World’s big­gest fund un­happy with VW

The Pak Banker - - BUSINESS -

NEW YORK: The world's big­gest sov­er­eign wealth fund crit­i­cized Volk­swa­gen AG's own­er­ship struc­ture, say­ing it con­cen­trates too much power with the Porsche-Piech fam­ily and puts mi­nor­ity share­hold­ers at a dis­ad­van­tage amid the car­maker's emis­sions cri­sis. "This can­not be a role model for Ger­many," Yngve Slyn­gstad, chief ex­ec­u­tive of­fi­cer of Nor­way's sov­er­eign wealth fund, said in an in­ter­view pub­lished Satur­day with Frank­furter All­ge­meine Son­ntagszeitung. Through fam­ily hold­ing com­pany Porsche Au­to­mo­bil Hold­ing SE, the Porsche-Piech clan con­trols 50.73 per­cent of Volk­swa­gen's vot­ing shares, while only own­ing 31.5 per­cent of the com­pany equity. "I don't think the fam­ily wants to change any­thing about the struc­ture," Slyn­gstad was quoted as say­ing. "We don't have the im­pres­sion they want to lis­ten to other Volk­swa­gen share­hold­ers' con­cerns."

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