Before Annual General Meeting – Attack on VW Board and Supervisory Board: “At last four independent VW supervisory boards find”

03/28/2018

Before Annual General Meeting – Attack on VW Board of Management and Supervisory Board “Finally Find Four Independent VW Supervisory Boards”

DPA

Showdown at Volkswagen: Before the Annual General Meeting on May 3, there are numerous countermotions – shareholder protectors accuse the Executive Board and the Supervisory Board of failing to process the diesel scandal

Shortly before the Annual General Meeting on May 3, the car company Volkswagen is facing new trouble. VW Schreck Christian Strenger demands more money for shareholders and proposes to deny discharge to the Management Board and Supervisory Board – and explains this in detail. It is a general statement to deal with VW’s diesel scandal.

To post of Christian Strenger, the VW superiors have become accustomed. Regularly before the Annual shareholder meeting, which this time takes place on 3 May in Berlin, receives the corporation post office from private shareholder Christian Strenger, who makes various countermotions on the agenda in due time and form.

But Strenger is not just any private shareholder. The economics professor was a founding member until 2016 Corporate Governance Commission the federal government, which has the task over the good corporate governance to watch in Germany. That’s why Strenger, who continues to be a member of the Supervisory Board of Deutsche Asset Management Investment, is still paying close attention today.

Strengers counter-claims, which he has made under paragraphs 126 and 127 of the German Stock Corporation Act, have almost no chance of finding a majority. in the VW Group Porsche SE, the state of Lower Saxony and major shareholder Qatar have the say – the private shareholders, who hold about 40 percent of VW capital, must be content with so-called preference shares without voting rights. Nonetheless, private shareholders can submit motions for the VW Annual General Meeting – and Strenger makes extensive use of them.

Strenger not only demands to pay more dividends than previously planned to the VW preferred shareholders. He also calls on the VW board to VW CEO Matthias Müller and the VW Supervisory Board chairman Hans Dieter Pötsch to refuse the discharge. The reasons for this read like a general statement with the VW management, which he not only in the handling of the diesel affair failure accuses,

Strengers applications are available to manager magazin. They will soon be published by VW and provide for discussions at the Annual General Meeting in early May. The claims of the shareholder protector and their reasons in detail:

1. More money for VW preferred shareholders

Strenger has requested that a dividend of € 4.29 each be paid on the preferred VW shares held by private shareholders. VW plans only 3.96 euros dividend per preference share, the voting ordinary shareholders (VW, Lower Saxony, Qatar) should receive 3.90 euros per share. A multi-dividend of only 6 cents is not an appropriate compensation for the lack of voting rights, so Strenger. He requests 10 percent more, which is an internationally appropriate equivalent. At 10 percent premium (39 cents), a dividend of 4.29 euros per preference share is paid. The private shareholders are still shaken by diesel scandal and monkey test scandal – but have nothing to say as preferential shareholders, although they hold about 41 percent of VW capital.

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