Wednesday, June 22, 2016

AGM for diesel Gate: VW makes kowtowing to shareholders – n-tv.de NEWS


 Economy

 


 Wednesday, June 22, 2016

 
 
 


 
 The Volkswagen Group advertises with a mixture of humility and willingness to reform to support from its shareholders. Chief inspector Pötsch apologizes for manipulation. When it comes to the final report to the affair he has investors but put off.

 


 
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Volkswagen has apologized to shareholders for the millions of manipulation of diesel exhaust emissions. “We regret that the diesel issue at this great company casts a shadow,” said supervisory board chairman Hans Dieter Pötsch before 3,000 shareholders in Hannover. The Group now describing his efforts to regain the lost confidence.

Investors and shareholders’ representatives but have announced plans to not relieve the Management Board for the 2015 scandal and call for an independent special. Majority shareholder Porsche wants to give the VW board confidence and vote for a discharge

CEO Matthias Müller asked shareholders to keep Volkswagen loyalty. “We are still in the middle of the work-up of the diesel issue and need for large loads shoulders. ” Small shareholders and investors take the Wolfsburg-based group transparency in the investigation of diesel scandal before.



“No relief for environmental criminals!”

Because the management has informed investors in their view too late about the discovered manipulation of emissions, numerous damages actions in Europe and the US are pending. These determined the prosecution against former VW CEO Martin Winterkorn and VW brand chief Herbert Diess on suspicion of market manipulation.

The anger of investors got Volkswagen already be felt before the meeting. At the exhibition center in Hannover two dozen protesters gathered. On a banner read: “. No relief for environmental criminals Those responsible and profiteers to pay”

In the vote on the discharge of the Board observers expect quite a lesson for the board, even if the majority is secured by Porsche. “This will be closely. From what I hear, many funds have now moved away,” said Daniela Bergdolt of the shareholders’ association DSW the “Bayerischer Rundfunk”. A postponement of the discharge would have been a better solution. “That would have been an elegant way also from VW. The one has now not elected and can now lead to a debacle.”

Despite the discontent of many shareholders surprises at the AGM are virtually eliminated. Around 89 percent of the voting rights hold the VW-founder Porsche and Piëch families, the state of Lower Saxony and the Emirate of Qatar. As anchor shareholders are represented on the supervisory board and closely involved in the crisis management and any other strategic business decisions.



Final Report are still waiting for

Volkswagen, the US law firm Jones Day entrusted with the investigation of , a final report is to be presented later this year. New findings will not happen at the AGM therefore. Supervisory board chairman Pötsch justified this with the ongoing negotiations with the US authorities about the processing of “Diesel Gate”.

US District Judge Charles Breyer has missed all parties to the settlement negotiations muzzled. It would be connected for Volkswagen with high financial risks, to inform the public now about the progress of the investigation, emphasized Pötsch. In adherence to the rules Volkswagen expects a concession the US authorities in the sentencing.

Meanwhile, VW is ahead in the fight against the legacy of the world’s eleven million manipulated diesel. The Federal Motor Transport Authority (KBA) has granted approval for Europe about one million additional vehicles, Mueller said. This would on the home continent now more than 3.7 million diesel-ahead for the improvements.



Board members earn 57 percent less

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The controversial multi-million dollar income of corporate executives defended before the chief inspector Anlegren Pötsch. Even the billions in losses of the diesel crisis had the success-dependent compensation components significantly reduced. In addition, the board members have practiced on a voluntary basis and the variable remuneration waiver. “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.

had the million-remuneration of directors in the spring for a week-long dispute provided on the VW board. The VW-inspectors on the part of workers and the major shareholder Lower Saxony had much desired a larger drop.

  Source: n-tv.de
 


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