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Shareholders sue against Porsche: General meeting resolutions in sight

Shareholders are suing Porsche
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K In addition to the lawsuit, the resolutions on the discharge of the board of directors and the supervisory board, the election of new members of the supervisory board and the remuneration of the supervisory board are in focus The shareholders at the general meeting were insufficiently informed about the hedging transactions with which the Stuttgart sports car manufacturer wanted to secure the majority in VW. The takeover of Volkswagen failed, however, because Porsche had taken on itself financially with loans in the billions. After the failed takeover, the sports car manufacturer is to be integrated into the VW Group as the tenth brand in 2011.

Legal violations in the remuneration of the executive board and supervisory board are cited as further reasons for the legal challenge. 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 is said to have amounted to 77.4 million euros.

The shareholders had already failed with their lawsuit at the Stuttgart Regional Court at the end of May this year. An appeal was lodged against the judgment, which the Higher Regional Court must now decide in an oral hearing. According to a spokeswoman, a verdict immediately after the hearing on November 3rd is not expected.

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