FRANKFURT -- Volkswagen Group is recommending that shareholders ratify the actions of its management board since an investigation into the company's emissions scandal has 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 in a statement today that 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 automaker cheated United States vehicle emissions tests.
VW said its proposed resolution is subject to the proviso that no new information comes to light from the ongoing investigation up to the June 22 shareholders meeting.
VW said last month that the Jones Day investigation is at an advanced stage and is due to be completed in the fourth quarter.
Publishing interim findings would involve unjustifiable risks for the automaker, VW said. "For this reason, no elaboration of the recommendation to ratify can be made at this time," the company said in today's statement.
Automotive News Europe contributed to this report