VW com­mit­tee to meet Feb. 3 to dis­cuss busi­ness

The Pak Banker - - BUSINESS -

Volk­swa­gen's (VOWG_p.DE) top com­mit­tee will meet for the third time in three weeks on Feb. 3, as it con­tin­ues to grap­ple with a scan­dal over rigged diesel emis­sions tests more than four months af­ter it broke, peo­ple fa­mil­iar with the mat­ter said.

Europe's largest au­tomaker needs to pre­pare for what will likely be a stormy an­nual share­hold­ers' meet­ing in April, and is look­ing at how to ac­count for the scan­dal in its 2015 re­sults, due to be pub­lished in March, one of the peo­ple said. The Ger­man com­pany is mired in the big­gest busi­ness cri­sis in its his­tory af­ter ad­mit­ting in Septem­ber that it rigged diesel emis­sions tests in the United States and cheat soft­ware could be in­stalled in 11 mil­lion ve­hi­cles world­wide.

With U.S. cus­tomers still in the dark about when and how their cars will be fixed and hun­dreds of law­suits loom­ing, the ex­ec­u­tive com- mit­tee of the com­pany's su­per­vi­sory board will meet next Wed­nes­day, the peo­ple said, speak­ing on con­di­tion of anonymity be­cause the meet­ing has not been made pub­lic.

"In this spe­cial sit­u­a­tion it would not be enough for the ex­ec­u­tive com­mit­tee to only meet ahead of a su­per­vi­sory board meet­ing, or ev­ery six to eight weeks," the first per­son said. The six-mem­ber panel in­cludes VW's Chair­man Hans Di­eter Poetsch; Jo­erg Hof­mann, chair­man of the IG Met­all union; works coun­cil boss Bernd Oster­loh; Stephan Weil, prime min­is­ter of VW's home re­gion of Lower Sax­ony; deputy works coun­cil chief Stephan Wolf; and Wolf­gang Porsche, chair­man of top share­holder Porsche SE (PSHG_p.DE).

VW said last week an in­ves­ti­ga­tion into the scan­dal by U.S. law firm Jones Day was pro­ceed­ing "at full speed" and it planned to give the first pub­lic re­sults at share­hold­ers' an­nual gen­eral meet­ing (AGM) on April 21.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.