Porsche SE has 52% voting rights in VW. VW‘s internal investigation committee has yet to point any accusatory finger at former VW’s supervisory board members or at its senior management.

Volkswagen’s controlling stakeholder, Porsche Automobil Holding SE, will endorse VW’s management at its shareholder’s meeting. This is despite new regulatory probes related to VW’s diesel emission scandal.

Last month, VW’s supervisory and management boards had recommended that shareholders ratify actions taken by VW’s management in 2015, since the investigations on its diesel emission cheating scandal has failed to pinpoint or uncover wrongdoings by senior management.

However, prosecutors in Braunschweig are investigating Martin Winterkorn, VW’s CEO and Herbert Diess, VW’s brand chief, to see whether they had any hand in manipulating markets by delaying the release of information related to the company’s diesel emission cheating test results.

According to Porsche SE’s spokesman, Porsche SE “will vote to discharge the management and supervisory boards.” Porsche holds 52% of Volkswagen’s voting rights.

This is the first shareholder’s conference since the diesel emission scandal borke last September. VW expects private shareholders and investors to air their grievances since the scandal has not only cost Volkswagen billions of dollars, but has also tarnished its reputation and brand image.

According to a source who is familiar with the matter at hand, VW’s supervisory board has chosen to back the previous recommendation since its own internal investigations into the scandal has yet to show any meaningful results, as no former management or board member has been found in serious breach of their duties in 2015.

As per the source, even Diess, has the backing of the supervisory board despite the probe. Incidentally, Diess was the development chief at BMW. He was hired last July to help turn around VW’s brand.

When requested to comment on these matters, Volkswagen’s spokesperson declined comment.

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Tags: Top, VW, Volkswagen diesel emission scandal, cheating, Porsche Automobil Holding, supervisory board, shareholders, meeting, AGM, senior management, board member, brand, Braunschweig, Martin Winterkorn