Volkswagen recommends shareholders back management at AGM

Thomson ReutersA Volkswagen logo is pictured at Volkswagen’s headquarters in Wolfsburg

FRANKFURT (Reuters) – Volkswagen on Wednesday recommended that shareholders ratify the actions of the management board since an investigation into the emissions scandal had so far failed to turn up potential wrongdoing by senior managers.

Shareholders are commonly asked to vote at German companies’ annual general meetings on whether to endorse top management’s actions in the previous year. VW is due to hold its annual general meeting on June 22.

Volkswagen said any ratification did not waive the possibility of seeking compensation at a later stage and that the recommendation to endorse managers was based on the presumption that investigators did not uncover any wrongdoing.

U.S. law firm Jones Day is still in the process of finalizing an investigation into what role managers may have played when the carmaker cheated United States vehicle emissions tests.

(Reporting by Maria Sheahan and Edward Taylor; Editing by Tina Bellon)

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