Volkswagen’s Handling of Emissions Scandal a Shambles, Say Investors

Volkswagen shareholders have accused its executives of overseeing a shambles and demanded changes to the management structure in the first annual meeting since the carmaker became embroiled in a diesel emissions scandal. Investors used the meeting in Hanover to criticise the German company’s board for its handling of the scandal and call for a dramatic overhaul of its corporate governance. Ulrich Hocker, head of the German shareholder association DSW, said there had been a collective failure by the management board. “We are looking at a shambles,” he added.  CEO Müller concluded: “What’s done cannot be undone. But what does lie in our power is ensuring we act in a responsible manner. This is our commitment to you. What unites all of us with a role to play here at Volkswagen – whether it be the supervisory board, board of management, executives, employee representatives or workers – is the desire to do everything we can to win back trust.”