Little time? End of the text there’s a summary.
It should be a strong start, but the view is difficult to face forward. For the first time Hans Dieter Pötsch presented this Wednesday as chairman of the board of the carmaker Volkswagen shareholders. For a fresh start but embodies Pötsch, once CFO of the Group, to very old times. “No one here has been able to imagine that our company could get into a situation, we are witnessing at the moment,” says the chief overseer. It sounds helpless. For the disappointed trust to Pötsch apologizes
Trust -. It is the word that the Supervisory Board and Management wish to give to the crisis on the Group angry investors that day. Exactly it but it falls short in Pötsch itself. The supervisory board is pilloried. For his critical from the perspective of good corporate governance step directly from the seat of CFO on the chief overseer Pötsch is attacked by investors sharply. Ask suspiciously: How much has Pötsch known about the manipulation of diesel models, which have frequently fallen so deeply in the crisis? Pötschs role was “highly questionable” criticizes Hans-Christoph Hirt from influential shareholder adviser Hermes, the Board as Supervisory Board are not ratified.
The damage to VW through the exhaust Scandal gnaws at the nerve of shareholders. “We are facing a heap of ruins,” says Ulrich Hocker, head of the German protection combination for security possession. Stool like Hermes request a special audit by VW. Particular skepticism stoking the news that the Financial Supervisory Authority has displayed the entire operating under the former CEO Martin Winterkorn Managing Board at the public prosecutor.
“Personalised conflict of interest”
The mood at the Shareholders’ irritated accordingly. Several shareholders demand the deselection Pötschs as chairman. The longstanding shareholder Manfred Klein, who represents infidelity in the room and criticizes the high bonuses in the group, asks Pötsch: “What do you dare to?” He demanded: “Stop it.” Markus Dufner from Association of Critical Shareholders throws Pötsch before: He was the “personalized conflict of interest”.
Nevertheless Pötsch leader of the meeting. Either way, he would have the Porsche and Piëch families, which hold more than half of the voting, behind.
The crash of Europe’s largest carmaker is devastating and can look to the future hardly before the exhaust scandal is not worked. The manipulation of more than eleven million diesel models to reduce emission levels has, as much as ever crash the Wolfsburg company and pushed the share price in the depth. Last year, VW drove due to high provisions a record loss of 1.6 billion euros. Since then, the group is struggling to work up the scandal. But the crisis has washed up far more deficiencies: a lack of efficiency, to innovation and cooperation within the group
DPA
Demonstrators in front of the VW-HV in Hanover
Board remuneration to the test
Pötsch captures one of the hot topics of the day itself on the content of the VW board members. The Supervisory Board working with the board to the changes within the organization. “This also means that we provide the remuneration of the Executive Board to the test.” For 2015 VW had, reduced the special allowance of the top management, which arises on the basis of operating profit to zero. The Supervisory Board has to back off. In 2015, the committee members
The new CEO Matthias Müller received 700,000 euros, the year before there were loud Pötsch still EUR 12 million – also in his first appearance before the investors – jumps his superintendent at: “Our main currency is credibility and trust,” he says. This confidence recover, so it go. “Everything else is secondary for the time being.” Higher yield and efficiency promises Müller. But his new strategy in 2025, with the CEO wants to correct the consolidated course to new technologies such as electric cars, mobility services and self-navigating vehicles goes into heated debates about the responsibility within the Group for the scandal under.
In video: VW CEO apologizes Müller
Here Müller breaks at the rate of his predecessor Winterkorn, the centralized hunt group from Wolfsburg. “To believe that one can draw a global player in all its ramifications from the Lower Saxony Plain, is an illusion,” says Müller. The brands should be able to become more independent, details are future their cause, rather than of the Board’s work.
DPA
Qatari new representative Hessa Al Jaber
Help in these turbulent times, the group obtained by employees and its major shareholder Qatar. Supervisory Board Vice and IG Metall leader Joerg Hofmann says Pötsch was qualified without a doubt for the post and enjoy the confidence of major shareholders. Qatar’s new Representative Hessa Al Jaber stands behind the entire board. “Volkswagen has in my view, the right management on board”, the newly proposed for election to the Supervisory Board established representative of the major shareholder told SPIEGEL ONLINE on the edge of the shareholder meeting. The strategy going into the one hundred percent right direction. Speaking to shareholders emphasized Al Jaber: “We should not doubt the ability to change.”
In summary: at the General Meeting of Volkswagen Supervisory and Management Boards have difficulties of Europe’s largest car company with a fresh start. The shareholders are frustrated by the deep crisis into which the once successful company has slipped to the exhaust affair – and at the same time revealed the glaring weaknesses of the company. Looking for the culprit
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