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VW Backs Board's Handling of Diesel Emission Scandal
Volkswagen AG’s supervisor board says the company’s management board properly investigated the group’s diesel emission cheating scandal and should now turn to reorganizing the company.
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Volkswagen AG’s supervisor board says the company’s management board properly investigated the group’s diesel emission cheating scandal and should now turn to reorganizing the company.
But in a vaguely worded statement for shareholders, the supervisor board emphasizes its endorsement doesn’t rule out future compensation claims against management board members. The supervisory board also joins the management board in recommending that its own actions be ratified by shareholders.
The supervisory board says it bases its conclusions on an appraisal by the Stuttgart-based corporate law firm Gleiss Lutz Hootz Hirsch and results of a lengthy investigation into the cheating by the U.S. law firm Jones Day.
Critics claim that at least some members of both boards were aware that the company had rigged 11 million diesels to evade emission rules and sold them worldwide for the past eight years. Results of the Jones Day probe have never been made public.
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