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UPDATE: VW Investor Groups Want Independent Probe of Diesel Scandal
German’s largest investor advisory association, DSW, is calling for an independent investigation into diesel emission test cheating at Volkswagen AG.
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German’s largest investor advisory association, DSW, is calling for an independent investigation into diesel emission test cheating at Volkswagen AG. The group requests its proposal be put to a shareholder vote when the company holds its annual meeting on June 22.
Three other investor groups, Brussels-based Deminor, Germany’s DSM and London-based Hermes EOS agree. Hermes wants a probe into the possible culpability of the management and supervisory boards.
VW already is probing the scandal through the U.S. law firm Jones Day. But the carmaker has declined to reveal preliminary findings. The company says the release of preliminary information could jeopardize other legal inquiries, including one by the U.S. Dept. of Justice.
DSW notes there have been no assurances that VW shareholders will gain access to the full Jones Day report when the inquiry ends later this year.
In the meantime, VW’s board has asked shareholders to absolve its current and past members of any blame in the cheating scandal. The board says it has been cleared of wrongdoing by the Jones Day findings to date, but it declines to reveal what those findings are.
DSW concedes its request for a second investigation isn’t likely to win shareholder approval. If the proposal is rejected, the group says it may seek a court order to force the issue.
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