Volkswagen proposes resolutions ratifying a actions of all members of a Board of Management and of a Supervisory Board during a Annual General Meeting

Posted on 11. May, 2016 by in Volkswagen Canada

The Supervisory Board of Volkswagen AG has endorsed to Volkswagen’s 2016 Annual General Meeting that a actions of a portion members of a Board of Management in mercantile year 2015 be ratified. Based on a possess review, a Board of Management has reached a analogous decision. This is settled in a invitation to a 56th Annual General Meeting in Hanover on Jun 22, 2016, that will be published on May 12. The Supervisory Board points out that a due fortitude by a Annual General Meeting does not indicate any waiver of probable remuneration claims.

This recommendation is formed on information now accessible from a not nonetheless resolved hearing into a diesel matter by U.S. law organisation Jones Day. On this basis, law organisation Gleiss Lutz carried out a extensive authorised hearing that has been reliable by Professor Wulf Goette (retired arch probity during a German Federal Court of Justice).

The Supervisory Board requested an hearing into whether, on a basement of information now available, critical and perceptible breaches of avocation on a partial of any portion or former members of a Board of Management are to be established. Although a hearing by Jones Day is still ongoing, according to information now available, no critical and perceptible breaches of avocation on a partial of any portion or former members of a Board of Management have been determined that would mount in a approach of extenuation fortitude during this time. In in-depth discussions, a Supervisory Board weighed in fact a criteria applicable for a fortitude resolutions. The estimation was formed on a interests and contentment of a Company. The preference reflects a Supervisory Board’s certainty in a ability of a benefaction Board of Management to conduct a diesel matter and drive a Volkswagen Group and a brands toward a successful future.

The hearing by Jones Day is being energetically pursued. The special cabinet allocated by a Supervisory Board will continue to closely guard this work.

Volkswagen specifically regrets that any announcement of halt commentary of a hearing by Jones Day would still engage unworthy risks for a Group and therefore can't be effected during this time. For this reason, no gain of a recommendation to sanction can be done during this time.

The Supervisory Board and a Board of Management wish to stress that a due fortitude is theme to a portion that, adult to a Annual General Meeting on Jun 22, 2016, no new information comes to light from a ongoing hearing that would make it suitable to adopt a opposite assessment.

The Supervisory Board points out that a due fortitude by a Annual General Meeting does not indicate any waiver of probable remuneration claims. In line with a orthodox duties, a Supervisory Board has been examining given final fall, when a diesel matter became known, either it is thankful to claim remuneration claims opposite particular members of a Board of Management. For reasons of a ongoing hearing into a diesel matter, this hearing is continuing. Legal warn in this tie is being supposing by law organisation Gleiss Lutz.

In addition, a Board of Management and a Supervisory Board suggest that a Annual General Meeting sanction a actions of all members of a Supervisory Board of Volkswagen AG.

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