BERLIN (Reuters) – Six Volkswagen investors filed a case against the carmaker this week for refusing to discuss at its annual general meeting (AGM) whether its lobbying activities could threaten their investments, the investors said.
The investors – Swedish public pension funds AP7, AP2, AP3, AP4, Danish AkademikerPension and the Church of England Pensions Board – allege that the automaker’s lobbying via its membership of automotive and business associations runs counter to its public messaging on the importance of the green transition.
This exposes the company, and their investments – representing around 0.1% of Volkswagen shares – to operational and reputational damage, they argued in a statement.
While Volkswagen does disclose its trade association memberships, the investors have previously said it should go further and say whether the associations’ aims are compatible with the car manufacturer’s emissions-cutting targets.
The case, filed at the Braunschweig court in Germany, will test whether companies have the right under the German corporate law to refuse to include an item on an AGM agenda and whether Volkswagen can keep it off next year’s agenda as well.
Volkswagen rejected the proposal to include it on this year’s agenda on the grounds that the issue was beyond the competence of the general meeting.
“It is worrying that our shareholder right to contribute to the annual meeting agenda has been refused. As a result, we felt the need to go to court to clarify this grey area for corporate law in Germany,” Emma Henningson of AP7 said.
(Reporting by Victoria Waldersee; Editing by Raju Gopalakrishnan)
