VW set for face-off with investors in Germany at shareholders’ meeting
German car giant Volkswagen will face the ire of investors on Wednesday.
Questions are expected to focus on the firm’s board structure and lingering issues over emissions.
Advisory groups have come out in force against the company. Hermes, EOS, Institutional Shareholder Services, and Pensions and Investment Research Consultants (Pirc) have urged clients to reject a vote of confidence in the board. Pirc has also recommended a vote against a dividend from the loss-making firm.
Hermes has called for an investigation into whether the management team escaped scrutiny due to a lack of independent directors on the supervisory board.
In May Volkswagen reported a fall in pre-tax profits and sales in the first quarter.
Read more: Volkswagen emissions scandal: 800,000 vehicles to be recalled
The company, still reeling from the effects of last year’s emissions rigging scandal, last week outlined plans of the company’s rejuvenation.
Chief executive Matthias Muller presented plans to bring the firm to the forefront of self-driving cars, electric vehicles, robo-taxis and car-sharing schemes.
On Friday, VW said full-year group sales, including the Audi and Porsche brands, are expected to be on a par with last year’s 9.9m cars.