Volkswagen AG (ADR) (OTCMKTS:VLKAY) top committee is trying to tighten loose ends ahead of what promises to be a stormy annual shareholders meeting in April. According to Reuters, the committee is set to meet for the third time in three weeks on February 3, in preparation for the annual general meeting.
Meeting Agenda
Top of the agenda is how they should go about in steering the scandal hit automaker from havoc causing emission scandal. The six-member panel is made up of VWs Chairman Hans Dieter Poetsch, Joerg Hofmann, chairman of the IG Metall union; works council boss Bernd Osterloh; Stephan Weil, prime minister of VW’s home region of Lower Saxony; deputy works council chief Stephan Wolf. Porsche, the company’s largest shareholder, is represented by Wolfgang Porsche,
A 20 member supervisory board committee is also set to revisit the company’s 2016 spending plans that will have to factor in the costs of recalling the more than 10 million affected cars. Volkswagen AG (ADR) (OTCMKTS:VLKAY) is also looking at how to account for the scandal in its 2015 earnings.
Volkswagen Unending Woes
More than four months after the scandal erupted, very little has been achieved in ensuring all the affected cars are repaired as par emission standards in different jurisdictions.
Customers in the US are still in the dark of how the company intends to go about in fixing their cars. Having admitted of rigging diesel emission tests, Volkswagen AG (ADR) (OTCMKTS:VLKAY) is aggressively trying to come to reach a settlement with regulators in the US.
However, the biggest challenge at the moment is how more than 10 million cars will be fixed before the end of the year. The German automaker is also staring at hundreds of lawsuits all challenging how the company sold cars fitted with a cheat device.
Volkswagen AG (ADR) (OTCMKTS:VLKAY) in a statement last week stated that investigation into the scandal by law firm Jones Day, back in the US was going on well. It now intends to issue the first results of the ongoing investigations at the upcoming annual general meeting on April 21, 2016. The German automaker has a long way to go, its reputation having been dealt a major blow in the highly competitive auto business.
