareholders “not remain eternally patient”.
The hedge fund TCI has in recent weeks Volkswagen shares worth bought 1.2 billion euros and thus securing a share of two percent of the carmaker.
It would involve the sharpest attack an activist investor on a large continental European Group since the financial crisis in 2008. the head of the hedge -Fonds, Chris Hohn, strongly criticizes the group and apparently seeks far-reaching changes. Therefore, he made his anger in a letter to the management and supervisory boards of VW air.
There must be some change
The group management of VW is said to have pocketed 400 million euros over six years. “These are corporate excesses of epic proportions,” writes TCI boss Chris Hohn in his letter, which is available to the News Agency “Reuters”.
“The management has been rewarded for his failure”, it says further. And it would have to change something urgently. On a management presentation in the UK “the hostility of large institutional investors have been noticeably” was already.
is conditioned by the fact that the shareholders have suffered heavy losses. “You will not remain eternally patient,” said Hohn. His conclusion: “The company has clearly a problem with the leadership.”
“It is no longer acceptable for the minority shareholders’
TCI makes the high executive pay also for the diesel scandal responsible. Hohn denounces also that Volkswagen salaries for the managers and the wages of the employees always are above the interests of shareholders. And it was told not to fashion, one of the largest companies in the world. “It is no longer acceptable for the minority shareholders.”
Hohn is one of the most influential European shareholder activists, reported the “Manager Magazin”. With an attack on the German stock exchange he had in 2005 provided for the resignation of the then CEOs and conversions within the organization
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