HANNOVER – Many protests, but with little success. The assembly of Volkswagen allows members to minority shareholders – large and small – to vent their anger at the dieselgate and their concern for the future of the company, but not to weigh on the decisions. After more than two hours between the formalities of ritual and administrator speech delegate Matthias Mueller, the minority shareholders were able to express their dissatisfaction with the scandal and subsequent management.
Markus Dufner (president of an association of “critical shareholders”) was asked to remove Hans-Dieter Poetsch, chairman of the supervisory board, the assembly president, accusing him of being “a conflict of interests in person “for the role for years drettore finanzario (CFO) alongside Winterkorn.
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At the beginning Poetsch Assembly reiterated its “deepest apologies” for what happened; the proposal has then collected only 0.02% of the votes, as well as they should be rejected by a large majority the other motions of the minority shareholders and vice versa be approved without problems the motions proposed by the Board.
The majority of VW ordinary shares, and therefore of the voting rights, is in fact firmly in the hands of the Porsche and Piech families (52% overall by the family holding company) and the Land of Lower Saxony (20% ); the holding company controls 17% of Qatar and to minority shareholders remains just over 10%.
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the criticism has been harsh but also by institutional investors: the fund’s representative Hermes said for example that the scandal caused ” immense damage reputational and unquantifiable “and joined the critics for choosing Poetsche to the supervisory board because” even his responsibilities as a manager may still be under investigation. ” A small shareholder in Wolfsburg spoke of “big existential fear” and recalled how already the father spoke of diesel as a dirty engine.
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Nine months after the outbreak of the scandal dieselgate, in fact, nothing has been leaked on the real responsibility of the scandal that has already cost over 16 billion euro and that gave a blow to the reputation of the group. The survey of the American law firm Jones Day is still going on and “should be completed in the fourth quarter of 2016,” said Pötsch; But the results can be announced only after the green light of the US Justice Department, that the affair started a criminal action.
Despite the investigation opened by the prosecutor in Braunschweig on the former number one Martin Winterkorn and (writes the German press) also on the current number one of the VW brand, Herbert Diess, the board of surveillance has maintained the recommendation to shareholders to raise the entire board from its responsibilities. “In a state of law there is a presumption of innocence,” said Müller. The discharge of responsibilities of managers were the subject, according to the German press, a heated discussion at its meeting on Tuesday of the supervisory board, where even sit 10 representatives of the employees of the group.
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Another strong criticism has been that of variable compensation for management of the board manager. After a strong resistance of the manager, it was decided to withhold 30% of the variable portion of their compensation until the shares have not scored an increase of 25% – not, however, compared to the pre-scandal value, but compared to that devalued April 22. Not only if the shares were to revalue more, the members of the board of directors would receive up to double the compensation they temporarily waived. How paradoxical icing on the cake, the retaining part of variable compensation only applies to members still in charge of the council; not worth so for Winterkorn, who cashed for 2015 EUR 7.3 million of which some 5.8 of variable compensation tied to performance.
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