After the “dieselgate” Volkswagen shareholders will give voice – L’Obs

Hanover (Germany) (AFP) – The European automobile giant Volkswagen Wednesday will face a barrage of questions and criticism from its small shareholders in general meeting for the first time since the breakup “dieselgate”.

many mysteries remain about the origins and consequences of this widespread rigging, which sent a shock wave in the auto giant and the whole sector whole.

Volkswagen confessed in September 2015 have handled the diesel engine 11 million vehicles to move them to less polluting than they are.

Some 3,000 shareholders expected Tuesday in Hanover (north), most small investors, and they are eager to give voice, even if their weight is very limited.

they hold only 11% of the voting rights. The rest is divided between the Porsche-Piëch family heirs (52% approximately), the regional state of Lower Saxony (20%) and the Emirate of Qatar through the Qatar Holding funds (17%).

Ulrich Hocker, president protection association DSW shareholders, AG expects a “very special, very contentious,” he told AFP.

the discussion will begin at 08:00 GMT and could continue into the evening.

This will be the first face-to-face between small shareholders and the boss Matthias Müller, arrived at last September joysticks replacing Martin Winterkorn.

the role in the scandal of the latter, and other Volkswagen executives, should be widely discussed.

the group currently charged the fixing of responsibility to a “small group of people “who acted without the knowledge of management.

But the German courts, which already investigated for fraud and obstruction of justice, said Monday it has extended its investigations in handling suspicion door particularly Mr. Winterkorn

-. symbolic Defiance –

Several shareholder organizations such as DSW, Volkswagen blame for the delay not only to understand the magnitude of the problem but also to inform investors, hit hard by the descent into hell of the action (40% in a few days) in the fall.

the Volkswagen took over as colors from but still lost a quarter of its value since the beginning of the case

Revenue from the twelve brands -. including VW, Audi, Porsche, Seat – they were generally maintained at waves, but due to large provisions for dealing with the aftermath of dieselgate, the group registered last year, its first net loss for over 20 years. And it is the subject of investigations and prosecutions in many countries.

In particular, it has not yet formally presented solution that satisfies customer compensation of American justice.

Several groups of shareholders are calling for a special investigation on the responsibilities, saying that the US firm Jones Day, sponsored by Volkswagen management and whose findings have not yet been published, is not enough independent.

If they do not get their way at the AGM, they plan to launch court proceedings.

Some have also disavow the Management and Board refusing surveillance to discharge, that is to say, to approve the management over the past year. Only a symbolic defiance, as major shareholders will rally behind the management.

Feront debate as executive compensation, and the team’s ability in place, after many of the old guard, to infuse new blood.

Volkswagen introduced last week a new strategy oriented electric and new forms of mobility.