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Volkswagen's recent shareholder meeting could be best described as discordant as many shareholders spewed venom at various Volkswagen executives - most being laid on Volkswagen AG Chairman Hans Dieter Poetsch. Bloomberg reports that shareholders grilled various executives on the handling of the diesel emission scandal. Poetsch received the brunt of the criticism with many shareholders expressing concerns of him overseeing the internal investigation of a mess that began when he was the company's CFO. “You are a conflict of interest personified,” said Markus Dufner, managing director of the German Association of Ethical Shareholders meeting. The meeting also featured shouting, arguing, and shareholders trying to remove Poetsch as the chairman of the meeting (which didn't happen). To be fair to the shareholders, it hasn't been a good week for Volkswagen. On Monday, Reuters learned that German prosecutors were investigating former Volkswagen CEO Martin Winterkorn and an unidentified executive on market manipulation before the scandal broke. It was revealed later in the week the unidentified executive was Volkswagen Brand Chief Herbert Diess. Yesterday it was revealed that German financial watchdog Bafin filed a complaint with German prosecutors saying the previous management board should be investigated for how long it took the company to disclose the scandal. So while the fires are dying down on one coast, they are only beginning to heat up on another. Source: Bloomberg, Reuters -
Volkswagen's recent shareholder meeting could be best described as discordant as many shareholders spewed venom at various Volkswagen executives - most being laid on Volkswagen AG Chairman Hans Dieter Poetsch. Bloomberg reports that shareholders grilled various executives on the handling of the diesel emission scandal. Poetsch received the brunt of the criticism with many shareholders expressing concerns of him overseeing the internal investigation of a mess that began when he was the company's CFO. “You are a conflict of interest personified,” said Markus Dufner, managing director of the German Association of Ethical Shareholders meeting. The meeting also featured shouting, arguing, and shareholders trying to remove Poetsch as the chairman of the meeting (which didn't happen). To be fair to the shareholders, it hasn't been a good week for Volkswagen. On Monday, Reuters learned that German prosecutors were investigating former Volkswagen CEO Martin Winterkorn and an unidentified executive on market manipulation before the scandal broke. It was revealed later in the week the unidentified executive was Volkswagen Brand Chief Herbert Diess. Yesterday it was revealed that German financial watchdog Bafin filed a complaint with German prosecutors saying the previous management board should be investigated for how long it took the company to disclose the scandal. So while the fires are dying down on one coast, they are only beginning to heat up on another. Source: Bloomberg, Reuters View full article
