Ferdinand Pich To Lead VW Supervisory Board For Another Five Years

Tue, 6 March 2012 - 14:39 | visits : 3227

 

Ferdinand Piëch is to be elected to the supervisory board of Volkswagen for another five years at the general meeting on April 19. The grandson of Ferdinand Porsche, who invented the Beetle, had the support of the major shareholders, meaning the Piëch and Porsche families, the federal state of Lower Saxony and the emirate of Qatar as well as the support of the employee representatives on the supervisory board. Mr Piëch's re-election would mean that VW would violate the corporate governance rule that states that a candidate for the supervisory board should be under the age of 70 at the time of the election. Mr Piëch and the most important shareholders had already proven at MAN that they did not think much of this clause, which is formulated rather vaguely on purpose.