Connect with us

Hi, what are you looking for?


Glass Lewis urges investors to keep pressure on Volkswagen over dieselgate

Stock Markets25 minutes ago (Jul 01, 2021 12:46PM ET)

(C) Reuters. FILE PHOTO: A Volkswagen logo is seen as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song

FRANKFURT (Reuters) -Shareholder advisory firm Glass Lewis is recommending investors withhold their endorsement of Volkswagen (DE:VOWG_p)’s boards at an annual general meeting in July, citing ongoing concerns about how the carmaker is tackling its diesel emissions scandal.

“As in previous years, we continue to express concern at the company’s approach and transparency in addressing the diesel issue and effecting cultural change,” Glass Lewis said in a statement.

Volkswagen admitted in 2015 to cheating U.S. diesel engine tests, sparking the biggest business crisis in its history.

The German group’s annual general meeting is scheduled for July 22 and shareholders are being asked, as usual, to ratify the actions of both management and supervisory boards.

Glass Lewis said it welcomed the fact that an investigation by law firm Gleiss Lutz did not produce evidence that current management board members had committed breaches of duty with regard to the diesel scandal.

But it added: “We continue to have substantial concerns with the company’s exposure to legal and regulatory risks, and the company’s disclosure thereof.”

“We do not believe that shareholders can confidently conclude from the disclosure provided that the management board has taken the necessary steps to regain stakeholder confidence, sufficiently strengthen the company’s compliance management, and effect necessary cultural change,” it added.

Volkswagen had no immediate comment.

($1 = 0.8435 euros)

Glass Lewis urges investors to keep pressure on Volkswagen over dieselgate

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...


Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...


(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved