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VW Asks Shareholders to Absolve Its Boards of Wrongdoing
Volkswagen AG is asking shareholders to agree that current and former members of the company’s supervisory and management boards are innocent of any “serious and manifest breaches of duty” associated with VW’s diesel emission cheating scandal.
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Volkswagen AG is asking shareholders to agree that current and former members of the company’s supervisory and management boards are innocent of any “serious and manifest breaches of duty” associated with VW’s diesel emission cheating scandal.
The boards base their recommendation on preliminary findings of a continuing probe into the cheating. But they decline to divulge those results, contending that doing so now would impede the investigation and pose “unjustifiable risks” to the company.
The boards add that new findings between now and VW’s annual meeting on June 22 could alter their recommendation. They also say that shareholder ratification of their actions in 2015 would not waive possible compensation claims later.
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