May 2, 2018 / 8:16 AM / 21 days ago

Hermes urges VW investors to oppose board nominees

BERLIN, May 2 (Reuters) - Investment advisory firm Hermes EOS on Wednesday called on Volkswagen investors to vote against the election of supervisory board members at the annual shareholder meeting on Thursday.

The proposed re-election of board member Wolfgang Porsche and the election of Marianne Heiss would contradict a move towards more independent representation on the 20-member controlling panel and undermine corporate governance principles, Hermes, which represents large institutional investors, said in a written statement.

Heiss has been nominated by Volkswagen (VW) to replace Annika Falkengren, a Swedish banker who has switched jobs, while Porsche, chairman of VW’s majority stakeholder Porsche SE , is seeking a new term on the VW board.

Reporting by Andreas Cremer Editing by Tom Sims

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