Major investment adviser wants shareholders to vote against new Volkswagen board appointments, and an independent and analytical review of the carmaker’s plan to improve its culture and governance.
More senior investment advisers have come out against Volkswagen’s board prior to its AGM tomorrow.
Hermes Investment Management’s stewardship team is calling on shareholders of the carmaker to vote against new nominations to its supervisory board. Marianne Heiss and Wolfgang Porsche are set for election.
The appointments “will result in a board with almost zero independent representation, which clearly goes against good corporate governance practice”, according to Hermes EOS associate director of responsibility Dr Michael Viehs.
He said that Volkswagen is three years on from the emissions scandal, but has still failed to put
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