In the first general meeting of Volkswagen after the announcement of the exhaust scandal itself has to put a lot of criticism of shareholders, management. The very first small shareholder at the lectern was a veritable tirade on the airline management bombarded “with downright 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,” said the elderly man with the gray mustache and gray hair. and all for “a few lousy cents.” for Volkswagen “without blushing lied and cheated” was, he yells into the microphone.
Especially hard it goes with supervisory board chairman Hans Dieter Pötsch was “one ultimately responsible perpetrators, looking rather” totally unsuitable for clarifying the matters to the court, which is something like the boss reconnaissance as chairman of the supervisory body, even though he previously served as CFO belonged to the innermost leadership circle already for many years. Pötsch and to start anew, expanded the VW shareholder from Saarbrücken, Manfred Klein. After a few minutes it is the tone veers off the microphone – he had talked too long. The monitors in the exhibition hall in Hannover, visitors can only see his frantic gestures.
The small shareholder is this Wednesday with its opinion alone. Other vented their anger: Volkswagen is 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. The shareholders would have lost a lot of money in the course of the exhaust scandal by the price decline of the VW shares.
A small shareholder requested, deselect Pötsch as chairman. Pötsch make up “the judge in his own cause”. Shareholders should choose an independent representative for chairman. Another small shareholders joined the request for deselection. There is a reasonable suspicion that Pötsch a role to wear that Volkswagen informed too late about the diesel manipulation. Many small shareholders clap. However, the application for deselection received no majority: For the application voted only 0.02 percent of the capital present
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VW CEO Matthias Müller (l) and supervisory board chairman Hans Dieter Pötsch
Really under pressure, management is on Wednesday not because the power relations are clear. 89 percent of the voting rights hold the VW-founder Porsche and Piëch families, the state of Lower Saxony and the Emirate of Qatar. They are on the Supervisory Board closely involved in company management and crisis management
At the beginning of the general meeting of the VW Group had advertised with a mixture of humility and will to reform by its shareholders to support for the way out of the exhaust affair. Supervisory board chairman Hans Dieter Pötsch apologized at the beginning of the general meeting in Hanover for the diesel scandal: “We deeply regret”, said Pötsch at the meeting to the according to VW 3,000 shareholders came. He also defended the controversial bonus payments to management, although Volkswagen has posted a record loss of 1.6 billion euros last due to high provisions to cover the consequences of the scandal. Management and Supervisory Board want to cut dramatically, among other things, the dividend for the shareholders for the loss. This is one of the points which should ensure at the AGM bad mood.
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The billions in losses of the diesel crisis had the bonuses already significantly reduced, also the board members have practiced voluntary renunciation. “In all, these measures result in a year-appointed in 2015 member of the board a year on year by 57 percent reduced payout”, said Pötsch to the applause of shareholders.
had the million-remuneration of directors in spring catered for a week-long dispute on the VW board. The VW-inspectors on the part of workers and the major shareholder Lower Saxony had far larger drop desired. For resentment caused, inter alia, that the waiver of 30 percent of the variable remuneration still takes three years for payout, if the stock price so far is just 25 per cent over the last collapse in rates. If it rises higher, more is paid and the renunciation proves via the back door even as an investment.
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