May 2, 2018 / 8:16 AM / a year 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below