More senior investment advisers have come out against Volkswagenâs board prior to its AGM tomorrow.
Hermes Investment Managementâs 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 âwill result in a board with almost zero independent representation, which clearly goes against good corporate governance practiceâ, 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 in place a board that is independent and improves its governance.
âFor us, as shareholder representatives, this casts doubt on whether the supervisory board has really understood that a governance overhaul remains paramount in the light of the emissions scandal,â he added.
Dr Viehs called on Volkswagen to undertake a âsystematic, independent review and analysis of the role culture playedâ in the emissions scandal.
Last month Glass Lewis also called on investors to vote against motions from the AGMâincluding all-but-one of the 20-strong supervisory board. It said Volkswagen had failed to represent shareholders during the ongoing investigations into the scandal.
Volkswagen CEO Matthias MĂŒller stepped down two weeks ago and was replaced by its brand chief Herbert Dress. MĂŒller took on the top role when the scandal broke in 2015, following the departure of Martin Winterkom.



