May 2, 2018 / 8:35 AM / 23 days ago

Hermes urges Volkswagen investors to oppose board nominees

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

FILE PHOTO: A car with the Volkswagen VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Jonathan Ernst/File Photo

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 (PSHG_p.DE), is seeking a new term on the VW board.

    Reporting by Andreas Cremer; Editing by Tom Sims

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