In December, Volkswagen expects more changes. December 7, 2015 the company went to Qatar, where they had meeting with one of its main investors, Qatar Investment Authority. Volkswagen representative Eric Felber pointed out that the visit is devoted to restructuring and improving the management and the most important shareholders should express their opinion on this case.
Qatari investors want to implement changes in the Volkswagen, especially in its management. This applies to the trade unions, which according to investors, had a big influence, and they should not put pressure on the decision of the board and manipulate the daily transactions of the company.
The Qatar Investment Authority has about 17% of the voting shares of Volkswagen and it has two representatives on the supervisory board of the company who act on its behalf. Relying on the German legislation, the representatives of employees have half of the 20 seats on the supervisory board of the company.
Regarding the planned changes, Qatari investors point to the need for urgent solutions due to the fact that sales fell after stories with loud engines. To save the brand they offer using a new project of promotion of electric vehicles in the US.
The scandal with the engines after the US regulatory authorities have found in Volkswagen cars the program that eliminates the need of testing the emissions of harmful substances into the atmosphere, greatly undermined the reputation of the Group and reduced the sales. In fact, to recall vehicles with such a program, the company spent 6.7 billion euros, and this is not the final sum.
In the legal field, the changes in the corporate culture aimed to protecting the interests of the company, so these situations shouldn’t be repeated in the future. Also, the reorganization will be a factor of a new growth strategy.
Not all Volkswagen shareholders support the idea of ??change, such investors as the Union Investments and Nordea suggest that corporate reforms do not guarantee any success and the fact that such situations as the case with the engines will not be repeated.
Source: www.businessfinancenews.com
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