VW says complete investigation of emissions scandal will take several months; suspending General Meeting in November; report on solutions next week
In a statement issued following its meeting on 30 September the Executive Committee of Volkswagen AG’s Supervisory Board said that it has concluded that the completion of investigations into the emissions testing scandal will take at least several months.
For this reason, the Executive Committee will propose to the Supervisory Board that the Extraordinary General Meeting scheduled for 9 November should not be held. The Executive Committee Members all agreed that, in view of the time available and the matters to be considered, it would not be realistic to provide well-founded answers which would fulfill the shareholder’s justified expectations.
The Executive Committee believes that the capacity of employees available to the company is currently fully required for the clarification of these matters and for the mitigation of the issues. This work should, the Committee said, not be impaired by the parallel preparation of an Extraordinary General Meeting.
The Committee also said that Volkswagen will nevertheless report to the shareholders on all relevant topics in the near future and at regular intervals. The Board of Management will inform the public in regard to solutions found for the problems next week.
Under the guidance of the Supervisory Board, the external investigation is being conducted by the US law firm Jones Day. The investigation is intended to cover all the current relevant matters, according to the Board. Jones Day will submit regular reports to the Supervisory Board on progress with the investigation.
The committee will be chaired by Berthold Huber, the acting Chairman of the Supervisory Board, and will include Volkswagen Supervisory Board Members Babette Fröhlich, Olaf Lies, Oliver Porsche and Bernd Osterloh. The committee will regularly report to the Supervisory Board. In addition to Jones Day, the committee will be able to call upon additional external consultants and experts at any time.