The initiation by the Braunschweig public prosecution service on June 17, 2016 of investigation proceedings against two members of the former Board of Management only became known to Volkswagen AG immediately before today’s publication of the corresponding press release.
Today’s press release from the Braunschweig public prosecution service does not cite any new facts or information on any serious breaches of duty by the members of the Board of Management now accused.
Volkswagen AG’s recommendation to the Annual General Meeting concerning formal approval of the actions of the Supervisory Board and Board of Management is based on information currently available from the comprehensive although not yet concluded investigation into the diesel matter by the independent investigator, U.S. law firm Jones Day. On this basis, law firm Gleiss Lutz carried out a comprehensive legal review, which has been confirmed by Professor Wulf Goette (retired chief justice at the German Federal Court of Justice). The Board of Management similarly obtained the advice of law firm CMS Hasche Sigle. In both of these legal reviews, according to information currently available, no serious and manifest breaches of duty on the part of any serving or former members of the Board of Management have been established that would stand in the way of granting formal approval at this time. This is the basis for the recommendation concerning formal approval.
As has been planned for some time, the Supervisory Board and the Board of Management will once again obtain legal advice from the aforementioned law firms prior to the Annual General Meeting concerning whether there is any new information to be taken into account with regard to formal approval of the actions of the members of the Board of Management and Supervisory Board for fiscal year 2015.