The uprising of small shareholders against the VW-tip in the exhaust scandal fizzled out. At its annual general meeting the shareholders Executive and Supervisory Boards issued on Wednesday evening, partly turbulent discussions with a large majority, the discharge. Both incumbent supervisory board chairman Hans Dieter Pötsch and the resigned in the wake of the scandal exhaust CEO Martin Winterkorn were ratified by more than 97 percent each of the voting rights for the past year scandal. Even Volkswagen boss Herbert Diess said shareholders of the trust. Against him and Winterkorn identified the Braunschweig public prosecutor on suspicion of market manipulation in the course of the diesel scandal.
Pötsch was CFO, as the Group in September admitted manipulating emission levels. In October he was appointed at the head of the supervisory board. Against him, the investigation by the prosecutor Brunswick judge not. Winterkorn had resigned in the wake of the scandal.
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During the more than 13-hour shareholder meeting small shareholders had rehearsed the uprising. With no prospect of success several shareholders requested the deselection of Supervisory Board Chairman Hans Dieter Pötsch as chairman, but failed even in this formality in the majority of major shareholders. The powerless small shareholders still made a criticism of the “system Volkswagen” the main theme of the shareholder meeting. Volkswagen was based on a “Filzokratie” in which the state of Lower Saxony, the VW works council, the management and major shareholder families Porsche and Piëch mutually zuschöben advantages made Markus Dufner by the Federation of Critical Shareholders his anger.
“We are facing a pile of rubble”
the apology from CEO Matthias Müller for millions of exhaust manipulation went under in the heated atmosphere. “This misconduct contradicts everything what Volkswagen stands. It has damaged our greatest asset: the trust of the people in our company and our products, “says Müller was remorseful. The Group now describing his efforts to regain the lost confidence.
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But Ulrich Hocker of the German protection combination for security possession threw the VW leadership collective failure to face: “We are facing a pile of rubble.” the shareholders have lost a lot of money in the course of the exhaust scandal by the price decline of the VW shares. The future earnings growth stands in the stars. The bonus payments to the board were criticized. This is a not unjustifiable reward for failure, said Hans-Christoph Hirt from pension fund Hermes.
feelThe anger of investors got Volkswagen before the AGM. At the exhibition center, two dozen protesters gathered. On a banner read: “No relief for environmental criminals! Those responsible and profiteers to pay “
Pötsch. Volkswagen expects cooperation of the authorities
In the hall limited supervisory board Pötsch because of the large number of more than 60 word messages speaking time, but as soon as a speaker stuck to the default. Therefore, the meeting dragged on. Investors and small shareholders accused the Wolfsburg-based group transparency in the investigation of diesel scandal before. Applications for a special, however, were rejected by more than 97 percent of the vote. The protection combination for security possession and the shareholder adviser Deminor had wanted to appoint external experts to bring light into the exhaust scandal. They failed because the major shareholders, the holding company of the Porsche and Piech families, the State of Lower Saxony and the Emirate of Qatar, which hold almost 90 percent of the vote rights, the series kept closed.
Numerous damages actions are pending in Europe and the US, because the VW management, management’s view. the applicant has informed too late about the discovered manipulation of emissions .. VW general counsel Christine Hohmann-Dennhardt reiterated: “. Volkswagen remains the conviction of having fulfilled its capital market law obligations” the Braunschweiger investigators to allegations that Volkswagen may deliberately belatedly informed on the financial consequences of millions of exhaust manipulation.
Volkswagen, the American law firm Jones Day tasked with the investigation, a final report is to be presented towards the end of the year. New findings did not exist at the AGM therefore. Supervisory board chairman Pötsch justified this with the ongoing negotiations with the US authorities about the processing of “Diesel Gate”. District Judge Charles Breyer has missed all parties to the settlement negotiations muzzled. It would be connected for VW with high financial risks, to inform the public now about the progress of the investigation, emphasized Pötsch. In adherence to the rules Volkswagen expecting a courtesy of the American authorities in penalties.
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