Shareholder adviser Hermes EOS stated on Wednesday it had recommended clients vote against the election of two candidates to the supervisory board of automaker Volkswagen and called for an evaluation of the company’s corporate culture.
Hermes, which helps guide the voting choices of pension funds and others with 336.1 billion pounds ($458 billion) in assets, stated it recommended its clients turn down the election of Marianne Heiss and Wolfgang Porsche at the company’s yearly meeting on May 3.
“The election of the candidates will result in a board with almost zero independent representation, which clearly goes against good corporate governance practice,” stated Michael Viehs, the Associate Director of Responsibility.
Instead, Hermes stated it wanted the company to make an external supervisory board and review the company’s corporate culture.
