BERLIN -- The reelection of the Porsche-Piech clan's leader and the appointment of a marketing expert to Volkswagen Group's supervisory board are being opposed by investment advisory firm Hermes EOS.
The company called on VW Group investors to vote against the appointments at the automaker's annual shareholder meeting on Thursday.
The appointments would contradict a move towards more independent representation on the 20-member controlling panel and undermine corporate governance principles, Hermes, which represents large institutional investors, said in a written statement.
Marianne Heiss, 45, has been nominated by VW to replace Annika Falkengren, a Swedish banker who has switched jobs. Heiss is finance chief at the BBDO Group Germany advertising agency. She would bring finance and marketing expertise to the board.
Wolfgang Porsche, 74, is seeking a new term on the board. He is chairman of VW's majority stakeholder, Porsche SE.