Volkswagen shareholder not supporting reelection of Wolfgang Porsche to board

Wolkfgang Porsche

A major Volkswagen shareholder is prompting investors to vote against the reelection of Wolfgang Porsche as a member of the automaker’s supervisory board at its annual general meeting (AGM), a German newspaper noted on Sunday.

The shareholder, Christian Strenger, alleged Porsche of “ongoing conflicts of interests” as he is also chairman of the board of Volkswagen’s controlling shareholder Porsche Holding SE, according to a six-page counter-motion for the AGM in May, mentioned by the Frankfurter Allgemeine Sonntagszeitung.

Strenger also alleged Porsche, a member of Volkswagen’s Porsche-Piech founding clan, of “inaction in pursuing misconduct” by the company’s leading managers for its diesel emissions scandal, the newspaper quoted the motion as saying.

Instead, Strenger stated “truly qualified people” should be proposed to occupy open seats on Volkswagen’s supervisory board.

Strenger is a small shareholder, but a major voice in Germany as a former and founding member of the government’s Corporate Governance Commission. Earlier, he was a chief executive officer of DWS, the asset management arm of Deutsche Bank.

Strenger and Volkwagen did not instantly respond to requests for comment outside of business hours on Sunday.

The press office of the Porsche division, where Wolfgang Porsche is also chairman of the supervisory board, did not made any comments.

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