In view of new compliance violations at Continental, criticism of the Executive Board and Supervisory Board is growing both inside and outside the company. According to information from the Handelsblatt, the control mechanisms are being questioned in corporate circles.
Shareholder protectors are already demanding that Chief Inspector Wolfgang Reitzle be replaced. “We believe that there needs to be a renewal at the top of Continental’s supervisory board,” Cornelia Zimmermann from Deka told Handelsblatt.
The automotive supplier has been confronted with new rule violations for a few weeks, which the board of directors and the supervisory board have apparently remained hidden for years. Irregularities in air conditioning and industrial hoses became known after the exhaust gas manipulations in diesel engines, which are being investigated by the public prosecutor in Hanover.
Wolfgang Reitzle has headed the Supervisory Board for 13 years
For 15 years, Contis air conditioning hoses have not met cleanliness standards. A subsequent internal investigation also revealed deviations from the test processes for industrial hoses.
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