The Annual General Meeting VW runs turbulent. Instead coincide shareholders on the car business of the future, the Board has to go through heated debates about the working of diesel affair on Wednesday. ABC Online reported in news ticker.
Management and Supervisory Board of Volkswagen have to listen to at the meeting in Hannover expected strong criticism of many shareholders. In particular, the incumbent chairman of the board and former VW CFO Hans Dieter Pötsch hit from the start hard headwind contrary. Even before the debate shareholder demands were to escape loud Pötsch both the management of the Assembly as well as its place in the top control panel.
Ulrich Hocker of the German protection combination for security possession threw the VW tour before collective failure “We are facing a pile of rubble.”
VW will have met all the capital market law obligations
17:17: The general counsel of Volkswagen, Christine Hohmann-Dennhardt, defended the group against the ongoing criminal investigation on suspicion of market manipulation. The Securities and Markets BaFin raises VW claims to have informed the capital market in the exhaust scandal too late. “Volkswagen remains the conviction of having fulfilled its capital market law obligations,” says the former Constitutional Court Judge, who now acts as Director for Integrity and Legal Affairs at VW.
VW shareholder meeting probably ends late in the evening
16:45 the AGM is expected to be in the evening take in. Until late afternoon voting had not yet begun on the agenda as the discharge of the Executive and Supervisory because hours of debates and questions from shareholders were staying the course. Chairman Pötsch has been the talk time is now limited to three minutes and the list of speakers for registrations safe side already closed
“Here was to be red without lied and cheated”
15:45.: “with almost criminal energy” would have the VW-responsible acts in the manipulation of the motor control software of its diesel “at the expense of the environment and compliance with the law,” rumbles an elderly man with a gray mustache and gray hair at the lectern. . And all this for “a few lousy cents”
Shareholder Manfred Klein from Saarbrücken no longer get in and reap for his tirade partly applause: “The buck is here our garden care,” he says overlooking supervisory board Pötsch. The drive was a former Board share responsibility for the crisis and is unsuitable now its Enlightenment.
“Here was without blushing lied and cheated,” Klein roars into the microphone – then it is the tone veers off. He was talking too long. The monitors in the exhibition hall in Hannover, visitors can only see his frantic gestures.
Small is this Wednesday with its opinion alone. Markus Dufner from Association of Critical Shareholders referred Pötsch as the “personalized conflict of interest”. The supervisory board was previously CFO of the Group and was appointed to the panel until last October by a court order. His election is to take place later this Wednesday
Pötsch remains chairperson
13:23:. The Critics could not free himself from the vote for deselecting Pötsch as chairman. Only 0.02 per cent – the equivalent of 45 463 ordinary shares – voted for the motion. With No, the owner of 272,580,182 ordinary shares voted. Pötsch continues through the General Meeting.
Now shareholders
talking 12.30: The transmission of the speeches of the CEO Matthias Müller and the Supervisory chiefs Hans Dieter Pötsch are finished – and thus also the Stream on the Internet. Now shareholders and CEOs are under him. The bandages are tied: The first application applies the deselection Pötschs as chairman. After 40 word messages will work off
“Stay true to your business’
electromobility and self-propelled cars: now looks Volkswagen in the future
12:25: “. We are committed to electric mobility to the core of Volkswagen make “, announced CEO Müller at the VW annual general meeting. 30 new models will bring by 2020 to market VW. They would then sell two to three million electric vehicles per year. “25 percent is a significant portion of our total sales.” Volkswagen will also continue to develop the fuel cell.
Not only electromobility to be better this year already two cars would come with new internal combustion engines on the market “We are working on the environmental compatibility of our gasoline and diesel engines to improve,” says Müller. So to the TSI and TSFI engines will be successively equipped with Otto-particulate filters and other filters. Installed is the new technology to VW Tiguan with the 1.4-liter TSI engine and Audi’s A4 and A5. In the future, 90 percent fewer particles could be ejected. Seven million vehicles wants VW to equip up to 2020 with this technique
Also, autonomous driving will be more of an issue for VW. “I have not the slightest doubt that this revolutionary technology a reality within the next few years will be, “says Müller and stresses also remain the Group on the ball
authorities shall grant release. VW may further vehicles recall
11:51: the diesel recall the VW group is making progress. The Federal Motor Transport Authority (KBA) has granted approval for Europe about one million additional vehicles, said VW CEO Matthias Müller on Wednesday at the general meeting of the company. This would on the home continent now more than 3.7 million diesel-ahead for the improvements.
As before, it is initially only to the 2.0-liter versions of the scandal engine EA189. The smaller machines with 1.2 and 1.6 liters are to have their turn later in the year.
The carmaker approaches which callback increasingly the brand of 50 percent, because in Europe are a total of about 8 , 5 million cars affected. The holder of the car with approval to be contacted in the next few days and can go into the VW workshop.
For Germany, where approximately 2.5 million diesel vehicles for the repairs to the recall have the rule of thumb that about a third of the recent European shares attributable to the domestic market. This means that around 1.2 million cars in this country are now covered. VW wants to have the recall processed by the end of the year.
It is in Europe to the biggest recall in auto history. VW has it set aside billions
Müller against witchhunt at VW
11:42:. “Ten employees possibly involved in the manipulation are exempted from the management or resigned from the company,” says CEO Matthias Müller. He also recalls the presumption of innocence, which applies also in business.
Gemeinam with the new compliance Board member Christine Hohmann-Dennhardt Volkswagen have developed strategies to prevent “the diesel issue” in the future again occurs. The group learned that “not everything that is legal is also right.”
VW Golf GTI Club Sport S in the video
Pötsch defended at the time of ad hoc message to the exhaust-crisis
11:34: Pötsch emphasized that the information especially the financial community was made as soon as possible. “We have the allegations leveled publicly,” he said. Thus the chief inspector and former VW CFO strengthens the members of the Board in September 2015, the back. Since this week the Braunschweig public prosecutor under investigation for market manipulation against former VW boss Martin Winterkorn and the still reigning Volkswagen boss Herbert Diess
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"We can the emergence of exhaust software understand now"
11:24 "We can the emergence and development of exhaust software now understand," says Pötsch: In 2005, the Group launched a diesel drive aimed at the US market. With an outstanding motor, the Group wanted to convince the Americans: "But you was faced with strict regulations, the major challenges presented our engineers, therefore the control software." The first cars using this software had been introduced in the market in 2008.
2014 had first noted inconsistencies in the exhaust emissions, the US authorities. The boards were then but assumed technical defects as a reason for values. VW had cooperated from the outset with the authorities to solve the problem. The authorities had gone public with the message on the control-Stoftware in September 2015 as a complete surprise for the group.
How will Dobrindt avoid a new exhaust scandal
Pötsch promises full investigation of diesel Themes
11:21: "With the diesel theme we have the expectations of our shareholders, customers and trading partner disappointed, "says Pötsch. But Volkswagen wants to emerge from the affair emerge and the trust of customers, partners and shareholders recover: "For this, we will do everything". Pötsch promises comprehensive and unsparing Enlightenment
Volkswagen Supervisory Board receives no bonus
11:12:. Volkswagen wants to put more on sustainability in the future: "This includes of course, that we provide the remuneration of board members to the test ", said Pötsch.
the Supervisory Board was significantly lower pay than in 2014. Only 700,000 euros went to the members. the variable compensation was completely gone .
VW board members get 57 percent less pay
11:06: "the exhaust affair is reflected in the variable remuneration of directors," says Chairman Hans Dieter Pötsch. bonuses and other variable wage components are 2015 dropped by 30 percent. in addition, a further 30 per cent would be retained and paid depending on the future share price performance in the coming years. This had the boards even offered
" I am aware that some of them for not sufficiently hold this post of board members "emphasized Pötsch. However, the variable remuneration is based on multi-year targets. "Therefore, the impact of negative influences are not so high as to wish some of them." But the exhaust affair will also be reflected in the coming years, with a significant reduction in the variable remuneration. "
Overall, Volkswagen had paid 6.2 million euros to the boards. . That's 57 percent less than in 2015
Hessa Al-Jaber's new supervisory board member of VW
10:35: The engineer Hessa Al-Jaber's new Member of supervisory Board at Volkswagen. She has presented at the Annual General Meeting on Wednesday for the first time to the shareholders. Al-Jaber was information and communications minister in Qatar and now works as a consultant. "I have noticed the media criticism, but we should not Volkswagen denied the ability to change, I believe that the management of Volkswagen motivated is turning over the company. "she said in her presentation
discharge to the VW management board against the wishes of retail investors
09:50:.? the VW majority shareholder Porsche SE ( PSE) will relieve the board of the carmaker despite the exhaust gas crisis at the meeting. "Porsche SE will vote for a discharge of the Executive," said a PSE spokesman on Wednesday. Thus there would be at least a simple majority for the decision, because the Porsche SE has more than half the voting rights in Volkswagen. The Holding is controlled by the family Porsche / Piëch.
Representatives of smaller shareholders have announced the Board to refuse discharge. If a director is not relieved at a general meeting, which does have no direct legal consequences, but is usually a sign of lack of confidence of the shareholders in the Manager
Aktionaersschuetzer expect narrowly vote on the discharge of VW Board
9:26 At the Annual General Meeting of Volkswagen, the vote on the discharge of the Board's view of shareholder associations could just go out. "It will be close," said Daniela Bergdolt of the German protection combination for security possession (DSW) on Wednesday in Bayerischer Rundfunk. "From what I hear, many funds have now moved away."
The Volkswagen AGM begins in the morning in Hannover. The Supervisory Board to shareholders despite many open questions around the exhaust scandal suggested to relieve the Board. Bergdolt criticized this decision, which could lead to "a debacle now." "An elegant way" would have been instead to postpone the discharge, she said.
Bergdolt drew attention also to the investigation by the public prosecutor against the former VW CEO Martin Winterkorn, who had become known on Monday. "It is now clear that it really has been guilty something," she said. It could not be said with good reason that it criticizes the Board no wrongdoing.
She advised Volkswagen shareholders to swiftly examine possible compensation claims. Who bought 2015 VW shares before July, to run "the exact day on September 18, 2016", the deadline for filing claims from. "Therefore, I can only each shareholder advise: Go to a lawyer who specializes in banking and capital markets law, in order to check whether you can make a claim for damages."
Volkswagen AGM: meet Irritated shareholders in Hanover
22nd June 2016 08:18: The scandal-ridden VW Group hopes at the Annual General Meeting on Wednesday (10 am) on a new shareholder confidence, but has to deal with further contamination of the exhaust affair. For the first time since becoming aware of the tampering million diesel cars in September 2015 meet shareholders, executives and board members in Hannover. It should be a lot of critical questions for further workup of the worst crisis in the Volkswagen history.
CEO Matthias Müller wants with his last week featured "Strategy 2025" concentrate on looking forward. A massive expansion of electromobility, a total of more streamlined model range and Group structure and new offerings during autonomous driving and mobility services to promote Europe's largest carmaker. However, the financial and legal consequences of Diesel debacle weigh heavily and are likely to be hotly debated. The controversial issues executive compensation and austerity measures are in the debate as set, there could be numerous counterproposals.
public prosecutor's investigations
Shortly before the meeting of the shareholders attended public prosecutor's investigations against ex-CEO Martin Winterkorn for additional pressure. He is accused of market manipulation. The former "Mr. Volkswagen "was resigned to the world eleven million manipulated diesel vehicles in the fall in the vortex of the affair.
On Tuesday Volkswagen also confirmed that the new head of the core VW brand cars, Herbert Diess, has come to the attention of investigators , In addition to criminal investigations, the company has to deal with the threat billion cost through civil lawsuits from disappointed customers and investors. At the same time illuminates the US law firm Jones Day the Group to clarify responsibilities.
Potential explosive contains particularly the accusation, had the management in September 2015, the financial world might deliberately too late about the foreseeable consequences of diesel affair into the picture. Here could end are multibillion damages suits.
Jogi's boys show on the road right Gas
Executive relief is at stake
shareholders as the German protection combination for security possession (DSW) want VW force to an independent special. Moreover, it does not taste many investors to relieve Management and Supervisory Boards - as foreseen in the agenda. They demand the opposite face of the crisis and the recent dealing with it
However, it is highly unlikely that a special audit approved or the Board are not ratified -. Because the majority situation at VW are unique. More than half of the shares are held by the extended family Porsche / Piëch.
"We also need humility," conceded supervisory board chairman Hans Dieter Pötsch a before the meeting. "We have gotten ourselves into this situation. Now we must do everything in order to cope as well as possible. "But many answers plus missing VW.
Where does the future of diesel cars?
With a view the date important diesel technology there are several open issues. Müller came in an interview with the "Handelsblatt" the future of the drive partially in doubt when both emission limits would always sharper and the E-mobility will expand. "Against this background, the question will be whether we should take a lot of money for the development of the diesel in the hand from a certain point," he said.
In 3.4 seconds the diesel era past
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