VW workers receive 2% of voting rights from Piech's family holding
VW Chairman Ferdinand Piech's family controls Volkswagen.
BERLIN (Bloomberg) – The influence of workers at Volkswagen has been boosted after they received 2 percent of VW's voting rights from the Piech-Porsche family.
The family's holding company in Austria is transferring the votes to a private foundation, Joerg Koether, a spokesman for VW's works council, said in an e-mailed statement.
Workers will exercise the voting rights by holding a majority of the seats on the foundation's board, he said. The Piech-Porsche family will also have seats on the board and the dividend from the shares will still be paid to the family, Koether said in the statement.
As is customary in Germany, workers at VW already have half of the 20 seats on the automaker's supervisory board.
VW Chairman Ferdinand Piech, whose family controls the automaker, has been consolidating his influence over the automaker, adding his wife Ursula to the supervisory board this year. The family now has five of the 10 seats on the board reserved for shareholders.Contact Automotive News