Volkswagen’s AGM tomorrow promises to be eventful with Hermes EOS saying the nominees forwarded by VW’s board essentially contradicts independent representation in the automaker’s controlling panel and undermines the principles of corporate governance.
On Wednesday, Hermes EOS, an investment advisory firm, called on Volkswagen’s investors to vote against the election of its existing supervisory board members at the annual general meeting, on Thursday.
In a written statement Hermes stated, the proposed re-election of Wolfgang Porsche and the election of Marianne Heiss would contradict a move towards independent representation on the 20-member controlling panel as well as undermine the principles of corporate governance.
Hermes represents is the biggest institutional investors in VW.
Porsche SE is a majority stakeholder in VW, and Porsche, VW’s chairman, is seeking a new term.
Heiss has been nominated by VW to replace Annika Falkengren, a Swedish banker who has switched jobs.