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Autos & Transportation

Union investment says will not discharge VW supervisory board

1 minute read

The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Photo

BERLIN, July 19 (Reuters) - German asset manager Union investment on Monday said it would not clear VW's (VOWG_p.DE) supervisory board from responsibility for actions taken last year at the carmaker's annual shareholders' meeting.

"We refuse to ratify the actions of the supervisory board due to the continuing poor corporate governance," Union Investment said in a statement.

Union Investment said it would also vote against re-election of supervisory board members Hans Dieter Poetsch and Louise Kiesling.

VW's annual shareholders meeting is scheduled for Thursday.

Reporting by Kirsti Knolle; Editing by Maria Sheahan

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