VW Workers Get 2% of Voting Rights From Piech’s FamilyChad Thomas
Volkswagen AG workers boosted their influence at Europe’s largest carmaker after receiving 2 percent of VW’s voting rights from the Piech-Porsche family.
The family’s holding company in Austria is tranfering the votes to a private foundation, Joerg Koether, a spokesman for VW’s works council, said in an e-mailed statement. Workers will exercise the voting rights by holding a majority of the seats on the foundation’s board, he said.
The Piech-Porsche family will also have seats on the board and the dividend from the shares will still be paid to the family, Koether said in the statement.
As is customary in Germany, workers at VW already have half of the 20 seats on the automaker’s supervisory board. VW Chairman Ferdinand Piech, whose family controls the automaker, has been consolidating his influence, adding his wife Ursula to the supervisory board this year. The family now has five of the 10 seats on the board reserved for shareholders.