FRANKFURT, Sept 4 — Volkswagen’s plan to close plants in Germany and dissolve long-standing labour agreements with unions has put the spotlight on its unique governance and...
‘I stopped calling you papa’: Daughter also photographed naked by Frenchman who recruited dozens of men to drug-rape wife over 10 years
Like other German conglomerates, the 87-year-old automaker is the result of decades of expansion and strategy shifts, resulting in an empire that stretches from mass-market SEATs to luxury Lamborghinis, as well as stakes in sports car maker Porsche AG and trucks firm Traton.
To this day, the state of Lower Saxony, where Volkswagen is based and where it operates five of its six western German assembly plants, has a 20 per cent voting stake. Any decision to build or move a production plant also needs approval of a two-thirds majority in the 20-strong supervisory board, the law says, without specifically mentioning closures.It’s complicated, mainly because there are two different classes of Volkswagen shares: preferred stock that is listed in the German benchmark DAX index, and common stock which carries voting rights.
Labour Dispute Volkswagen Germany
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