World’s biggest fund unhappy with VW
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."