BERLIN — Six Volkswagen buyers filed a case towards the carmaker this week for refusing to debate at its annual basic assembly (AGM) whether or not its lobbying actions may threaten their investments, the buyers stated.
The buyers — Swedish public pension funds AP7, AP2, AP3, AP4, Danish AkademikerPension and the Church of England Pensions Board — allege that the automaker’s lobbying by way of its membership of automotive and enterprise associations runs counter to its public messaging on the significance of the inexperienced transition.
This exposes the corporate, and their investments — representing round 0.1% of Volkswagen shares — to operational and reputational harm, they argued in a press release.
Whereas Volkswagen does disclose its commerce affiliation memberships, the buyers have beforehand stated it ought to go additional and say whether or not the associations’ goals are suitable with the automobile producer’s emissions-cutting targets.
The case, filed on the Braunschweig courtroom in Germany, will take a look at whether or not firms have the proper underneath the German company legislation to refuse to incorporate an merchandise on an AGM agenda and whether or not Volkswagen can maintain it off subsequent yr’s agenda as nicely.
A spokesperson for Volkswagen stated that including the supply underneath dialogue to the articles of incorporation would intrude with the chief board’s administration authority in an inadmissible method, so couldn’t be solved in an AGM.
“We share the view that points related to local weather safety deserve even larger precedence in reporting and are at present contemplating varied approaches,” the spokesperson added.
“It’s worrying that our shareholder proper to contribute to the annual assembly agenda has been refused. In consequence, we felt the necessity to go to courtroom to make clear this gray space for company legislation in Germany,” Emma Henningson of AP7 stated.