The VW shareholders of VW tip despite the exhaust scandal and ongoing investigations its confidence. At the annual meeting of the Volkswagen Group in Hannover shareholders issued late evening Managing and Supervisory Boards after hours of debate by a large majority the relief. Both incumbent supervisory board chairman Hans Dieter Pötsch and the retired chief executive Martin Winterkorn were ratified by more than 97 percent each of the voting rights for the preceding year scandal. Even the Volkswagen boss Herbert Diess said shareholders of the trust.
The VW major shareholder Lower Saxony refused the Group Board apparently because of unanswered questions in the exhaust affair a complete discharge for the past year. As the German Press Agency reported abstained the country during the vote at the AGM. Accordingly Niedersachsen refused with its 20-percent stake in Volkswagen to confidence in Winterkorn and Diess.
shareholders vent their anger
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Before the vote representatives of shareholder groups had expressed their anger over the exhaust scandal and its consequences. The failings of the group’s top management would have caused significant damage to all listed companies in Germany, said Hans-Christoph Hirt from London Hermes Fund, speaks by its own account for large investment and pension funds. Investors questioned German control systems. He demanded a reform of the supervisory board.
Ulrich Hocker, president of the German association for security possession, criticized, he had never experienced in 20 years as a speaker at the VW annual general meetings of such a situation. “We are facing a pile of rubble.” The diesel scandal have dropped by 50 percent the value of the share, the market share shrank. Management and supervisory boards should have noticed the exhaust manipulations earlier.
review also met the Board, who had received millions of bonuses despite the crisis triggered. “A reward for failure” it said. Gerd Kuhlmeyer, Chairman of the Community of the VW workforce shareholders expressed “stunned and shocked” according to HAZ . Many in the workforce suffered not only from the subject, they would have even lost confidence in the management. The Protection of Investors (SdK) made jointly responsible beside Management and Supervisory Board, the auditor PricewaterhouseCoopers.
Volkswagen supervisory board chief Hans Dieter Pötsch announced at the general meeting of shareholders that the Supervisory Board intends to examine “without discrimination” claims for damages against former and current board members. However, supervisory and management boards maintained their proposal to grant both bodies despite the exhaust scandal discharge.
Pötsch said, according to lawyers there in spite of the investigations of the public prosecutor on suspicion of market manipulation No serious breach of duty of the leaders who were speaking against it. At the present approximately 3,000 shareholders, Pötsch apologized for the mistakes of the Group. The most important task now is to regain the lost confidence after the scandal.
protests before meeting hall
The Volkswagen AGM to be held in April actually, but was postponed due to the globally flown manipulation in the emission control , Before the meeting hall at the fairgrounds gathered at the beginning about two dozen demonstrators. “No relief for environmental criminals! The managers and profiteers to pay” was to read on one of the banners.
representatives of minor shareholders had announced that the Board not be approved. 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, which in turn can affect lenders. Legally, the shareholders would be able to relieve only individual board members. However, a discharge does not waive claims for damages.
investigations against Winterkorn
The Supervisory Board had to shareholders despite many open questions around the exhaust scandal suggested to relieve the Board. Daniela Bergdolt of the German protection combination for security possession (DSW) criticized this decision, the “now a debacle” might lead. “An elegant way” would have been instead to postpone the discharge, she said on Bavarian Radio.
Bergdolt drew attention also to the investigation by the public prosecutor against the former VW CEO Martin Winterkorn, who had become known on Monday. The office is investigating Winterkorn and another at that time the board member, she did not name names, on suspicion of market manipulation. A Volkswagen spokesman said that was concerned by the investigation and Volkswagen boss Herbert Diess. For details on the allegations were not yet known. From the recent investigations of Volkswagen is no evidence of market manipulation would result, the spokesman said.
Check Generous compensation claims
It is about the question whether Volkswagen investors informed early enough about the potential financial risks through the exhaust scandal , Trigger of the investigation was a complaint to the Financial Regulator BaFin.
Bergdolt 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 advise any shareholder: Go to a lawyer who specializes in banking and capital markets law, in order to check whether you can make a claim for damages.”
million improvements approved
Volkswagen had granted following an investigation by US authorities in September, in around eleven million diesel vehicles an illegal software used to have. This pushes on emissions from emission tests on the road is then partly a multiple of pollutants from the exhaust. The Group face large fines and compensation claims; Moreover, he must finance callbacks and conversions of the affected cars. Volkswagen has already postponed investments. The company made its biggest loss in the company’s history, paid staff but a bonus.
Because of the gas manipulations needed rectifying million vehicles the company. CEO Matthias Mueller said, the Federal Motor Vehicle Office has given clearance for Europe about one million additional vehicles. This would on the home continent now more than 3.7 million diesel-ahead for the improvements. In Europe, Volkswagen approaches in the recall of the brand of 50 percent.
As before, it is initially only to the 2.0-liter versions of the engine EA189 manipulated. The smaller machines with 1.2 and 1.6 liters are to have their turn later in the year.
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