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| Porsche to back Volkswagen's former management at AGM | |
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| Porsche, Volkswagen’s controlling stakeholder, will endorse the carmaker’s former top management at a shareholder meeting on Wednesday, a spokesman has said, despite new regulatory investigations related to the diesel emissions scandal. | Porsche, Volkswagen’s controlling stakeholder, will endorse the carmaker’s former top management at a shareholder meeting on Wednesday, a spokesman has said, despite new regulatory investigations related to the diesel emissions scandal. |
| Volkswagen’s supervisory and management boards last month recommended that shareholders ratify actions taken by the management board in 2015, because an investigation of the carmaker’s emissions scandal, which broke in September, had until then failed to uncover potential wrongdoing by senior managers. | Volkswagen’s supervisory and management boards last month recommended that shareholders ratify actions taken by the management board in 2015, because an investigation of the carmaker’s emissions scandal, which broke in September, had until then failed to uncover potential wrongdoing by senior managers. |
| But prosecutors in Braunschweig, near VW’s Wolfsburg headquarters, are now investigating the former VW chief executive Martin Winterkorn and VW brand chief Herbert Diess over whether they effectively manipulated markets by delaying the release of information about the firm’s emissions test cheating. | But prosecutors in Braunschweig, near VW’s Wolfsburg headquarters, are now investigating the former VW chief executive Martin Winterkorn and VW brand chief Herbert Diess over whether they effectively manipulated markets by delaying the release of information about the firm’s emissions test cheating. |
| Porsche, which owns 52% of Volkswagen’s (VW) voting rights, “will vote to discharge the management and supervisory boards”, a spokesman said on Wednesday before VW’s shareholder meeting in Hanover, Germany. | Porsche, which owns 52% of Volkswagen’s (VW) voting rights, “will vote to discharge the management and supervisory boards”, a spokesman said on Wednesday before VW’s shareholder meeting in Hanover, Germany. |
| The shareholder conference is VW’s first since the emissions scandal that forced out its long-standing CEO and tarnished its reputation. | The shareholder conference is VW’s first since the emissions scandal that forced out its long-standing CEO and tarnished its reputation. |
| A source familiar with the matter told Reuters late on Tuesday that VW’s supervisory board had chosen to back the previous recommendation because internal investigations of the scandal until now had shown that no former management board member was in serious breach of duties in 2015. | A source familiar with the matter told Reuters late on Tuesday that VW’s supervisory board had chosen to back the previous recommendation because internal investigations of the scandal until now had shown that no former management board member was in serious breach of duties in 2015. |
| Even Diess, the former BMW development chief who was hired by VW last July to turn around the troubled namesake brand, has the backing of the supervisory board despite the investigation, the person said. | Even Diess, the former BMW development chief who was hired by VW last July to turn around the troubled namesake brand, has the backing of the supervisory board despite the investigation, the person said. |
| VW declined to comment. | VW declined to comment. |