Audi board to talk about prosecutor raids, CEO’s decisions on March 29

Leading officials at Volkswagen’s luxury department Audi will meet next week to go over a raid by German prosecutors on the automaker’s premises last week and the scenario of its embattled chief executive, sources stated.

Munich prosecutors last week investigated the offices of Audi’s Ingolstadt factory, a plant in Neckarsulm and other places. Audi, its parent company Volkswagen and Jones Day, the United States law firm hired by Audi and VW to examine the emissions scandal that has rocked both business, were likewise targeted in different raids.

Audi’s supervisory board will assemble on March 29 to question executives about the level and possible consequences of the investigations, 3 individuals knowledgeable about the matter told Reuters.

But the major topic of conversation will be whether the 20-member board should suggest to shareholders at their May 18 yearly general meeting that they validate the actions of Audi Chief Executive Rupert Stadler in last year, the sources said.

Such investor votes are common at German companies, however in the wake of the emissions scandal the vote on whether to approve CEO Stadler’s choices will be no formality.

There has been speculation in the German media regarding when Stadler learnt about the emissions cheating.

A previous meeting of the Audi board in February did not pass a resolution on advising a vote to clear the CEO.

Audi refused to comment about the March 29 meeting.