Porsche shareholders' lawsuit
17.11.2010
K The lawsuit included resolutions on the discharge of the executive board and the supervisory board for the 2007/08 financial year as well as the election of new supervisory board members and the remuneration of the supervisory body. The plaintiffs had alleged that they had not been adequately informed at the shareholders' meeting about hedging transactions with which Porsche wanted to secure the majority in VW. The OLG did not follow this view.
Management board salaries were not assessed
Other reasons for the legal challenge were violations of the law in the remuneration of the management board and the supervisory board. Porsche earned billions in the 2007/08 financial year. The pre-tax result was 8.57 billion euros, of which, however, 6.83 billion went back to hedging transactions in relation to the VW share. The merit of the then group leader Wendelin Wiedeking alone is said to have amounted to 77.4 million euros.
The OLG stated in its decision that the court in the proceedings neither the amount of the remuneration nor the procedure from Porsche in the planned VW takeover. It was all about whether mistakes were made in the decisions.
With the decision, the presiding judge Eberhard Stilz followed a judgment of the Stuttgart Regional Court in the spring. The shareholders had appealed against the judgment. The appeal to the Federal Court of Justice was not allowed. A non-admission complaint can be filed against this.
