Volkswagen Shareholders Point To Governance Risks & Board Skill Gaps

At Volkswagen’s virtual annual general meeting, shareholders criticised the company’s Corporate Governance, focusing on CEO Oliver Blume’s dual role as head of both Volkswagen and Porsche.

Porsche became a separately listed company in September 2022, yet Blume continues as CEO of both firms. Investor Ingo Speich called on Blume to relinquish one board position, citing conflicts of interest that have damaged the company’s reputation and caused financial losses. Blume defended his position, stating it aids cost-cutting efforts and is temporary. Additionally, four investors highlighted a lack of board expertise in electrification and digitalisation.

Volkswagen is controlled by the Porsche and Piech families through Porsche SE, which holds most voting rights.