Ulrich Hocker: Ulrich Hocker, head of the German shareholder association DSW, said there had been a collective failure by the management board, according to The Guardian. We are looking at a shambles, he added. Investors used the meeting in Hanover to criticise the German company board for its handling of the scandal and call for a dramatic overhaul of its corporate governance. The carmaker admitted last September that 11m diesel cars had been fitted with software that allowed them to cheat emissions tests. It also faces a string of regulatory and legal cases around the world. VW has set aside €16.2bn to deal with a scandal that led to the carmaker first annual loss in 20 years.
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Tagged under Ulrich Hocker, corporate governance topics.